Indian High Commissioner Gopal Baglay has met President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa and Foreign Minister Dinesh Gunawardena on Tuesday after Sri Lanka backed out of the agreement with India and Japan to develop the East Container Terminal (ECT) at the Colombo Port.
The thrust of the Indian envoy’s message to the Sri Lankan leadership, sources said, was that Colombo must adhere to its commitments in the tripartite agreement of May 2019, to jointly develop the strategic terminal with the Sri Lanka Ports Authority (SLPA) holding 51 % stakes, and India and Japan, holding 49 % together.
The Adani Group from India, along with Japanese companies, was to invest in the project expected to cost upto $700 million, as per official estimates.
e Indian side, it is learnt, conveyed that the signals emanating from Sri Lanka should boost the confidence of potential investors. President Rajapaksa has pledged to draw foreign direct investments to the country, rather than take loans.