In a statement, Ports, Shipping and Southern Development Minister Sagala Ratnayaka said the government had allocated Rs. 929 million rupees, an estimated 5.18 million US dollars, towards this project and he expects the process of IT upgrades to streamline terminal management and cargo systems to be completed within the next 12 to 18 months.

The initiative will include using satellite-based Differential Global Positioning Systems which provide improved location accuracy to make best use of container handling equipment within port terminals and increase productivity.

It will also include business intelligence tools, web portals and simulation tools, Ratnayaka said.

‘Smart ports’ globally use IT and data analytics to make the best use of available terminal space, equipment and time to become more competitive and attractive to customers.

In layman’s terms, this means Colombo Port will operate with greater efficiency and handle a greater volume of activities within a shorter period of time with the use of advanced IT and information systems,” Ratnayaka explained.

Transforming Colombo into a Smart Port is a timely need,” he added.

The Port of Colombo was ranked the world’s No. 1 container growth port among the top 30 container ports during the first half of 2018.

The three terminal operators at the Port of Colombo are the state-owned Jaya Container Terminal, South Asia Gateway Terminal of the John Keells Holdings and Colombo International Container Terminal of China’s CM Ports.