India-Sri Lanka inks MoU in port sector

Taking their partnership in the port sector to newer high, India and Sri Lanka have recently inked memorandum of understanding (MoU) to jointly make investments to develop the Trincomalee Port and establish a petroleum refinery and other industries in the area. They will also encourage Indian companies to invest in a Container Terminal in the Port of Colombo. For Sri Lanka, the focal points for effective implementation will be the Ministry of Development Strategies and International Trade. The MoU reaffirms the traditionally close and friendly relations between the two countries and their continuing endeavors to enhance bilateral relations through increased economic, investment and development co-operation for the mutual benefit of their people. The areas of scope and cooperation incorporated the mutual agreement, both Colombo and New Delhi have reached on the different projects.