Foreign Firms Earn More Than Sri Lanka Port Authority

COLOMBO (News 1st); The topic of foreign investment and the transfer of state property to foreign companies has become a focal point in the political arena. 

Recent revelations in Parliament have prompted a re-evaluation of whether these transfers have truly benefited the country.

On September 3, 2024, Parliament disclosed revenue data from jetties assigned to foreign companies at Colombo Port, raising questions about the financial arrangements. 

The data revealed a significant disparity between the income earned by the Sri Lanka Port Authority and the revenue generated by foreign companies operating at the port.

In 2015, the Sri Lanka Port Authority received 1,864 million rupees from the South Asia Gate Terminals Company, while the foreign company earned 9,341 million rupees.

Similarly, the Colombo International Container Terminal generated 1,969 million rupees for the Port Authority, compared to 9,015 million rupees for the foreign company.

By 2024, the income gap had widened further. The Port Authority's revenue from South Asia Gate Terminals Company increased to 2,212 million rupees, while the foreign company's earnings soared to 13,146 million rupees.

The Colombo International Container Terminal's contribution to the Port Authority decreased to 1,717 million rupees, whereas the foreign company's income surged to 26,054 million rupees.

These figures indicate that from 2015 to 2024, foreign companies consistently earned significantly higher revenues from Colombo port jetties compared to the Sri Lanka Port Authority.