Sri Lanka develops new shipping and logistics policy

Sri Lanka is setting up a political committee to provide a framework for developing the island’s shipping and logistics services and attracting new investment, Transport Minister Bandula Gunawardana said.

Experiences in Singapore and Hong Kong have shown that shipping and related services are a key driver of economic growth, according to a proposal President Ranil Wickremesinghe has put before the cabinet.

However, Sri Lanka’s current regulatory and policy framework has been protectionist and has failed to attract investment and provide competitive services to users.

The 2023 budget also provided for the elaboration of a new logistics service policy.

The Cabinet of Ministers had agreed to set up a committee, chaired by the Minister of Finance, with representatives from relevant agencies, to draw up a logistics development plan for 2023-27.

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