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Tuesday, June 15, 2010

War risk premium lifting benefits Lanka

Sri Lanka was grappling to cope with negative sentiments of international intelligence companies that forecast commercially relevant political and violent risks despite the end of war and decrease in the overall risk level of Sri Lanka from severe 3.4 to high 2.6 (From risk scale of 10 - India is at 3.1,Pakistan is at 5.0 and Bangladesh at 3.0).

The position maintained by the Joint War Committee (JWC) and the Joint Cargo Committee (JCC) on Sri Lanka at that time was, overall risks level has come down and it is important that Sri Lanka, particularly the Ports and Aviation Ministry and the Sri Lanka Ports Authority maintain a regular engagement with the Lloyds Marketing Association (LMA), and companies that report to JWC and JCC on hull and cargo insurance related risks to shipping.

Under the guidance of President Mahinda Rajapaksa, the previous Ports and Aviation Minister Chamal Rajapaksa appointed a committee in August 2009 headed by Defence, Public Security, Law and Order Ministry Secretary, Gotabhaya Rajapaksa, representing officials from the Shipping Ministry, the Sri Lanka Ports Authority, the Sri Lanka Navy who co-ordinate, monitor and supervise security of all major ports in the country, the Ceylon Association Ships’ Agents (CASA), the Sri Lanka Association of Vessel Operators (SLAVO) and various shipping and marine related parties, to prepare an action plan as to how Sri Lanka could be off the ‘Listed Areas’ maintained by Joint War Committee (JWC).

A delegation led by SLPA Chairman Dr. Wickrama proceeded to London in December and clarified the present National Security plan in place for ports in Sri Lanka, and also extended an invitation to JWC and independent Intelligent Consultants to make their own risks assessments on Sri Lanka, with a view of reaching the objective of establishing Sri Lanka as a risks free country which will draw more foreign investors boost for the Government development programs in the North and the East.

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source - www.dailynews.lk