Hambantota Port agreement to be signed tomorrow – PM
Prime Minister Ranil Wickremesinghe stated that the Hambantota Port agreement will be signed tomorrow (29).
The amended agreement to lease out Hambantota harbour to a Chinese company was approved by the cabinet last Tuesday (25), after terms of the first pact sparked widespread public anger in the country.
China Merchants Port Holdings will take an 85 percent stake in Hambantota International Port Group that will run the port and its terminals, with the rest held by Sri Lanka Ports Authority. The company’s capital will be $794 million.
A second firm, Hambantota International Port Group Services Co, with capital of $606 million, will be set up to oversee security operations, with the Sri Lankans holding a 50.7 percent stake and the Chinese 49.3 percent, according to the document.
China Merchants Port Holdings also agreed to reduce its stake in the joint venture running the commercial operations of the port to 65 percent after 10 years.
(Ada Derana)
Latest Headlines in Sri Lanka
- Johnston Fernando evades CID inquiry over unregistered BMW car October 18, 2024
- Ranil urges voters to choose experienced leaders to tackle economic crisis October 17, 2024
- Keheliya Rambukwella Primary School renamed Kundasale Royal Primary School October 17, 2024
- Tourist arrivals surpass 63,000 in early October amid seasonal slowdown October 17, 2024
- Sri Lankan President calls for national plan to revitalize agriculture October 16, 2024
This is selling the furniture to stop the house going bankrupt. Even with proceed of this sell buy more luxury cars and then sell the air port.
Just one question. During Rajapakse regime media announced that there is a big rock in the sea bed and big ships cannot dock in Hambanthota harbour. Just wondering whether the rock is still there or it disappeared after Yaha Palanaya came to power.
The economic reforms that commenced in 1977 have made Sri Lanka into a middle income country. The economic benefits have flown in to the middle class and also to the workers. A Port Worker earns LKR100,000 per month!
The so-called leftists are living in yesteryear; they have not become progressive like the leftist movement in Europe, specially in Jeremy Corbin’s Labour Party.
There are many do-gooders who cry for the poor. Well, if you want to be poor living on Government handouts, you are free to do so. Just grab opportunities and make a headway instead of crying with arms open.
The previous regime borrowed money without any consideration of downstream economic benefit. Examples are the Hambantota Harbour, Mattala Airport and Air Lanka. These borrowings have be settled and Hon RW has demonstrated creative initiatives. That’s good for the country.
The Export processing Zone/ Free Trade Zone concepts that were popular in the 70’s are no longer attractive. We are a middle income country; if we continue to manufacture underwear for the west, the product cannot be competitive.
We have moved to the next phase of our development. This phase requires intellectual inputs into the economy. The Megapolis development is aimed at that phase. It provides opportunity for development of the digital industry and manufacturing (not assembly).
Despite all the politics and accusations of corruption, it is only the UNP which can provide positive thought and leadership. The SLFP’s cooperation in driving our country towards higher living standards is essential.
Mr Amarakoon,
The ‘rock under the water’ was the creation of the previous regime.
Just imagine, how lucrative would a contract would be for USD600m for removal of rock which no one can see!
Mr. David Mahindadasa, Spending millions for a harbour with a rock was one of the contributing factors for the defeat of Mara Regime. So, I do not think they advertised it.