The Sri Lanka Ports Authority (SLPA) would annually save around Rs. 40 billion by way of debt repayment through the lease of the Hambantota Port to China Merchant Port Holdings (CMP).
Speaking at the Colombo Dockyard PLC’s (CDL) ceremonial laying of the keel to build the first-ever Cable Laying Vessel for Kokusai Cable Ship Co. Ltd. (KCS) Japan, yesterday, Premier Ranil Wickremesinghe said that the deal will help to usher economic prosperity to the region, due to mega infrastructure developments undertaken by the CMP.
He also said that both 2018 and 2019 would be tough years for Sri Lanka due to high debt servicing. “However this will ease towards 2025.”
He said that the government would also develop the Trincomalee harbour and make it one of the biggest harbours in the region. This would be with Singaporean assistance.
He said that for a country like Sri Lanka, we need technical assistance of this nature from countries like China and Singapore to further develop the shipping sector and take advantage of the island’s unique geographical location.
“I don’t know why the development of the Colombo harbour is not taking place at a faster pace as it would become a major economic driver to the country. We want to extend the harbour development up to Ja Ela, making it one the biggest harbours in Asia.”
Wickremesinghe said that today 60% of cargo bound for India travels through Colombo Port and with proper harbour development it can increase to 75% and this is an area the government is concentrating on.
He also said that the fact that a Japanese lading company placed an order to build a technical advanced ship with Colombo Dockyard shows the confidence global companions have towards Sri Lanka. The keel which was laid yesterday at the Colombo Dockyard will be the biggest ever vessel (contract value wise as well as length wise) to be built by CDL in its illustrious journey of shipbuilding excellence.
“The securing of this prestigious shipbuilding contract from a premier Japanese cable laying company further reinstates the high shipbuilding standards achieved by CDL in the world shipbuilding arena,” said D. V. Abeysinghe Managing Director/Chief Executive Officer, CDL.
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