Home » Strategic steps introduced to generate profit at Hambantota Port

Strategic steps introduced to generate profit at Hambantota Port

by Gayan Abeykoon
November 14, 2023 1:07 am 0 comment

It has been revealed that the Sri Lanka Port Authority owns 15% of the total shares of Hambantota Port and the government has not received any dividend as no profit has been made in Hambantota Port so far.

Due to the Covid crisis and the recent economic recession in Sri Lanka, Hambantota Port has not been able to increase its revenue and generate profits.

Therefore, the attention of Nimal Siripala de Silva, the Minister of Ports, Shipping and Aviation Services, has been focused on starting several revenue generating programmes and a special discussion was held at the Ministry yesterday in this regard.

The Chief Executive Officer of Hambantota Port pointed out at this discussion that several problems with the Central Bank and the Board of Investment should be resolved in the implementation of a new development programme at Hambantota Port and the Minister said that the Ministry of Ports would intervene to resolve these issues promptly.

Until now, the main operational activities of Hambantota Port has been the re-export of imported vehicles. The Minister expressed his belief that if the re-export of containers is started in the future, the port will be able to make a profit.

Therefore, the Minister instructed the officials of the Authority to submit the proposals and future programmes to make Hambantota a profitable Port to the Ministry of Ports through the Board of Directors. He stated that he would take steps to obtain the approval of the Cabinet of Ministers for the proposals if necessary.

In his concluding remarks, the Minister stated that an active programme should be prepared together with the Sri Lanka Port Authority and the Hambantota Port to attract more ships sailing in the Indian Ocean to Hambantota and Colombo Ports.

A group of officials including K.D.S. Ruwanchandra, Secretary of the Ministry, Keith Bernard, Chairman of the Port Authority, Gayan Alagewatta, Vice Chairman, Chief Executive Officer of Hambantota Port Ravindra Jayawickrama participated at this event.

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