Mangala endorses President’s decision to involve foreign investors to develop ECT

Former Finance Minister Mangala Samaraweera has endorsed the decision taken by the government led by President Gotabaya Rajapaksa to develop the East Container Terminal (ECT) of the Colombo Port with the involvement of foreign investors.

“As a true patriot, I am happy on the government’s decision to get foreign investors onboard to develop the Colombo Port. I am confident that this new investment will bring prosperity to the Sri Lanka,” Samaraweera said issuing a media statement.

President Rajapaksa last Wednesday confirmed the possible involvement of India’s Adani group and other investors for the development of the ECT, while the government maintaining the controlling stake of the terminal. 

Samaraweera viewed President Rajapaksa’s decision as an encouraging development while urging “true patriots” to dismiss the rhetoric planted by certain politicians, popularising  the sentiment of attracting foreign investments as a betrayal to the nation. 

“Those lies and the ensuing deception have boomeranged and even though they are trying to do something constructive, they are being destroyed by the very lies they have disseminated. Even though I knew it before and spoke about it, I’m not happy about it.

It is essential to attract foreign investors to develop this country,” he added. He pointed out that even socialist countries such as Vietnam and Cambodia realised the critical role of foreign investments and formed policies to attract investors from abroad. 

Further, he recalled that foreign investments played a crucial role in developing Sri Lanka’s telecom industry with the decision to open up Sri Lanka Telecom for foreign investments. 
He also noted that SriLankan Airlines had only been profitable during the period when it was managed and partly owned by a foreign investor.