The Japanese conglomerate, Mitsubishi Corp. is reportedly set to wind up operations in Sri Lanka by 31st March 2023.
According to the Daily FT, Japanese giant Mitsubishi Corporation has decided to wind up operations in Sri Lanka after being an integral part of bilateral ties and some of the country’s key infrastructure projects for nearly 60 years.
Mitsubishi, Sri Lanka is expected to close up its Colombo office by 31st March 2023, a move that has come as a big shock to the private sector, both local and foreign.
According to sources, Sri Lanka was one of Mitsubishi’s first overseas offices as it contributed immensely towards the businesses and many Sri Lankan companies, while the latter played a significant role in the bilateral relationship between Japan and Sri Lanka.
One of the key reasons for the closure is the strained relationship between Japan and Sri Lanka after the cancellation of several development projects, including those of the Japan International Cooperation Agency (JICA) of which Mitsubishi is a key partner. (NewsWire)