After months of delays, Sri Lanka on Tuesday signed an agreement with India and Japan to develop the East Container Terminal at Colombo Port.
"As a hub of the Indian ocean, the development of Sri Lanka and openness of its ports are of great importance. Colombo port is the leading port in region. This joint project reflects the long standing goodwill and cooperation among the three countries," the Sri Lanka's Port Authority (SLPA) said today, pointing out that 70 percent of Colombo Ports transshipment business was related to India.
Last September the planned agreement with India was opposed by the Sri Lankan president, Maithripala Sirisena who along side Sri Lankan opposition parties criticised the government's main United National Party (UNP) for selling state assets.