China Merchants Port Holdings Company Limited (“CMPort”) , Sri Lanka Ports Authority (“SLPA”) and the Government of the Democratic Socialist Republic of Sri Lanka (“GOSL”), have signed the concession agreement of the Hambantota Port. Dr. Bai Jingtao, managing director of CMPort and Mr. Parakrama Dissanayake, the Chairman of SLPA, signed the 99 years concession agreement on behalf of both parties. Hambantota port becomes the second-largest investment in Sri Lanka of CMPort following the Colombo International Container Terminals Limited (“CICT”). CMPort agrees to invest up to USD1,120.00 million into Hambantota port and other marine-related activities.

Dr.Hu Jianhua, Vice Chairman of CMPort, Mr.Yi Xianliang, Chinese Ambassador to Sri Lanka, Mr.Yang Zuoyuan, Counselor of the Chinese Chamber of Commerce in Sri Lanka, Mr.Mahinda Samarasinghe, Minister of Port and Maritime Affairs of Sri Lanka, Mr.Mangala Samaraweera , Minister of Finance of Sri Lanka, Mr.Sarath Amunugama, Minister of Special Affairs of Sri Lanka and Mr.Malik Samarawickrema, Sri Lanka Strategy Development and Minister of International Trade and other senior government officials witnessed the signing of the agreement.

During the signing ceremony, Dr. Hu Jianhua stated that 2017 is the 60th anniversary of the establishment of diplomatic relations between China and Sri Lanka, the Hambantota project is a symbol of friendly cooperation between the two countries, representing a milestone in the development.  Back to 2009, when the financial crisis swept the world, with our prospective vision and professional judgment, CMPort has chosen to invest in CICT. Nowadays, the terminal has become a symbolic project for Sino-Sri Lanka’s cooperation. The container throughput of CICT has been greatly enhanced by relying on synergies of CMPort’s Global Port Network. Meanwhile, it also helps to promote the global port ranking and industry’s status of Colombo port. The Hambantota project has been a long negotiation and consultation with challenges and hardships. We are particularly grateful to the GOSL for their trust and support to CMPort. CMPort will continue to adopt the most advanced technology and the most mature management concept to the Hambantota project, in order to build up a solid foundation for deeper cooperation in the future.

After the signing ceremony, Dr. Bai Jingtao gave a speech during the luncheon. He said, the signing of the concession agreement of Hambantota project is an important breakthrough, CMPort will enter into the execution of comprehensive cooperation with the Sri Lanka parties, in order to commence the full operation of Hambantota port . He said that Hambantota port will enhance synergies with CICT in the future , in result of promoting the development of the port shipping industry in Sri Lanka.

Source: cmport

Naval gazing, what lies ahead for the supply chain Rockford IL

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