Colombo Port’s progression to be solidified, says Minister Ratnayaka

Monday, 23 September 2019 01:33 - - {{hitsCtrl.values.hits}}

Enlargement projects being initiated by the existing Government to ensure a steady growth in the economy and foreign investments are stabilising the state’s growth rate, Chief of Staff to the Prime Minister, Minister of Ports Shipping and Southern Development Sagala Ratnayaka stated while addressing the foundation laying ceremony to begin construction of the planned ‘Daham Pasal’ building complex at the Sri Wardanarama Maha Viharaya, Akuressa, Matara.

Addressing the gathering Minister Sagala Ratnayaka who further expressed views noted that some of the members of opposition are escalating erroneous opinions on receiving foreign investments with the objective to take political advantage.

“Our Government is initiating numerous development projects within a more diversified range to solidify progression of the country. As an outcome of this broad development drive been implemented many foreign companies have invested enormous amounts of money here. Nevertheless a group of members representing the opposition is escalating an invalid political outlook to citizens against foreign investments received by the state.

“As the Minister of Ports I am aware of the evolution of the Sri Lanka Port Authority (SLPA) and its institutions. The first terminal of the SLPA, Jaye Container Terminal (JCT) was constructed during the period of Late Lalith Athulathmudali with the assistance of the Japanese government and it is totally owned by SLPA. Later SAGT terminal was constructed at the Colombo Port expanding its capabilities and is being operated on Public Private Partnership (PPP) basis where SLPA owns 15% of the stakes with the remaining 85% owned by the private sector. The third terminal of the Colombo Port CICT is also operating on the Public Private Partnership basis where SLPA owns 15% of stakes. This is how this business operates.

“Likewise our Government had implemented a more effective plan on the construction of the East Container Terminal (ECT). Respectively the Japanese Government will intervene into this project through granting a loan at an interest of 0.1% that can be repaid within 40 years. According to this agreement SLPA will be freed of repayment in the first 12 years. Thus after the completion of this project SLPA will own 51% stakes of the terminals operating company and the remaining 49% will be owned by two companies from India and Japan.

“Being operated on a joint venture it will open up new markets and customers for the Sri Lankan port sector, in the global shipping industry. Therefore in the near future ECT terminal will yield substantial results,” Minister Ratnayaka added.