Opportunity Sri Lanka | » Northwest Marine Lanka to establish a boat-building facility in Wattala.
Northwest Marine Lanka to establish a boat-building facility in Wattala.

Northwest Marine Lanka to establish a boat-building facility in Wattala.

The Morning: Northwest Marine Lanka broke new ground in Sri Lanka’s boat-building industry last week with the commencement of the construction of its new boat-building facility at the Dikkowita Fisheries Harbour complex in Wattala.
Northwest Marine Lanka Chairman Jagath Udayakumara unveiled his idea of establishing a training centre for apprentices to build fibreglass naval craft within the Northwest Marine Lanka Dikkowita Harbour boatyard. “This will add employment opportunities for our skilled boat builders not just locally but overseas as well,” he said. He added that Northwest Marine Lanka is collaborating with an Omani partner to launch a boat-building facility on Masirah Island in Oman, next year. Currently, boats built by Northwest Marine Lanka are being exported to Mauritius, Seychelles, Comoros, Oman, Senegal, and the Maldives.
At the official groundbreaking ceremony were Chief of Staff and Senior National Security Advisor to the President of Sri Lanka Sagala Ratnayaka and Sri Lanka Export Development Board (EDB) Chairman Suresh de Mel.
The company which began operations in the Dankotuwa IDB Zone is recognised as a registered exporter of fibreglass vessels by the EDB and has been lauded for introducing new technology to boat building in Sri Lanka. Northwest Marine Lanka’s total value of exports since 2008 has been $ 5 million.
Northwest Marine Lanka currently manufactures large commercial fibreglass fishing vessels, but this new boatyard aims to expand into the manufacture and export of luxury yachts and speed craft, entering a new era in leisure and tourism craft, the statement read, adding that the company, which commenced manufacturing and exports in 2008, intends to actively promote nautical tourism in Sri Lanka.
It is also a company in manufacturing “long line” fibreglass fishing vessels and also the first to introduce this technology to the Seychelles which added a significant boost to that country’s fishing industry, Northwest Marine Lanka is also known as a trailblazer in Comoros Island adding similar fillip to its fishing industry.
OSL take:
The new venture undertaken by Northwest Marine is indicative of an emerging business/investment opportunity in Sri Lanka’s maritime industry. The boats exported by this company to many foreign countries is indicative of the level of businesses engaged in by Northwest Maritime as well as the capacity of a Sri Lankan boat manufacturer to manufacture products to an international market. With Sri Lankan authorities looking at developing the country’s ease of doing business environment and the expanding business/investment opportunities in key economic sectors, foreign businesses/investors could confidently explore opportunities in Sri Lanka while also looking at forming partnerships or joint ventures with local businesses aimed at further expansion.

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Article Code : VBS/AT/20122022/AT_3

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