COLOMBO, May 30, 2019, Lankapuvath. A Memorandum of Corporation (MoC) was signed between Sri Lanka, India, and Japan for the development of the East Container Terminal (ECT) at the Colombo South Port May 28, reported the Lankapuvath.
India has been involved in about 70 percent of the Colombo Port’s trans-shipment business while Japan has assisted the development of the Jaya Container Terminal since the 1980’s.
At present, the Sri Lanka Port Authority (SLPA) hold 100 percent ownership of the ECT, the Ports and Shipping Ministry said.
However, the operations of the ECT is shared between Sri Lanka and the joint venture partners which holds a 51 percent and 49 percent stake respectively.