By: Isuru Parakrama
October 22, Colombo (LNW): The Cabinet of Ministers has officially designated the development of the Colombo Port’s Eastern Container Terminal (ECT) as a “special project,” a move aimed at accelerating its progress and enhancing its strategic significance.
The proposal, put forward by Minister of Transport, Highways, Ports and Civil Aviation, Vijitha Herath, received unanimous approval.
This declaration marks a critical step in the continued development of the ECT, which forms part of the larger Colombo South Development Project.
Under the original decision made in February 2021, the Eastern Container Terminal was to be developed in phases by the Sri Lanka Ports Authority (SLPA), with full ownership retained by the authority.
Since then, considerable progress has been made.
Speaking at a press conference held earlier today (22), Minister Herath confirmed that the contract for civil works on the terminal had already been awarded and construction was well underway.
This significant infrastructure project is expected to bolster the Colombo Port’s capacity and further strengthen Sri Lanka’s position as a key player in regional and global maritime trade.
In addition to civil works, the procurement of cranes for the terminal has also been finalised, marking another crucial step in equipping the facility with the necessary tools to handle large-scale container operations.
The project is anticipated to boost the efficiency of the port, enabling it to accommodate larger vessels and facilitate increased cargo volumes.
Minister Herath also highlighted the array of tax concessions provided to private terminal operators and service providers involved in the project.
These incentives, offered under the Strategic Development Act and the Board of Investment (BOI) Law, are designed to attract private investment and ensure the project’s financial viability while aligning with national development goals.
This initiative is expected to not only enhance the country’s shipping and logistics infrastructure but also contribute to Sri Lanka’s long-term economic growth by fostering trade and investment opportunities.
