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Context

• India and Japan are studying ways to restart trilateral cooperation with Sri Lanka.

Aim

• The trilateral cooperation is aimed at enhancing the Indo-Pacific region's development and has become increasingly relevant as all three countries share a vision of an open, free, and inclusive Indo-Pacific.

Previous Developments

• Earlier, Sri Lanka had cancelled a joint India-Japan MoU for the East Container Terminal (ECT) project in Colombo.
• The cancellation of the MoU, as well as the suspension of the Japanese-funded light rail transit (LRT) project by the previous Gotabaya Rajapaksa government, had led to a freeze in ties between Tokyo and Colombo.

Revival

• With India and Japan coming to Sri Lanka’s rescue during last year’s economic crises, and offering assistance with Sri Lanka’s debt restructuring process, the Sri Lankan Government has also sought the return of infrastructure project plans as well as investment from both countries.
• India and Japan can work together on renewable energy and grid connectivity projects, the development of Trincomalee as an oil pipeline hub, connectivity, and people-centric projects like tourism and education.
• While the projects would be “catalyzed” by Indian and Sri Lankan governments, they would encourage the private sector to lead the investment and execution of them.
• Any initiative for loans for infrastructure under the policy would adhere to the four principles of transparency, openness, economic viability, and debt sustainability

https://epaper.thehindu.com/ccidist-ws/th/th_delhi/issues/47255/OPS/GBJBJPE5I.1+GK5BJR1N3.1.html

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