Business News Update: Boat Building is a focused sector identified in the National Export Strategy (NES) 2018-2020 as it has the potential to contribute markedly to the foreign exchange earnings of the country.
Sri Lanka has an advantage to become the hub for boat manufacturing in Asia Region due to its strategic location and availability of skills. The increasing demand for boats worldwide regional and local for fishing, industrial, commercial, and leisure purposes has opened up huge opportunities and new markets for Sri Lanka.
In order to maximize the opportunity provided, it is vital that the boat manufacturers are given the opportunity to showcase their capabilities to the international market. Keeping in line with this EDB commenced international promotion for the sector by organizing participation at the Genoa Boat Show – Italy held from 19th – 24th September 2019. This show is one of Europe’s premiere yacht shows held annually. A leading Sri Lankan Boat manufacturer was able to obtain orders for the boats displayed at the show to the value of Euro 6900 (Ex – Factory) and other companies are negotiating with the business inquiries they received.
Given the importance of continuing Sri Lanka’s presence internationally, EDB with the assistance of the Sri Lanka Consulate General in Frankfurt, Germany organized participation of 03 Boat Building companies at the boot Dusseldorf Boat Show- Germany held from 18th- 26th January 2020, which is one of Europe’s premiere international indoor fair held annually.
The 51st edition of the boot Dusseldorf Boat Show 2020 was organized by Messe Dusseldorf GmbH. This year’s show displayed a large selection of products including yachts and motor boats by more than 1,900 exhibitors from 71 countries. Almost 250,000 visitors attended the show.
The participants were able to establish positive contacts with potential buyers, experience the latest developments, new trends in boat building and yachting industry. Boot Dusseldorf offered an unique and comprehensive overview of trends and new developments of the Boat Building industry and provided a perfect platform to present the boats and models of boat builders.
A Sri Lankan company was able to connect with a Dutch manufacturing partner who has shown interest to start production in Sri Lanka as a collaboration. All companies will negotiate further with the buyers contacted at the show. B2B meetings were arranged with targeted buyers during the Boat Show with the assistance of the Delegation of German Industry and Commerce in Sri Lanka (AHK).
EDB will continue facilitating the industry to create more avenues in the international market in order to enhance the visibility of the industry globally whilst establishing an enabling environment locally to facilitate the manufacturers. The already commenced work on establishing a breakwater in Kapparathota to facilitate launching and establishing a regulatory framework for the entire value chain of boat building industry (excluding fishing boats) is being continued. EDB will also address the issues faced by the sector with relevant government stakeholders.