Thursday Nov 21, 2024
Thursday Nov 21, 2024
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The Cabinet of Ministers has given its green light to call for expressions of interest (EoI) and proposals from both domestic and foreign institutions to boost the registration of merchant vessels under the Sri Lankan flag.
The proposal put forth by Ports Minister Nimal Siripala de Silva, seeks to tap into the potential of commercial ship registration as a lucrative avenue for earning foreign exchange and creating employment opportunities for Sri Lankan seafarers.
Under the approved plan, qualified institutions will be invited to submit their proposals, following which a thorough evaluation process will be conducted by a Technical Evaluation Committee. The most suitable institutions will then be selected based on the recommendations of the Procurement Committee.
“At present, Sri Lanka ranks 88th among 173 countries in terms of ship registration, while Panama remains a leading flag of convenience for ship registration globally. The aim is to enhance our competitiveness in the maritime domain and leverage its strategic position to attract more commercial vessels to register under the Sri Lankan flag,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing held yesterday.
He also explained the economic benefits associated with promoting ship registration under the Sri Lankan flag, highlighting the potential for generating foreign exchange through vessel registration and renewable fees.
Ship registration has long been recognised as a major source of foreign exchange for Sri Lanka’s economy, with the potential to create direct and indirect employment opportunities.
