Boating industry targets US $ 1 b

Sanjeevi JAYASURIYA

The boating industry in Sri Lanka will be looking to become a dynamic non traditional export sector with a revenue target of US $ one billion shortly.

The boat building industry has diversified into pleasure and leisure sectors. It has become a vibrant contributor in income and employment generation.

The industry records a promising growth rate where it had generated $ 125 million export revenue up to August this year, Export Development Board Chairman Janaka Ratnayake told Daily News Business.

“Peace has opened new vistas for the boat and ship building industries and the healthy growth in the tourism industry has created potential market.

However, the proper development of infrastructure facilities should be in place to fuel growth further,” he said.

“We have identified the boat and ship building industry as a key proactive sector. The industry plays an important role with the expansion of water resources and tourism growth. It is necessary to introduce a regulatory framework to facilitate rapid progress,” Ratnayake said.