EDB spearheads move to cruise into lucrative European boat market

Sri Lanka to participate at Southampton Boat Show in UK in September

The Export Development Board (EDB) is spearheading an initiative to tap prospects for Sri Lankan firms in the lucrative in the European boat building industry.

“Boating industry is a ‘Rising Star’ in our export products portfolio accounting for about USD 149 million export revenue in 2011 to the country and exhibiting a very healthy growth rate during the recent past. EDB has identified the Boat building industry as a key product sector which contributes to markedly raise the level of overall export performance in achieving the target of USD 15 billion by 2015,” EDB Chairman and Chief Executive Janaka Ratnayake said.

Considering the importance of promoting the Boat building industry as a potential export sector and the investment opportunities and employment that it will create for the economic development of the country, the Ministry of Industry and Commerce and the EDB join hands with the BTI in organising ‘Sri Lanka Boat Show’ since its inception in 2008.  

The centre for manufacturing boats is now moving towards developing countries mainly due to the competitive labour cost and the trainable workforce offered by these countries. Sri Lanka should take full advantage of this emerging trend before losing the competitive advantage to other countries in the region. Therefore, EDB organised its first ever National Pavilion for the boat building industry at Dubai International Boat Show, Dubai, and UAE in 2011 with an objective of penetrating the lucrative leisure industry in the Gulf market.

Encouraged by the outcome of the first initiative, the EDB is taking another step forward to enter into the prestigious European market by organising Sri Lanka’s participation at “Southampton Boat Show” in UK in September 2012.

EDB Chairman and Chief Executive Janaka Ratnayake

The  Southampton Boat Show ,one of Europe’s premier on-water boat shows, is an important event in the boating calendar  which attract over 120,000 high net worth individuals every year and features some of the world’s best known marine brands and high end non marine brands.

Whilst providing all exhibitors the best possible environment to show their goods and services, the Southampton Boat Show strives to offer boating enthusiasts the most complete picture of the marine market. Further, the show organisers will undertake a comprehensive multi channel marketing campaign, specifically targeting key visitor audiences.

Ratnayake said EU accounts to 36 % of the world boat imports and UK is the fifth largest importer in the EU region. UK has shown a remarkable increase of 103% in annual boat imports between the period 2009- 2011. Therefore, UK presents an ideal venue for Sri Lanka to capture the European market for the boat building industry.

This indeed would be a right time for Sri Lanka to penetrate the European market as a trend is evolving in the Western boat market to turn towards developing countries to manufacture fibre glass boats, especially for hull construction, mainly due to the cost saving factor.  Also, the barriers to the growth of this industry which prevailed for the last 30 years are steadily diminishing.

Given this potential the EDB is inviting the boat building industry in Sri Lanka to make use of this opportunity to initiate valuable business contacts with European counterparts by participating at the forthcoming Southampton Boat Show to be held from 14 to 23 September in UK.