INSUBCONTINENT EXCLUSIVE:
Japans Mitsubishi Corporation has actually decided to end operations in Sri Lanka.For almost 60 years, the trading giant has actually been
an essential partner in numerous infrastructure projects in Sri Lanka and the islands bilateral relations with Japan.Sri Lanka defaulting on
its external financial obligation and abruptly cancelling Japan-funded projects consisting of the Light Rail Transit (LRT) and Liquefied
Natural Gas (LNG) tasks have been cited as the primary factors for the businesss decision to wind up its operations here.Accordingly,
Mitsubishi Corporation will close its office in Colombo with effect from March 31, 2023
Sri Lanka is among the numerous nations where the Japanese trade giant first released its foreign branches.Sri Lanka, which defaulted on its
foreign debt amounting to USD 51 billion in 2015, is now making efforts to secure monetary assurances from its lenders in a bid to open a
prolonged fund facility of USD 2.9 billion from the International Monetary Fund (IMF), based on debt restructuring and prior actions.The
island nation has about USD 10 billion in foreign currency financial obligation split between its biggest bilateral lenders Japan, China and
