Business Times

Colombo South Container Terminal $500 mln deal finally through

The Board of Investment of Sri Lanka this week signed an agreement with Colombo International Container Terminals Ltd to develop and operate the Colombo South Container Terminal. Eshana de Silva, Acting Chairman / Director General signed the agreement on behalf of the BOI and formally presented the BOI Certificate of Registration to the investors. Anura Jayasinghe, BOI - Board Member and Dr. Priyath Bandu Wickrama, Chairman - Sri Lanka Ports Authority were also present at the occasion.

Nelson Liu, Deputy Managing Director of China Merchants Holdings (International) Company Ltd and J. M. S. Brito, Deputy Chairman / CEO of Aitken Spence PLC signed the agreement on behalf of Colombo International Container Terminals Ltd.

“The development of the Colombo South Harbour is being implemented under President Mahinda Rajapaksa’s vision of making Sri Lanka a shipping hub in the Asian region. The agreement for one of the largest Foreign Direct Investments will strengthen Colombo's status as the premier shipping hub of South Asia into the 21st century. Construction of the container terminal will commence in December this year,” a BOI statement said.

The project is an investment of US $ 500 million funded by the Hong Kong-based China Merchants Holding (International) Company Ltd, Aitken Spence PLC and Sri Lanka Port Authority with equity partnership of 55%, 30% and 15%, respectively. The project is expected to provide direct employment opportunities for over 1000 and will be implemented over two phases.

Colombo’s existing terminals account for the island’s entire cargo volume. The government forecasts rising cargo levels will enable transportation, including ports, to make up 40 % of gross domestic product by 2020. Deeper berths, new terminals and increased efficiency will enable larger ships to dock and transfer cargo more quickly, enabling Colombo to maintain its status as a premier shipping hub, the BOI said.

The BOI has granted Strategic Development status to the project, working in close collaboration with the Sri Lanka Ports Authority.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
SriLankan Airlines back to the WTC
Sri Lanka Telecom streamlines tender procedures
Defence Ministry directs Urban Development Authority to probe ‘Chalmers Granary' issue
Softlogic to divest more than 30% in Asian Alliance
IPO issues this year fall by half from original targets
Eyeing Budget 2012
COMMENT - Juggling attendance at AGMs
Consultants are siphoning your money
What the next Mayor of Colombo should know about the travails of travel
New fund manager to invest in firms with a future
Logiwiz commended by Chevron President for logistics support
Emirates offers special Economy, Business Class fares from Colombo
Smart Media win 19 Golds at ARC awards
i-Sri Lanka project in Jaffna revolutionises lifestyles of the people
Small businesses flourish in Jaffna
DHL Express Sri Lanka grooms internal talent
CMA felicitates CPA Australia on 125th anniversary
Commercial Credit launches strategic growth plan
“Money flows into the Jaffna peninsula …”
Renuka Holdings bullish on Agri, Automotive and FMCG
Banks should increase focus on loans to the rural communities
Frauds' survey to help combat swindlers and con artists
Colombo South Container Terminal $500 mln deal finally through
Applications close for CCC Best Corporate Citizen Award 2011
Palmyra goods by Jaffna, Mannar weavers
Top Panasonic official visiting Sri Lanka for company event
Central Bank appoints new deputy governors
Cabinet sub-committee appointed to bring tourism stakeholders together
Sri Lanka to play host to ‘Ceylon Experience 2011’ Rally
Year-old Island Leisure aims to be top 10 SL inbound tour operator by 2017
Tourism industry builds on its manpower
Winter arrivals seen rising by 10% this year
SriLankan Airlines launches flights to Moscow
NDB strikes partnership deals with DBS Singapore, plans others
Hilton likely to manage some Confifi hotels
Frayed tempers, accusations after CSE system crashes
Flow of AGMs at the same time


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution