Development Of Trincomalee Port Into An Industrial Hub : Sri Lanka
Sri Lanka plans to develop Trincomalee port into an industrial hub that would spark global interest.
- The proposal is a long-standing plan to monetise land that belongs to the Sri Lanka Port Authority, by getting foreign and local investment for a special economic zone, an industrial park, or an energy hub.
- Trincomalee harbour is on the northeastern coast of Sri Lanka.
- It is situated on a peninsula in Trincomalee Bay—formerly called Koddiyar Bay.
- Trincomalee is the nearest port to Chennai, India.
- It offers one of Asia’s finest natural harbours which India will benefit from.
- This port will serve as a way to balance China’s influence in the Indian Ocean Region. China already has access to Hambantota Port, so Trincomalee port is important for India.
- If Indian companies engage in this development, it will enhance Indian maritime trade routes in the region.
- Earlier this year, Lanka Indian Oil Company and Ceylon Petroleum Corporation signed an agreement to develop a massive oil storage tank farm built during British rule at Trincomalee.
- This agreement will benefit from this deal.