It is reported that Japan’s Mitsubishi Corporation, which was a major stakeholder in many infrastructure projects in Sri Lanka, has decided to end its operations in Sri Lanka. Accordingly, Mitsubishi Corporation has decided to shutdown the Colombo office by March 31, 2023.
Mitsubishi Corporation’s Sri Lanka office was one of the company’s first overseas offices. It also played an important role in the bilateral relationship between Japan and Sri Lanka.
Sri Lanka’s adverse international ratings and economic outlook and foreign debt default are the main reasons behind this decision of Mitsubishi Corporation.
Mitsubishi Corporation was the main partner in several major Japanese infrastructure projects funded by the Japan International Cooperation Agency (JICA) implemented in the country. However, goodwill between Sri Lanka and Japan had been damaged recently due to the cancellation of several major projects, including the light rail project and the LNG plant project, which were proposed by Japan.