India has given a big blow to China in Sri Lanka. India has got such a success, which has pushed back China, which is moving forward in the Indian Ocean. Giving a big blow to China, India has signed a $ 700 million terminal agreement in Sri Lanka. It is believed that India has signed this agreement to respond to the growing influence of China in Sri Lanka, that is, giving a big blow to the Chinese dragon, India has signed a $ 700 million strategic deep sea container terminal agreement in Sri Lanka. The Sri Lanka Ports Authority and India’s Adani Group have signed this major agreement. This new port is near the Chinese built $ 500 million Chinese jetty in Colombo.
Big investment on port sector in Sri Lanka
The Sri Lanka Ports said in a statement that the agreement, worth about $ 700 million, is the largest ever foreign investment in the port sector of Sri Lanka. It said that Adani will build this port in collaboration with local company John Kilsa. John Keelsar will have around 34 per cent stake in this terminal, while Adani will hold 51 per cent. In this way the entire port will be under Adani’s control. It has been named Colombo WestEye International Terminal. This new container jetty is about 1.4 km long. It is about 20 meters deep and will handle 3.2 million containers every year. In the first phase of this project, a 600 meter terminal will be built and it will be completed within two years. After about 35 years, this terminal will again go under the Sri Lankan government.
Borrowing from China can increase trouble
Many western countries including India are upset to see Sri Lanka getting entangled in China’s debt trap. In fact, these countries are afraid that China might capture the whole of Sri Lanka in lieu of debt. In such a situation, China will get great power in the Indian Ocean. In 2017, Sri Lanka handed over its Hambantota port to a Chinese company in return for a loan of $1.4 billion. After which when India objected, Sri Lanka stopped the use of this port for military service. Permission to India in Sri Lanka’s strategically important Colombo port had been going on for the past several years, but in February this agreement was suspended. In fact, trade unions affiliated to the ruling coalition had opposed giving India a partially built terminal inside the port. Sri Lanka had recently sought a new loan of $ 2.2 billion from China to save the country’s deteriorating economy. China already has billions of dollars in debt on Sri Lanka. In return, it had to hand over its Hambantota port to China on a 99-year lease.