Sri Lankan Export Development Board provides support for boat–building sector.

 

Boatbuilding is a targeted sector defined in the 2018-2020 National Export Strategy (NES) because it has the potential to make a vital impact on the country's foreign exchange earnings. Due to its strategic location and skills availability, Sri Lanka has an advantage in becoming the hub for boat manufacturing in the Asia region. The increasing demand for regional and local boats worldwide for fishing, construction, commercial, and recreational purposes has opened up tremendous opportunities and new markets for Sri Lanka.

The boat manufacturers must allow demonstrating their capabilities to the international market to leverage the opportunity offered. Keeping in line with this EDB began to promote the sector internationally by organising attendance at the Genoa Boat Show, held in Italy from September 19-24, 2019.

This exhibition is one of the largest yacht shows held annually in Europe. A leading manufacturer of Sri Lankan boats was able to obtain orders for the ships displayed at the show to the value of Euro 6900 (Ex-Factory), and other companies are negotiating with the market inquiries they received.

Given the importance of continuing Sri Lanka's international presence, EDB, with the assistance of the Sri Lankan Consulate General in Frankfurt, Germany arranged the participation of three boat building companies at the boot Düsseldorf Boat Show – Germany, held from 18-26 January, which is one of Europe's annual premier international indoor show.

Messe Dusseldorf GmbH arranged the 51st edition of the boot Dusseldorf Boat Show 2020. This year's show featured a large selection of products including yachts and motorboats by more than 1,900 exhibitors from 71 different countries. The show drew nearly 250,000 visitors.

The participants were able to establish positive relations with potential buyers, experience the latest developments, emerging trends in the boat construction industry, and yachting. Boot Dusseldorf offered a rare and detailed analysis of the boat building industry's trends and new developments and provided a perfect platform for showcasing boat builders ' boats and models.

A Sri Lankan firm has been able to connect with a Dutch manufacturing partner who has shown interest in starting development as a partnership in Sri Lanka. Both companies will further negotiate with customers who approach the exhibition. EDB will continue to promote the industry's ability to create more opportunities in the international market to increase the industry's global presence while providing an encouraging atmosphere for producers locally to pursue.

Research has already begun on creating a breakwater in Kapparathota to encourage the launch and continuation of a regulatory framework for the entire value chain of the boat building industry (excluding fishing boats). The EDB will also discuss the sector's problems with relevant government stakeholders.

OSL Take: The government of Sri Lanka's focus is on making the country a maritime hub in the Indian Ocean region. The latest achievements of the Colombo and Hambantota Ports indicates that the country is closing in on achieving the target. The port already has an industrial zone on the premises, which provides an ideal business space for companies engaged in exports and logistics.

All these developments would help Sri Lanka engage in trade activities with other countries. On the other hand, Sri Lanka could attract more cruise liners to the state by developing other harbours around the country and developing the required infrastructure facilities. Foreign businesses/investors should explore the increasing investment opportunities in Sri Lanka's ports and shipping sector.

VBS/AT/18082020/Z_TB5