Shipping industry expert positive on some budget proposals
Just as the government is keen on implementing an export-oriented economy through its budget proposals, the country’s shipping industry sees things moving in the right direction, according to a logistics expert.
Nilud Fernando, a professional in international shipping and logistics, a marketer, business consultant, trainer and coach, told The Sunday Times Business that the budget proposals are in favour of the shipping industry as Sri Lanka’s exports are a main concern for the country’s economic development. “The shipping industry will gain as much as exports are boosted,” he said.
Referring to some of the proposals in the 2025 budget, Mr. Fernando highlighted, “As a national export development plan, the government must boost exports as a comprehensive action. New tariffs must be introduced while removing some of the red-tapes when importing high quality raw materials.”
Exporting mineral resources will bring more foreign direct investments into the country while the country can gain by doing some value addition, he added.
Mr. Fernando also noted that there is high demand for young and king coconuts in Europe for which Sri Lanka cannot meet the demand. “Sri Lanka must establish a fully agri-based economy by making use of unused land as resources.”
On the global shipping trend he highlighted, there are many implications the world will face due to the return of Donald Trump as the US President.
He mentioned, “US imposed 10 per cent or more tax on shipments that originate from China and 25 per cent or less tax on shipments that originate from Canada and Mexico. The US is also eyeing to take control of the Panama Canal which is currently under China. US Federal Maritime Commission revisions or impacts are likely this year, but appear uncertain yet.” Sri Lanka should make use of opportunities based on these developments towards its economic development, he noted.
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