According to Sri Lanka Ports Authority, the former has been cooperating with Japan for the development of the Jaya Container Terminal since 1980, whereas about the 70% of Colombo Port's transshipment is related to India.
Furthermore, the three countries will cooperate to further develop Colombo port and contribute to further regional prosperity and stability of global trading networks.
SLPA holds the full 100% ownership of East Container Terminal. The Terminal Operations Company (TOC) conducting all East Container Terminal operations is jointly owned by Sri Lanka, with a 51% stake, and the joint venture partners with a 49% stake.
Concluding, SLPA commented that the three governments will work on the details on the MOC in joint meetings and advance their cooperation towards early commencement of work and operation of the ECT.