Sri Lanka to promote registration of ships under its flag

The government is eyeing to promote the registration of ships under the Sri Lankan flag in a bid to general direct and indirect employment opportunities.

As such, the Cabinet of Ministers has green-lighted a proposal, tabled by the Minister of Ports, Shipping and Aviation seeking permission to invite qualified domestic and foreign investors to register ships under the Sri Lankan flag.

The government will thus call Expressions of Interest (EOIs) and proposals to select the most suitable investor on the recommendation of the Procurement Committee, consequent to the evaluation of the proposals by a Technical Evaluation Committee.

Ship registration is a major source of foreign exchange to the country’s economy and has the potential to generate many direct and indirect employment opportunities, the government said in a statement.