Sri Lanka's Hambantota port to attract 500-mln USD of investments: official

Sri Lanka's southern Hambantota Port is aiming to attract investments worth 500 million U.S. dollars as plans are afoot to set up port related industries inside the port as well as general operation expansion, Ports Minister Mahinda Samarasingha said Friday.

China Merchant Port Holdings (CM Port) and state-owned Sri Lanka Ports Authority, in July last year signed an agreement to manage and run the operations of the Hambantota Port.

Following the signing, the Hambantota International Port Group (HIPG) was set up, which is a joint venture company formed by the Sri Lankan government and CM Port.

Samarasingha said that to date, HIPG had received 15 proposals to set up plants inside the port from local to international investors.

With the establishment of the joint venture with CM Port, the port has been able to double the number of transshipment vehicles handled from 15,000 to 35,000 per quarter, the minister said.

He explained that although from quarter-to-quarter, the number of ships remained the same, the number of transshipment vehicles handled had doubled at the Hambantota Port.

"It is through the global network that CM Port has that we were able to increase the numbers," Chief Operating Officer of HIPG, Tissa Wickramasinghe said.

Sri Lankan Prime Minister Ranil Wickramasinghe said recently the Hambantota Port is the largest multi-purpose port in Sri Lanka and will add to Sri Lanka's concept of transforming into a hub in the Indian Ocean.