2. provide specific tax benefits on the basis of reciprocity or on the basis of agreements to avoid double taxation or to prevent tax evasion; Sri Lanka, Japan and India signed an agreement on Tuesday for the joint development of the Eastern Container Terminal in the port of Colombo. The joint initiative is estimated at between $500 million and $700 million, a senior official from the southern ministry of ports, shipping and development told The Hindu. Sri Lanka has signed an agreement with Japan to send qualified people for jobs Mi, Jun 19, 2019, 19:50 pm SL Time, ColomboPage News Desk, Sri Lanka. 1The Japan Times. (2020) Japan allocates $243.5 billion to help companies relocate their production out of China. [Online] Available at: www.japantimes.co.jp/news/2020/04/09/business/japan-sets-aside-C2%A5243-5-help-firms-shift-production-china/xqrQ9qgzY2w [Access April 30, 2020]. In recent years, Japanese companies such as FDK, Toyota and Noritake have made significant investments in Sri Lanka, reflecting the transformation of Sri Lanka`s aid relations with Japan into a dl-oriented relationship. In the future, this transformation can still gain strength thanks to attractive investment opportunities such as Port City and Hambantota Port. Port City is designed as a Special Economic Zone (SEZ) that has the potential to become the most advanced smart city in Asia. Port City aims to attract global investors in the high-tech and financial services sectors and to facilitate Sri Lanka`s transformation into a service-based economy. The development of the port of Hambantota has complemented Sri Lanka`s ability to cope with higher commercial volumes, while the supporting industrial zone offers an attractive investment opportunity for industries wishing to take advantage of Hambantota`s strategic position and its links with regional markets. In 2019, the Hambantota International Port Group (HIPG) signed a Terminal Service Agreement (TSA) with Japanese shipping company Nippon Yusen Kaisha (NYK) to allow vehicles to be transloaded through the port12.