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Thursday, 30 August 2012

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Boating industry to maintain growth momentum

The boat building industry is looking forward to diversify its export markets in a bid to sustain volumes and earnings.

"We will be looking at the Asian region for new market opportunities while consolidating the existing European and other markets. As the prevailing recession has negative impact on boat exports, we will concentrate more on new markets," Boat Building Technology Improvement Institute Managing Director Gamin B. Herath told Daily News Business.

The leisure and boat market is not doing well. However, there are policy level interventions with other countries to develop the sector. We are concentrating on local and neighboring markets for orders where buoyant market is expected from Asia, he said. The proposed Marina at Beruwala for the development of the boating

industry is still at the initial stages and the Ministries of Fisheries and Industries are planning the building process. The sectoral development also includes developing the harbours and assisting the stakeholders.

"We have taken a number of initiatives to develop the local boating industry and the market which will be implemented shortly. There will be one or two mini boat shows next year to be conducted on water fronts. One such event will be held in the water front at Diyawannawa to attract local buyers, Herath said.

The boating industry recorded US $ 150 million foreign exchange for last year and is confident that industry will be able to maintain the growth momentum this year too.

 

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