COLOMBO : A Chinese state-owned firm has withdrawn from a $392 million joint venture to develop a major logistics hub at Sri Lanka’s main seaport, the key local partner said Monday. The Sri Lanka Ports Authority (SLPA) said China Merchants Port Holdings had decided not to proceed with the collaboration announced in 2023, but the project would continue.

“Following an assessment of the prevailing external circumstances, commercial considerations and the interests of the respective shareholders, a decision was reached not to proceed with the proposed joint venture,” the SLPA said . . .