COLOMBO: India, Japan and Sri Lanka signed a deal on 21st May, 2019 to develop the East Container Terminal at Colombo Port. India has a long term interest in this agreement. About 70% of the transhipment business of the port is linked with India. Also, Japan has been Sri Lanka's biggest donor since ages.
However, there has been conflicts and negotiations for Indian involvement in the project until Japan stepped in since the Sri Lankan President did not want India to be involved whereas Sri Lankan Prime Minister wanted India to be a part. Reportedly, Sri Lanka will hold 51% equity and rest will be shared between India and Japan.
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