Work begins on $ 789 million West International Container Terminal at Colombo Port. - Opportunity Sri Lanka
Work begins on $ 789 million West International Container Terminal at Colombo Port.

Work begins on $ 789 million West International Container Terminal at Colombo Port.

Daily FT: The construction work of the $ 789 million West Terminal has begun, aimed at boosting Colombo Port’s capacity by a further 3 million TEUs once completed within 24 months.
The venture is a public private partnership with 51% of this total investment by Indian giant Adani, Ports and Special Economic Zone Ltd. (APSEZ), 34% by John Keells Holdings PLC, and 15% by Sri Lanka Ports Authority.
Ports, Shipping and Aviation Minister Nimal Siripala de Silva, Indian High Commissioner to Sri Lanka Gopal Bagley, Adani Port and Logistics CEO Dredging Capt. Unmesh Abhyankar and JKH Chairperson Krishan Balendra were present among others.
The length of the jetty constructed under this project will be 1400 meters. The total terminal area is 65 hectares. The construction company emphasised that an 800-meter long jetty will be constructed and 18 automatic terminal cranes will be installed under the first phase of this terminal, which will be built in two phases.
Speaking at the event, Minister de Silva said that the Indian Government had given a lot of support to solve the economic crisis that Sri Lanka is currently facing. He said that after the completion of this project, a large number of Sri Lankan youth will get job opportunities and the Sri Lanka Port Authority will be able to earn a large amount of foreign exchange.
Indian High Commissioner Bagley said that the friendship between the two countries will be further strengthened through this project and he would like to extend his best wishes as the Indian High Commissioner.
Ministry Secretary K.D.S. Ruwanchandra, SLPA Chairman Keith Bernard, India’s Deputy High Commissioner Vinod Jacob, JKH Deputy Chairman Gihan Cooray, Colombo West International Terminal Ltd., CEO Harikrishnanam Sundaram and Howe Engineering Projects CEO Vinay Kumar Singhal were also present.

OSL take:

The expansion of Sri Lanka’s maritime industry plays a key role in the country’s plan of achieving business hub status in the Indian Ocean region. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country will also help the country achieve its target. It is this reason that continues to expand business/investment opportunities in Sri Lanka’s maritime industry, especially in the ports, shipping and logistics sectors. The island’s close proximity to the international maritime routes and the growing business potential in the local maritime industry have all have presented a host of business/investment opportunities for foreign businesses/investors. Foreign businesses/investors could also explore the possibilities of developing supplementary infrastructure facilities for the maritime industry. They could also look at forming partnerships or joint ventures with local businesses engaged in the maritime industry to expand operations and increase revenue generation.

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Article Code : VBS/AT/18112022/AT_1

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