China to develop Colombo port, Sri Lanka.

[Skyline]

BOI signs US$500 mn agreement for Col South terminal

FRIDAY, 23 SEPTEMBER 2011 00:00
The Board of Investment of Sri Lanka (BoI) yesterday signed a US$ 500 million agreement with Colombo International Container Terminals Limited to develop and operate the Colombo South Container Terminal.

Eshana de Silva, Acting Chairman / Director General signed the agreement on behalf of the BOI and formally presented the BOI Certificate of Registration to the investors. Anura Jayasinghe, BOI - Board Member and Priyath Bandu Wickrama, Chairman - Sri Lanka Ports Authority were also present at the occasion.

Nelson Liu, Deputy Managing Director of China Merchants Holdings (International) Company Limited and J. M. S. Brito, Deputy Chairman / CEO of Aitken Spence PLC signed the agreement on behalf of Colombo International Container Terminals Limited.

The agreement for one of the largest Foreign Direct Investments will strengthen Colombo’s status as the premier shipping hub of South Asia into the 21st century and construction of the container terminal will commence in December this year, a statement from the BoI said. The project is funded by the Hong Kong-based China Merchants Holding (International) Company Limited, Aitken Spence PLC and Sri Lanka Port Authority with equity partnership of 55%, 30% and 15% respectively. The project is expected to provide direct employment opportunities for over 1000 and will be implemented over two phases.

Colombo’s existing terminals currently account for the island’s entire cargo volume. The government forecasts rising cargo levels will enable transportation, including ports, to make up 40 percent of gross domestic product by 2020. Deeper berths, new terminals and increased efficiency will enable larger ships to dock and transfer cargo more quickly, enabling Colombo to maintain its status as a premier shipping hub. With the implementation of this container terminal development project, Sri Lanka is expected to gain economic benefits such as increased container handling capacity of the port, accommodation for the latest generation of large container ships, guarantee fast turnaround of vessels and training of Sri Lankan staff on latest technology.

The BOI has granted Strategic Development status to the project, working in close collaboration with the Sri Lanka Ports Authority.

BOI signs US$500 mn agreement for Col South terminal | Local

 

[Lankan Ranger]

Sri Lanka signs $500 million port deal with China

The Board of Investment and the Sri Lanka Ports Authority have signed an agreement with Colombo International Container Terminals Limited to develop and operate the Colombo South Container Terminal. The total investment for the project is Rs 50 billion (US $ 500 million).

The China Merchant Holdings will invest 55 percent of the cost while Aitken Spence PlC will hold 30 percent and Sri Lanka Ports Authority 15 percent.

Sri Lanka Ports Authority Chairman Dr Priyath Bandu Wickrama told Daily News Business the terminal comprises a total quay length of 1.2 km and it will be completed in two stages.

“We will start operations after the completion of the first 600 metres,” he said.

“The entire project is expected to be completed in 14 months. With the development of Sri Lanka as a maritime hub we need to expand our capacity. We also can give more facilities for investors to come and invest,” Wickrema said.

With the implementation of this container terminal development project, Sri Lanka will gain economic benefits such as increased container handling capacity of the port, accommodation for the latest generation of large container ships, guarantee fast turnaround of vessels and training of Sri Lankan staff on latest technology. This will also increase the inflow of foreign exchange to the country from container services.

Around 1,500 direct employment opportunities and a large number of indirect employment opportunities will be created after commencing the Colombo South Container Terminal.

The project will promote economic growth by improving Sri Lanka’s competitiveness in the port sector by expanding Colombo Port and facilitate economic growth by enhancing national competitiveness in international trade via lower transport costs and faster delivery times. Container-Handling capacity will be increased by 7.2 million TEUs on completion of all three terminals in the Phase-one of the project.

The development of the Colombo South Harbour is being implemented under President Mahinda Rajapaksa’s vision of making Sri Lanka a shipping hub in the Asian region.

The agreement for one of the largest Foreign Direct Investments will strengthen Colombo’s status as the premier shipping hub of South Asia into the 21st century. Construction of the container terminal will commence in December this year.

Sri Lanka Business News | Online edition of Daily News - Lakehouse Newspapers

 

[EastWest]

Good Good !!

But i hope it is just a civilian partnership and not a military one...coz then India will be forced to take corrective actions to nullify such a threat

 

[ChineseTiger1986]

Good Good !!

But i hope it is just a civilian partnership and not a military one...coz then India will be forced to take corrective actions to nullify such a threat

It is definitely civilian.

If it is military, then you would definitely not be told by any news.

 

[EastWest]

It is definitely civilian.

If it is military, then you would definitely not be told by any news.

Dont worry India has enough spies in Srilanka to know if something is cooking

 

[Lankan Ranger]

Dont worry India has enough spies in Srilanka to know if something is cooking

Nice joke….

It will cost there life for any foreign spies….

I know very well how SLA gives special harsh treatments for foreign spies….

 

[Kashmir 2 Kerala]

It is definitely civilian.

If it is military, then you would definitely not be told by any news.

Hee haw hee haw hee haw, thats a jack a$$ laugh, but LOL u are such commie red guard, y would u be happy that ur gov lacks transperancy, ur one person out of the billion ppl in China, the other 999,999,999 chinse wouldn;t give a jack squat if ur gov killed u this minutes, some country ur living u subservient fool

 

[gulte]

Nice joke….

It will cost there life for any foreign spies….

I know very well how SLA gives special harsh treatments for foreign spies….

And foreign spies go around hanging a board around his neck that "I am Foreign spy". Even if spy got caught especially Indians spies, there is nothing much SL can do other than to deport him after extracting info.

 

[King123]

Nice joke….

It will cost there life for any foreign spies….

I know very well how SLA gives special harsh treatments for foreign spies….

Then you don't understand the meaning of Spy. You will never know who is the spy.

If Civilian deal, It's good.

 

[EastWest]

Nice joke….

It will cost there life for any foreign spies….

I know very well how SLA gives special harsh treatments for foreign spies….

Any spy in foreign country faces that risk...so do u think they dont have spies?

And by the way India does not need to send any Indian to spy.. we already have millions and millions of well wishers in Srilanka ..we will surely get info if any anti-india activities are taking place..

 

[ChineseTiger1986]

Hee haw hee haw hee haw, thats a jack a$$ laugh, but LOL u are such commie red guard, y would u be happy that ur gov lacks transperancy, ur one person out of the billion ppl in China, the other 999,999,999 chinse wouldn;t give a jack squat if ur gov killed u this minutes, some country ur living u subservient fool

Lol, watch your behavior newbie.

BTW, post reported.

 

[Lankan Ranger]

Then you don't understand the meaning of Spy. You will never know who is the spy.

If Civilian, It's good.

I know the meaning of Spies very well………

Also I know what happened to some foreign Spies in 2007-8 periods in Sri Lanka

SLA caught several foreign Spies in 2007-8……….

It is not good to share too much info in a public forum…….

 

[King123]

I know the meaning of Spies very well………

Also I know what happened to some foreign Spies in 2007-8 periods in Sri Lanka

SLA caught several foreign Spies in 2007-8……….

It is not good to share too much info in a public forum…….

We have spy satellite which tracks many things. We can tell which ship is where by sitting in Delhi.

Every country has many SPY to track all activities. So, Mostly it's not secret.

Also, We know what is happening in SL. very easy to know.

The day, SL gives Military base to China, you will see what we do next.

 

[Lankan Ranger]

And foreign spies go around hanging a board around his neck that "I am Foreign spy". Even if spy's got caught especially Indians spies, there is nothing much SL can do other than to deport him after extracting info.

Mate…….. I like to answer…….

But not now……..

We have spy satellite which tracks many things. We can tell which ship is where by sitting in Delhi.

Every country has many SPY to track all activities. So, Mostly it's not secret.

Also, We know what is happening in SL. very easy to know.

The day, SL gives Military base to China, you will see what we do next.

Ok.... best of luck.......

 

[Skyline]

I think China has some secret plans too, I heard some news.......(reveal it or not... may be later I'll tell about that. )