State-owned Sri Lanka Ports Authority and China Merchants Port Holdings have agreed to jointly build a commercial and logistics hub at Colombo Port for $392 million.

The project will establish a logistics and warehousing facility to promote Colombo Port as a competitive hub in the region, Chinese government-run Xinhua news agency reported, citing Minister of Ports, Shipping and Aviation Nimal Siripala de Silva.

In addition, China Merchants Group will strengthen cooperation with local enterprises to support Sri Lanka’s economic development, said company Chairman Miao Jianmin.
Source: Reuters (Writing by P Deol; Editing by Anoop Menon)