Press briefing of Cabinet Decision taken on 2023-05-22

Formulation of a Policy Framework for Logistics Service Development including the Shipping Industry

- Competitiveness of the logistics service industry including Shipping industry is a key factor of the economic development of any country and considering the experiences gained by countries like Singapore and Hong Kong, it is more relevant for an island economy like Sri Lanka. However, it is observed that the existing policy and regulatory framework related to the logistics service industry including the Shipping Industry in Sri Lanka is more protective and not sufficient either to attract investments for development of the said industry or to create a conducive environment to supply competitive/cost efficient logistic services to the users of such services. Considering this situation, the need to prepare a policy framework on logistics service industry was also proposed through the Budget 2023. Accordingly, Cabinet approved the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to appoint a committee consisting of the representatives of other relevant institutions under the chairmanship of the Secretary to the Treasury to study the existing policies and regulations related to logistics services including the shipping industry and prepare a Logistic Development Programme covering the period of 2023-2027 in accordance with international best practices.