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Sri Lanka: A balancing act amid geopolitical developments Daily News (via HT Media Ltd.)
President Gotabaya Rajapaksa announced on Wednesday that a long-delayed Indian and Japanese deep-sea terminal project would proceed. The approval came after reviewing “regional geopolitical concerns,” Rajapaksa’s office said, a reference to India’s suspicion of Chinese interests at the same port.
Colombo’s ties with New Delhi have been tested since the Rajapaksa government last year decided to review the estimated $500 million deal signed in May 2019 between India, Japan and the previous Sirisena government to develop Colombo’s East Container Terminal (ECT).
Awarded to India’s Adani Group and Japanese partners in a joint venture, the contract gives Sri Lanka a 51 percent stake and 49 percent to Indian and Japanese stakeholders.
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New Delhi, January 15
The Adani group is the front-runner in a Indian and Japanese investment project at Colombo port that has been green-lighted by Sri Lankan President Gotabaya Rajapaksa less than a fortnight after External Affairs Minister S Jaishankar met him to seek its revival.
The tripartite deal by the previous government was on hold due to trade union pressure but Rajapaksa has now approved after reviewing the “regional geopolitical concerns”.
The terminal will have majority, 51 per cent ownership by the Sri Lankan Government and the rest will be invested by Adani Ports and Special Economic Zone and other stakeholders including Japan. The facility will come up next to the Chinese-run Colombo International Container Terminal.
New Delhi, January 15
The Adani group is the front-runner in an Indian and Japanese investment project at Colombo port that has been green-lighted by Sri Lankan President Gotabaya Rajapaksa less than a fortnight after External Affairs Minister S Jaishankar met him to seek its revival.
The tripartite deal by the previous government was on hold due to trade union pressure but Rajapaksa has now approved after reviewing the “regional geopolitical concerns”.
The terminal will have majority 51% ownership by the Sri Lankan government and the rest will be invested by Adani Ports and Special Economic Zone and other stakeholders including Japan.
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