October 28, 2020: Sri Lanka’s cabinet has approved a proposal to expand the capacity at the Colombo International Container Terminal (CICT) with an investment of 90 million US dollars.
Considering the current demand and future business opportunities for the terminal, it has been decided to expand the project by increasing the capacity of its yard without any construction.
The project is expected to increase the productivity of the terminal by introducing new equipment, upgrading and modernizing the existing equipment, and providing tax relief as per the provisions of the Strategic Development Projects Act.
Accordingly, the proposal made by the Prime Minister in his capacity as the Minister of Finance, to publish the Regulations in the Government Gazette, was approved by the Cabinet.
Source: Lanka Business Online
