Colombo Port’s ECT declared ‘special project’

Wednesday, 23 October 2024 00:28 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Monday approved to designate the Eastern Container Terminal (ECT) at the Colombo Port as a special project.

The approval follows a 2021 Cabinet decision to develop ECT in phases under the full ownership of the Sri Lanka Ports Authority (SLPA). Speaking at the weekly post-Cabinet meeting media briefing yesterday Cabinet Spokesman and Minister Vijitha Herath confirmed that the civil works contract for the project has already been awarded and construction is underway.

Additionally, he said the procurement process for the purchase of cranes has been successfully completed, ensuring the terminal will be equipped with the essential infrastructure to boost its operational capacity.

Herath stated that the various tax concessions that have been provided to the private terminal operators and service providers under the Strategic Development Act and Board of Investment Law will be extended to ECT as well.

“These incentives include VAT reductions, which will also be extended to the sub-contractors as well. The move is aimed at encouraging ECT and expediting the terminal’s development to boost Government revenue and its competitiveness,” he explained.

The proposal to this effect submitted by Ports Minister Herath was approved by the Cabinet of Ministers.