Liberalisation of the shipping and logistics sectors despite criticism would result in the increased utilization of the Port of Colombo and help promote the logistics sector, said Business Chamber of Commerce (BCC).
BCC President Dr. Ali Asger Shabbir said that changes to entrepot trade (trade in one centre for the goods of other countries) and current laws pertaining to the Sri Lanka Ports Authority besides the Merchant Shipping Act too are most welcome.
Sri Lanka has yet to exploit entrepot trading to its full potential which has been taken advantage of by Hong Kong, Taiwan and Singapore enabling them to earn billions in foreign exchange through this medium of trading.
With regard to policy reforms and laws on trade, the proposed action on anti-dumping and countervailing measures and tariff should help to curb dumping.
“A host of multilateral trade treaties bind Sri Lanka to such treaties. We agree with the Minister’s proposal that a degree of protection to local industries is important.”
“The idea to create a green and blue economy is welcome. It is of importance from the overall perspective of the nation especially in face of upcoming projects of a mega nature in Colombo.” As an export-oriented Chamber, we are pleased with the proposal to introduce an export support program.
The idea to meet costs involved in renting retail shop space for a period of 36 months in selected markets will most likely boost trade in Sri Lankan products.
The proposed emphasis on vocational training and liberalization of the labour market would also have a major positive impact on the overall economy.
Many countries including those in Asia reap rich rewards by attracting foreign students to universities in their respective countries.
“We would like to say that the university system be further liberalized to encourage foreign students to be educated in Sri Lanka.”
Finally, we wish to commend the idea of e-trade information platforms contained in the proposals together with the changes in incorporating business registration through the establishment of a one-stop shop including digitalization of company records. “It is our sincere hope that the reforms and changes initiated through the 2018 budget proposals will be implemented in due course.”
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