Merchant ship registration is a good business that generates dollars. According to the 2020 Lloyd Merchant Shipping List, the largest number of merchant ships in the world are registered under the Panama Flag. The number of ships registered in Panama is 9367. Liberia is in second place. They have registered 4027 ships. Marshall Island is third with 4167 ships registered.All these countries are poor states
There are three main factors that affect the registration of a merchant ship
1. Tax policy
2. Laws and regulations applicable to merchant ships
3. Business friendly environment
Sri Lanka can also achieve successful results if it adopts business-friendly policies regarding merchant ship registration. It does not require a large investment to make Sri Lanka as a free trade zone of shipping registration.It does not need to borrow exorbitant interest loans from foreign countries.
A small office with knowledge of maritime law and the Internet will suffice. Shipping Registration Agencies can be set up anywhere in the country. Sri Lanka can made as a free trade zone of shipping registration by amending several clauses to the existing maritime regulations.
Such innovations in the shipping industry can create thousands of new jobs in the country. It can generate dollars freely .Further there will be a revival in the shipping industry, also Renaissance in the Lankan economy.