Policy framework to boost shipping and logistics industry

Wednesday, 24 May 2023 00:28 - - {{hitsCtrl.values.hits}}

The Government has decided to appoint a Policy Committee to draw up a framework beyond protectionism to boost the shipping and logistics services and attract new investments.

The Policy Committee will be chaired by the Treasury Secretary, along with representatives of the other relevant institutions to prepare a logistics service development program from 2023-2027 in line with the international best practices.

“The current policy and regulatory framework relating to the logistics sector, including the shipping industry in Sri Lanka is quite protective and it appears that it is not sufficient to attract investment for the development of the industry or to create a situation favourable to the provision of such services to the users of competitive and cost-effective supply services,” a statement comprising weekly Cabinet decisions issued by the Government Information Department noted.

It added that the competition in the logistics services including the shipping industry can be considered as one of the main factors for the economic development of any country.

“If we consider the experience gained by countries like Singapore and Hong Kong, it appears that it is more important for a country with an island economy like Sri Lanka,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.

The 2023 budget also proposed drawing up a new logistics services policy.

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