Sri Lanka Signs Tripartite Agreement with India and Japan for Colombo Port

Sri Lanka Signs Tripartite Agreement with India and Japan for Colombo Port

• The Government of Sri Lanka has signed a tripartite agreement with India and Japan on May 28, 2019 for development of eastern terminal of Colombo port.
• Under the agreement, Sri Lanka Port Authority (SLPA) will hold 51 percent majority stake in the port development while combined stake of 49 percent will be held by Japan and India.
• All the three nations will work together for the development of the Colombo port and contribute to further regional prosperity and stability of global trading networks.
• Over 70% of India’s transhipment business is handled at Colombo ports.