Sri Lanka commences second phase development of East Container Terminal at Colombo Port
Sri Lanka’s President Gotabaya Rajapaksa launched the construction work of the second phase of Eastern Container Terminal (ECT) at the Colombo Port along with the country’s Prime Minister Mahinda Rajapaksa.
The President and Prime Minister had unveiled a plaque launching the commencement of construction work at the terminal and construction of the terminal, which will be conducted in three phases, is scheduled to be completed in 2024.
According to local media reports, the terminal, which is spread over an area of 75 hectares, is 1,320 metres long and once completed the Sri Lanka Ports Authority (SLPA) will inherit a fully-fledged terminal equipped with 12 STC cranes that handle operations from ships to the land as well as 40 Rail Mounted Gantry (RMG) Cranes.
“The total expenditure expected to be spent for the project is $ 510 million and the Ports Authority will spend US$ 200 million,” a statement from the President’s Media Office has stated.
“Access Engineering PLC and China Harbour Engineering Company Ltd. are jointly carrying out constructions,” it has added.
The Port of Colombo is currently ranked 23rd in the world according to the Alphaliner’s Ports Ranking.
OSL take:
Sri Lanka’s geographical positioning in the Indian Ocean has helped the growth of the country’s maritime industry. With Sri Lanka positioning itself as a growing business hub in the South Asian region, business/investment opportunities in Sri Lanka’s maritime industry, especially in the ports, shipping and logistics sectors have seen a steady growth. Seeing the growing business potential in Sri Lanka’s maritime industry, the government of Sri Lanka has included the uplifting of the country’s ports into the ongoing development programme. Given the growing business potential in Sri Lanka’s maritime industry, foreign businesses/investors could confidently explore the growing opportunities in the industry.
| Article Code : | VBS/AT/25012022/Z_4 |