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Colombo Port expansion project secures Government nod for key consultancy contract

Colombo Port expansion project secures Government nod for key consultancy contract

Daily FT: The Cabinet of Ministers at their meeting on Monday approved awarding of a $ 4.2 million consultancy services contract to Dohwa Engineering Co. Ltd., as part of the Colombo Port Expansion Project.
The original decision which was made during the Cabinet meeting on 26 June 2023 marks a critical step forward in the development of container platform II under phase II of the project.
The approval follows a detailed evaluation process conducted in collaboration with the Asian Development Bank (ADB), which has committed to providing both technical and financial assistance for the consultancy services.
“To secure the consultancy contract, the Government initiated a competitive selection process in accordance with ADB criteria. Out of 20 initial declarations of interest, seven candidates met the stipulated prerequisites, with five subsequently submitting comprehensive proposals. After an evaluation of financial proposals from three shortlisted establishments, the Cabinet-appointed Consultation Procurement Committee recommended Dohwa Engineering Co. Ltd. for the role,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the post-Cabinet meeting media briefing this week.
The extension of the western water break of container platform II is a critical component of the Colombo Port’s strategic expansion. It aims to enhance the port’s capacity to handle increasing maritime traffic, positioning it as a regional hub for global shipping.
The resolution to proceed with the consultancy contract was submitted by Transport, Highways, Ports, and Civil Aviation Minister Bimal Rathnayake was approved by the Cabinet of Ministers.

OSL take:
Sri Lanka’s target of becoming a regional maritime hub has resulted in the expansion of business/investment opportunities in the maritime industry, especially in the ports, shipping and logistics sectors. The country’s strategic positioning in the Indian Ocean in close proximity to international shipping lanes, the many trade agreements as well as trade concessions enjoyed with many foreign countries and the government’s move to give priority to the development of ports, shipping and logistics sectors have all helped boost Sri Lanka’s overall maritime industry. The country’s development programme targeting the expansion of ports around Sri Lanka has presented a host of new business/investment opportunities in the maritime industry. The most recent decision to issue a consultancy contract for the Colombo Port expansion project indicates the diverse nature of the emerging business/investment opportunities in Sri Lanka’s maritime industry. With Sri Lanka’s overall economy on a growth path and an expansion in economic activities, the maritime industry presents lucrative business/investment opportunities to foreign businesses/investors on the lookout for such opportunities in the region, especially in Sri Lanka. The growth and profits recorded by local businesses in the maritime industry also indicates the increasing business potential in the industry. Given the target of becoming a regional hub, the multiple business/investment opportunities in Sri Lanka’s maritime industry and related sectors could provide many revolving opportunities to foreign businesses/investors.

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Article Code : VBS/AT/20250123/Z_2

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