Saturday November 25, 2017
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Sri Lanka to allow foreign ownership in shipping agencies, logistics firms

Nov 09, 2017 16:18 PM GMT+0530 | 1 Comment(s)

ECONOMYNEXT – The Sri Lankan government will remove restrictions on foreign ownership of ship agency and freight forwarding businesses, Finance Minister Mangala Samaraweera told parliament.

The move is aimed at encouraging internationsl shipping and logistics companies to set up operations in the island, he said in a speech to announce the government budget for 2018.

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, he said.

These changes will encourage competition and independent regulators will also be set up.

(COLOMBO, November 09, 2017)
 


 

1 Comments

  1. sacre blieu November 10, 07:37 AM

    A good many medium and small agencies would end up against the wall, with the foreign investment investing with a vengeance that would see people loosing their livelihood. Unless there would be a limited influence been allowed. More so an even playing field should be in place, our rupee costs of running an establishment has risen, the cost to the foreigner is periodically subsidised with the rupee depreciating against the foreign currencies.with tax holidays and other concessions in their favour, act as a constraint against our businesses, while ours are subject to various constraints and hurdles.

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