• #163, Kirulapone Avenue, Colombo 05, Sri Lanka
  • +94 112 51 5759

sintami

Govt. to go ahead with H’tota port – China agreement

picThe approval of President Maithripala Sirisena and the Cabinet of Ministers have been received to the agreement to be signed with China Merchant Holdings on Hambantota Port, said the Minister of Development Strategies and International Trade Malik Samarawickreme.

 He said that the Framework agreement in this regard had already been signed and the Concessionary agreement is expected to be signed early January next year. Accordingly, 80 per cent of shares of the Port of Hambantota will be given to this Chinese company for USD 1.12 billion.

The minister further said that it is also expected to immediately sign a few other agreements to commence Cement manufacturing plants, LNG Plants, Oil refineries, and Dockyards within the land extent of 1,200 acres owned by the port of Hambantota with an investment of approximately USD 4 billion.

In addition, a Special Economic Zone covering Monaragala, Embilipitiya, Matara and, Hambantota areas will also be established with the support of the Government of China. This will be implemented under three phases in a land extent of 15, 000 acres.  Around 2,400 factories which generate nearly 400,000 direct and indirect job opportunities, especially for the younger generation are also expected to be established in this area, he said. “We expect a huge development in South, Monaragala, and Embilipitiya areas.”

Specially, under the new agreement, the Hambantota Port will only be used for financial purposes, but not for military purposes at any time except by Sri Lanka Navy.

“This will be a joint venture. There will be no Chinese working here other than several essential technicians etc. Only Sri Lankans are there. Spending about 60 percent of the profit of the Port of Colombo for Hambantota Port is useless”, he said and added same action will be taken to develop the Trincomalee harbor too. Nearly 90 per cent of lands used under the new agreement is owned by the government.  They will be given only for 99 years”, the minister said.

LATEST POSTS

07.01.2019

09 January 2019
07.01.2019

Decisions taken by the Cabinet of Ministers at its meeting...

Press Release 20.12.2018

20 December 2018
Press Release 20.12.2018

The new Cabinet of Ministers took their oaths before President...

Cabinet Decisions - 13.11.2018

14 November 2018
Cabinet Decisions - 13.11.2018

Decisions taken by the Cabinet of Ministers at its meeting...

Cabinet Decisions - 05.11.2018

07 November 2018
Cabinet Decisions - 05.11.2018

Decisions taken by the Cabinet of Ministers at its meeting...

The department assists media in a macro level in welfare, training, policy planning and accreditation, and providing easy access to Government news and information.