COLOMBO: Sri Lanka must use its ports Strategic location for its economic growth, President Ranil Wickremesinghe He said Friday that he regretted India’s abandonment of his trilateral agreement with India, and expressed regret. Japan to build the Eastern Container Terminal at Colombo Port.
The former Prime Minister Mahinda Rajapaksa’s Office stated that on February 1, 2013, his government decided to run the Eastern Container Terminal of Colombo Port.ECT) as a fully-owned operation of the state-run ports authority.
India, Japan and Sri Lanka In 2019 an agreement was signed for the construction of the Eastern Container Terminal.
“Our strategic location is also a means of enhancing our economic prospects. Firstly, our location says we should be a logistics centre with three good harbours,” He stated.
Wickremesinghe The trilateral agreement with Japan and India for the development of the ECT was canceled.
“Last time when I was the Prime Minister, I wanted to push it forward. We had an agreement on the East Terminal with Japan and India. We cancelled it. It is still lying there. The port is unable to run. We haven’t got the money,” He stated.
The state-owned Sri Lanka Ports Authority (SLPA), signed a memorandum for cooperation with India and Japan in May 2019, to develop the ECT under the previous Sirisena government.
Colombo’s port trade unions resisted the Japanese and Indian investors who wanted to purchase a 49 percent stake in the ETC. They demanded that 100 percent of the ECT be owned by the SLPA.
They claimed that India’s Adani Group proposed a deal was a sellout of the ECT. Later, the Western Terminal development was handed to Adani Group.
Former President Gotabaya Rajapaksa stated that he wanted India-Japan to sign a deal on the ECT.
After a week of protests, Mahinda Rajapaksa, the Prime Minister, agreed to end the agreement. This prompted India to demand Sri Lanka abide by its Its commitment to the trilateral agreement with Japan and it.
Japan also sent its Unhappiness with the Sri Lankan government.
Wickremesinghe The port development would allow for Sri Lanka To “be the feeder port for Pakistan, India, and Bangladesh”.
“We had the Hambantota Port. When the Belt and Road initiative is complete, the Hambantota Port will link to several Chinese ports, which have been built by Chinese companies in Africa and some of the other ports.
“Look at the opportunities we have. And now we are looking at the Trincomalee Port to work with India, which will service the Bay of Bengal. Those are new opportunities,” He stated.
Wickremesinghe These regions are expected to see an increase in population. “just from Pakistan onwards to Indonesia by about 400 or 500 million by 2050. Asia, the Middle East and Africa will have an even larger growth”.
These are his reforms for economic recovery, Wickremesinghe It was argued that the government should take care of the provisioning for The people and focusing on the welfare, education and health sectors.
“Running businesses should be handled by the private sector, the government cannot get involved in running businesses,” He stated.
“We are in the middle of an unprecedented financial crisis, which many countries in the world have not faced. We went into this because we followed the wrong policies. We were thinking of policies, not of practical results,” He added.
Sri LankaA country of 22million people, the country plunged into financial crisis and political turmoil earlier this season due to a shortage in foreign currencies. It declared bankruptcy in April and suspended repayments its Foreign debt of $51 billion must Repay $28 billion by 2027
India has been a lifeline Sri Lanka The government has provided $4 billion of assistance to help pay for You can also buy fuel and other essential commodities.