Maersk backs Shipping & Logistics liberalization

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By 2017-11-15

Maersk Line has announced that it fully supports the 2018 Budget proposals made by Finance Minister Mangala Samaraweera to open up the shipping and logistics sector to foreign investments and introduce an independent port regulator.

Maersk Line Managing Director India, Sri Lanka and Bangladesh Steve Felder, in a statement issued on the subject, stated, "Maersk Line supports any efforts that Governments make to liberalize and improve the business environment for the maritime industry and our customers. We commend the proposals tabled in the Sri Lankan Parliament last week, which included removing the restriction on foreign ownership of shipping agencies and amendment of the Merchant Shipping Act, intended to further support the development of Colombo as a key Maritime hub."

The liberalization of shipping agencies is expected to reduce transaction costs for carriers using Colombo as a transshipment hub, making it attractive for shipping lines like Maersk to further increase volumes, especially given the growth of new transshipment hubs in the region.

Felder further mentioned that if the proposals tabled in Parliament last Thursday, which included removing the restriction on foreign ownership of shipping agencies and the amendment of the Merchant Shipping Act, are approved, Maersk would engage closely with its headquarters and partners in Sri Lanka, and together evaluate options on increasing its footprint in Sri Lanka.
Maersk Line, the global containerized division of the Maersk Group, has employees in 325 offices across 125 countries and a fleet of more than 500 vessels, along with 1.9 million containers.

Maersk Group, as a worldwide conglomerate, operates in over 140 countries and has a workforce of over 108,000 employees. In addition to owning one of the world's largest shipping companies, they are involved in a wide range of activities in the transport, energy, logistics, retail and manufacturing industries, concluded the release.

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