In a bid to balance India and China, Sri Lanka appears to be in favor of an Indian companies-led consortium to build the Third Terminal at Colombo port and secure business for it. China has already been deeply involved in port development in Sri Lanka, having built a modern container terminal in Colombo and a full-fledged port from scratch in Humbantota.

The Minister of Ports, Arjuna Ranatunga, told the Foreign Correspondents’ Association here on Thursday, that Prime Minister Ranil Wickremesinghe is keen that the consortium be led by companies from the Indian sub-continent. Those companies could be from either India, Pakistan or Bangladesh, the Minister said. However, it was apparent from the Minister’s presentation that Sri Lanka has India and an Indian company-led consortium in mind.

Elaborating the government’s stand, Ranatunga said that the Indian subcontinent is playing a pre-eminent role in the business of the Colombo port accounting for 70 to 75 percent of its transshipment business. Of the countries in the subcontinent, India is the single biggest player accounting for 65 to 70 percent of the transshipment business.

Apart from the business angle, Prime Minister Wickremesinghe is also looking at the political and strategic angle, Ranatunga said. India is be involved as Sri Lanka has to keep a balance between India and China, he hinted.

(New Indian Express)