Rs. 4.2 b forex netted in six months:

Bright prospects for boating industry

Sanjeevi Jayasuriya

The boating industry which recorded a steady growth over the past three years has a promising future. It is a multi-billion industry. Local boat builders need to produce boats of quality and standards to capture the international market, said Managing Director, Boat Building Technology Improvement Institute Lanka (GTE) Ltd., Gamini B. Herath.

He was speaking at the launching ceremony of the Boat Show 2010 to be held from April 24 - 26. The first Boat Show held last year was a huge success, he said.

The industry net Rs 2.2 billion in foreign exchange in 2007 and 2008. The first half earnings in 2009 was Rs. 4.2 billion. "We have achieved our target and it is a significant performance. The industry is vibrant and a major contributor to the economy", he said.

Sri Lanka's boat building technicians are highly skilled and have a good demand in the international market.

It is necessary to provide technical skills for potential youth to benefit from this demand, he said.

The country's boating industry which started 35 years ago was confined to day boats and fishing vessels. With the introduction of the deep sea fishing technique the multi-day fishing boats were used.

Due to the tsunami a large number of boats was destroyed and there was a big demand for boats. This resulted in low quality boat manufacturing", he said.

A few boat building companies concentrated on the export market and it paid rich dividends.

There are many opportunities for these companies as countries such as Maldives, Pakistan, India and Bangladesh have a huge demand for boats, he said.

The regional markets are expanding and local boat manufacturers have a good opportunity. Steps are necessary to build boats to meet this demand. It is important to provide facilities for the supporting industries specializing in the areas of safety equipment, jackets, engines and ice boxes. This will also generate employment opportunities, he said.