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Sri Lanka to allow foreign ownership in shipping agencies, logistics firms

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)

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