Adani Group Chairman Gautam Adani and Sri Lankan President Ranil Wickremesinghe held a crucial meeting to discuss various projects in Sri Lanka during the President’s two-day visit to India. One of the key topics on the agenda was the development of the Colombo Port west container terminal (WCT), a project that holds significance in strengthening regional partnerships and enhancing Sri Lanka’s strategic position as a major node along the world’s busiest global transshipment route.
- The meeting focused on the progress of the Colombo Port WCT project, which has been awarded a letter of intent to Adani Ports and Special Economic Zones Ltd (APSEZ) by Sri Lankan authorities.
- APSEZ, in partnership with John Keells Holdings PLC and the Sri Lanka Ports Authority, will be responsible for the development and operations of the WCT on a build, operate, and transfer basis for 35 years under a public-private partnership.
- The project aims to enhance the container handling capacity of the WCT, benefiting both Sri Lanka and India’s regional trade.
Significance of the Project
- The Colombo Port is already a preferred regional hub for transshipment of Indian containers and mainline ship operators.
- 45 per cent of Colombo’s transshipment volumes either originate from or are destined to an Adani port terminal in India, showcasing the existing strong ties between the two nations.
- The partnership between APSEZ and Sri Lanka is expected to strengthen economic cooperation and facilitate trade growth in the region.
- APSEZ’s extensive network, handling over six million TEUs annually, further supports the mutually beneficial nature of this partnership.
President Wickremesinghe’s Visit to India
- The visit holds special significance as it marks President Wickremesinghe’s first visit to India since assuming office after Sri Lanka declared an economic default.
- Meetings with Indian dignitaries, including President Droupadi Murmu and Prime Minister Narendra Modi, aim to strengthen the friendship between India and Sri Lanka.
- The visit also reinforces India’s commitment to its neighbourhood-first policy and Vision SAGAR.
The meeting between Adani and President Wickremesinghe highlights the importance of Sri Lanka in India’s regional partnerships. The discussions during the President’s visit pave the way for strengthened ties and cooperation in various sectors, emphasizing India’s commitment to fostering friendly and multi-dimensional relations with the island nation.
- Adani Group Finalises 35-Year Deal To Build And Operate Colombo Port’s West Container Terminal
- Colombo Port – Sri Lanka Now Picks Chinese Firm To Develop Eastern Container Terminal After It Awarded Western Container Terminal To India’s Adani
- Adani Ports and Special Economic Zone (APSEZ)
- Sri Lankan President Ranil Wickremesinghe
- Adani Group Chairman Gautam Adani