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Press briefing of Cabinet Decision taken on 2020-10-26 (Subject to Confirmation at the next Meeting)
Capacity Expansion Project of the Colombo International Container Terminal
- The Project for the development of the South Container Terminal of Colombo Port was implemented under an investment of US$ 500 million and its construction was completed on 2016‑12‑01 and is in commercial operation at present. An Agreement has been entered into by the Colombo International Container Terminal Limited with the Sri Lanka Board of Investment to implement the aforesaid Project. Taking into account the present demand for the activities of the said Terminal and the prospective business opportunities, it has been decided to expand the said project enhancing the capacity of the Terminal without commencing new constructions. Accordingly, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance to introduce new equipment to upgrade and moderate the existing equipment investing US$ 90 million, and thereby implement the productivity enhancing project of the Terminal and to publish the relevant tax relief in accordance with the provisions of the Strategic Development Projects Act in the Government Gazette, was approved by the Cabinet.