Sri Lanka, March 29 -- Hambantota International Port Group (HIPG) has signed an agreement to invest USD 108 million in new container handling equipment, marking a major expansion of its container terminal capacity and reinforcing Sri Lanka's position as an emerging logistics hub in the Indian Ocean.
The agreement, signed at a ceremony held at the Hilton Colombo on March 26, brings together HIPG and Shanghai Zhenhua Heavy Industries Co., Ltd. (ZPMC) to procure six quay cranes, 16 rubber-tyred gantry cranes (RTGs) and 40 trailers, under the initial phase of the port's Phase II container terminal development.
Speaking at the ceremony, H.E. Qi Zhenhong, Ambassador of the People's Republic of China to Sri Lanka, said, "I wish to express my sin...