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India and Japan back in new Sri Lanka port project
Why is it in news?
- Sri Lanka said it will develop the West Container Terminal (WCT) at the Colombo Port, along with India and Japan.
Details:
- The decision comes a month after the Rajapaksa government ejected India and Japan from a 2019 tripartite agreement to jointly develop the East Container Terminal (ECT).
- Both India and Japan had expressed displeasure about Colombo “unilaterally” pulling out of the 2019 agreement.
- Rajapaksha had citied resistance to “foreign involvement” as a reason behind the decision of ECT.
- Indian High Commission has approved Adani Ports as investor for the new project, which was to invest in the ECT project earlier.
- However, Japan is yet to name an investor.
Source: The Hindu