Colombo Dockyard sells two ships to Iraq for US$ 35 million
Colombo Dockyard in Sri Lanka has reportedly made maritime history by launching two new ships built in Sri Lanka for the Iraqi Port Company from Colombo.
According to local media reports, the total value of the two ships was US$ 35 million.
The main contract for the construction of the ship was signed by Toyota Tsusho Corporation of Japan and later it was subcontracted to Colombo Dockyard Company while the vessel shifting operation was successfully carried out in collaboration with GAC Shipping Ltd and the Sri Lanka Ports Authority officials extended their fullest cooperation and support for this unique operation, media reports stated.
Two state-of-the-art ships “Al-Fo” and “Shut Al-Arabi” were also transported on 16 October 2021 to Iraq in a unique way by being loaded to the ‘Development Way’ Chinese-made ship carrier, which is also the first time in the local maritime history that a vessel was loaded and transported in this manner.
The ships sold by Sri Lanka to Iraq is indicative of the emergence of a new business/investment opportunity in the country. The boat building industry is an emerging business sector that has immense potential for expansion. The growing maritime industry as well as new tourism concepts including yachting, sailing and water sports, have opened up a host of new business/investment opportunities in Sri Lanka’s boat building industry. Given Sri Lanka’s growing economy and strong trade ties, foreign businesses/investors could explore the growing business potential in the country’s boat building industry.
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