Sri Lanka sets sail on new economic frontier with ‘Voyage Sri Lanka 2024’

By Charumini de Silva

Sri Lanka is poised to establish itself as a key player in the global marine economy with the launch of its inaugural marine summit – ‘Voyage Sri Lanka 2024: Sailing into the Blue Economy’ scheduled for tomorrow (26 November) in Colombo.

Organised by the Export Development Board (EDB), the summit will bring together over 200 participants from 40 countries including experts, investors, policymakers and industry leaders in marine and offshore services and boat building.

Speaking to the media, EDB Chairman Mangala Wijesinghe highlighted Sri Lanka’s unmatched geographical advantage, sitting at the crossroads of East-West maritime trade routes, with over 200 vessels passing daily. “Our location not only ensures efficient access to critical ports and emerging markets, but solidifies our role as a pivotal hub in global maritime logistics,” he said.

He opined that the global maritime industry, valued at $ 1.5 trillion presents Sri Lanka with an immense opportunity to elevate its current $ 200 million marine industry export revenue to $ 1 billion in the coming years.

“Sri Lanka has the companies, technology and skilled labour to support this ambition, but the industry’s potential has remained under-communicated globally,” Wijesinghe remarked.

The EDB Chief expressed confidence that the summit would showcase the country’s capabilities and attract investments for key ports including Colombo, Trincomalee, Hambantota and Galle as well as the Colombo Port City project.

EDB Advisory Committee on Marine and Offshore Services Chairman Dr. Sarath Obeysekera emphasised the deep maritime heritage and resources as a draw for international investors and professionals. 

As a veteran in the industry, he also outlined the immense potential Sri Lanka has on the industry to boost export revenue in the coming years. 

“No administration was serious enough to build the sector and gave enough priority to develop it,” Dr. Obeysekera claimed.

Sri Lanka Ports Authority Harbour Master Capt. Nirmal Silva underscored the strategic importance of leveraging Sri Lanka’s geographical proximity to Indian economic powerhouse to drive growth in the port and marine industries.

He stressed that the ongoing developments in the ports and marine industries such as ship building, repairing, bunkering could be transformative for Sri Lanka, particularly as the region benefits from India’s economic boom.

Capt. Silva also pointed to its vast capacity as a key draw for service-oriented businesses.

GAC Group Sri Lanka Director Group Business Development Ricky Barnett lauded the country’s growing marine and offshore sectors, pointing to advancements in rig layup, hull cleaning and crew changes, which enhance operational efficiency for global shipping.

He also highlighted Sri Lanka’s emergence as a hub for renewable energy solutions. “With investments in wind, solar, green hydrogen, Sri Lanka is carving a niche in sustainable maritime development, offering opportunities for collaboration in both marine services and clean energy.”

Barnett also said Sri Lanka’s boat-building and ship-repair sectors have become key contributors to its maritime economy, backed by cutting-edge facilities and skilled labour.

Colombo Dockyard PLC Assistant General Manager Ship Repair Business Darshana Chandrasekera emphasised the company’s 50 years of expertise in crafting advanced vessels and heavy engineering.

“We are equipped to provide the whole gamut of repair services ranging from the very basic to the most complex requirements. Annually, we service over 200 ships and have proven ourselves capable of any type of vessel up to 125,000 DWT,” he stressed. 

Chandrasekera also noted that its investments in advanced technologies and skill development have solidified the company’s status as the region’s premier shipyard, enhancing local industry through shared knowledge and innovation. 

Neil Fernando & Co. Director Shan Perera outlines the untapped potential of integrating marine tourism with the boat-building industry. “From floating hotels to party boats, the possibilities are vast and they align perfectly with our low labour costs and high craftsmanship standards,” he said.

He said at present 12 local companies are engaged in boat-building industry, catering to 15 countries over the past 25 years. “Sri Lanka combines traditional craftsmanship with modern innovation to build boats tailored to global needs. We cater to clients in the Netherlands, France, Maldives and India showcasing our capabilities on an international scale,” he explained.

Perera said they are they are building boats ranging from passenger boats, fishing boats, catamarans, ambulances, party boats and so on.

Sri Lanka Voyage 2024 will also spotlight investment opportunities in the broader marine economy, including shipbuilding, renewable energy and maritime logistics. 

Strategic contributors for the event include; Sri Lanka Ports Authority, Foreign Affairs Ministry, Board of Investment, Sri Lanka Navy, Marine Industries Association, Colombo Dockyard PLC, GAC Group Sri Lanka, and CWIT. 

Event sponsorship is led by Hayleys Advantis, Indian Oil Corporation (IOC), Colombo Dockyard PLC, Lanka Marine Services Ltd., (official bunkering Partner), Chamber of Marine Industries Sri Lanka, Sri Lanka Tourism Promotion Bureau, Sri Lanka Insurance General (official Insurance Partner) and CIAP.

– Pix by Sameera Wijesinghe