SLPA to hold 51% shares in foreign investment projects

The government would include a stipulation for all future foreign investment projects with the Sri Lanka Ports Authority (SLPA) that 51% of shares in the venture would be owned by the SLPA, to prevent controversies similar to that involving the Colombo Ports City Project, Ports and Shipping Minister Arjuna Ranatunga said yesterday.

The Minister disclosed this at a ceremony held at his office after signing an MoU with Qingdao Ports Management of China (QPMC) to improve efficiency, productivity and to minimize waste and corruption at the SLPA. “My objective is to put an end to corruption, mismanagement and waste at the SLPA in a year. I have the blessings and encouragement of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe to do this, Minister Ranatunga stressed.

The linkage with the QPMC will assist the SLPA to expand its services to global standards. As the Port of Qingdao has the coverage of more than 450 ports in 150 countries across the world, the MoU will open the same window to the SLPA via QPMC which will be a major boost to Sri Lanka’s economy and exports, he stressed.

The MoU will also provide the SLPA an opportunity to have access to new technologies in ports management, international trade and navigation, he added.

Chinese Ambassador in Sri Lanka, Yi Xianliang, speaking at the event, said the SLPA and QPMC would act as twin ports following the signing of the MoU and added that as a result of this agreement all Chinese projects launched in Sri Lanka would continue to its completion without any hindrance.