Budget 2018: Sri Lankan government to encourage foreign shipping and logistics companies

Budget 2018: Sri Lankan government to encourage foreign shipping and logistics companies

Finance Minister of Sri Lanka, Mangala Samaraweera says the government will remove restrictions on foreign ownership of ship agency and freight forwarding businesses.
The Finance Minister made this observation delivering the 2018 Budget themed Enterprise Sri Lanka within a Blue Green Economy in parliament yesterday (9).
The Minister explained that the move is aimed at encouraging international shipping and logistics companies to set up operations in Sri Lanka.
Accordingly, Samaraweera said the Sri Lanka Ports Authority law and Merchant Shipping act will be amended to cater to the demands of modern day logistics and maritime industries.
The proposed changes are expected to encourage competition and independent regulators are to also be set up.

OSL take:

The government of Sri Lanka while opening the country’s shipping industry to international ship agencies and freight forwarders will also create a competitive environment. Without the owners and operators of the global shipping industry and logistics industry in Sri Lanka, the country will not move on to the next phase of shipping and logistics. The government also targets other maritime industry related services and to promote greater volumes of containers to be transshipped via terminals in Sri Lanka.

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Article Code : VBS/AT/10112017/Z_5

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