Local investors say Chinese firms edging them out in opportunities in Colombo and Hambantota ports
View(s):Local businessmen interested in investing in and around the Colombo and Hambantota ports have been blocked because preference is being given to interested Chinese companies. These issues were raised by an investor at the ‘Meet the Minister’ discussion organised by the National Chamber of Commerce of Sri Lanka in Colombo last week, with the participation of Minister of Ports and Shipping, Arjuna Ranatunga. The investor said, “We are interested in investing around the Colombo and Hambantota ports. But since the Chinese companies have also shown interest, the local authorities have refused to give us this opportunity”.
The Colombo Port East Terminal is full of Chinese companies, he complained. Speaking at the meeting, Mr. Ranatunga said while Hambantota is a very essential harbour as far as the country is concerned a lot of money has been pumped into it by the previous government. “We are looking for investors to obtain further shipping lines. The Export Development Board is helping out with that. The North and East terminals of the Colombo port are in the process of construction. As far as the Ceylon Shipping Corporation is concerned two old big ships will be discarded which costs around US$12,000 to maintain the ship for a day. Coal is brought into the country on those two ships,” noted Mr. Ranatunga.
Sri Lanka Ports Authority (SLPA) Managing Director Sarath Premachandra said that while the SLPA is running at losses, the port requires major reforms to be put in place for the management to take firm decisions. During the Q&A session of the event, short and long term plans were discussed. A lot of business entities will be set up closer to the Hambantota port for development purposes. It was also mentioned that the Galle Port will remain as a leisure port. – (RM)