Mitsubishi to end operations in Sri Lanka after six decades!
Mitsubishi Corporation, one of the leading business enterprises of Japan, has decided to end its operations in Sri Lanka next month.
Among reasons to close the office are Sri Lanka’s default of external debt, the cancellation of several Japanese project proposals including the light rail project, the bio gas project and adverse international ratings and economic outlook.
Mitsubishi played a significant role in the bilateral relationship between Japan and Sri Lanka while contributing to the business of many Sri Lankan companies.
The decision to end operations in Colombo by March 31 had been a shocking news to the private sector while local and foreign companies have said that Sri Lanka will suffer a major setback due to this decision.Japan is Sri Lanka’s largest lender and Sri Lanka owed Japan USD 2.46 billion as of September last year.Sources said that the Sri Lanka office was one of the first offices Mitsubishi opened overseas.Mitsubishi was a key operating partner in several projects funded by the Japan International Cooperation Agency (JICA).Although the Colombo Mitsubishi office has only a staff of 20, the company’s business and projects have provided livelihood to thousands of Sri Lankans.
