Sri Lanka showcases maritime prowess at Posidonia 2024
Daily FT: Five leading Sri Lankan maritime service providers recently showcased the nation’s maritime capabilities at Posidonia 2024, the world’s largest shipping exhibition, which was held in Athens, Greece, in June 2024. This biennial event attracts global industry leaders, and this year, Sri Lanka made a presence with its comprehensive display of maritime services, reinforcing its status as “the maritime hub of South Asia”.
The Sri Lankan delegation, featuring Lanka Marine Services, Prudential Shipping, Colombo Dockyard, Master Divers, and Deep Ocean, showcased the nation’s maritime expertise. Lanka Marine Services highlighted its bunkering services, while Prudential Shipping for port agency services emphasised smooth port operations. Colombo Dockyard demonstrated its shipbuilding and repair capabilities. Master Divers presented its range of underwater services, essential for vessel maintenance. Deep Ocean showcased its ship handling services, providing essential provisions and technical items to ships.
Posidonia 2024, hosted at the Metropolitan Expo in Athens, attracted companies from 138 countries, drawing 32,527 visitors and featuring 2,038 exhibitors. The event offered a prime platform for Sri Lankan companies to network with a diverse array of industry leaders and explore new business opportunities. The Sri Lanka stand at the event received endorsements from key government entities in Sri Lanka, including the Ministry of Ports, Shipping and Aviation, the Director General of Merchant Shipping, Sri Lanka Ports Authority (SLPA), Hambantota International Ports Group (HIPG), the Board of Investment (BOI), Sri Lanka Tourism Promotion Bureau (SLTPB), and the Export Development Board (EDB). These endorsements promoted the significance of Sri Lanka’s participation in the event for the nation’s maritime sector. Additionally, the Greek Consulate recognised the Sri Lankan delegation’s efforts, commending their contribution to the event and the global maritime industry.
The Sri Lankan delegation’s participation at Posidonia 2024 not only highlighted the nation’s diverse maritime services but also emphasised the strategic importance of Sri Lanka in global maritime trade.
As the maritime industry continues to evolve, Sri Lanka remains poised to play a pivotal role, leveraging its strategic location, skilled workforce, and robust infrastructure. The successful participation at Posidonia 2024 marks another milestone in Sri Lanka’s journey towards becoming a leading maritime hub in the world.
OSL take:
Sri Lanka’s maritime industry is on a growth path with increasing business/investment opportunities, especially in the ports, shipping and logistics sectors. The country’s strategic positioning in the Indian Ocean in close proximity to international shipping routes have boosted business/investment opportunities in Sri Lanka’s maritime industry. Realizing the growing business potential in the industry, the government of Sri Lanka is also focused on further development and upgrading of the ports and shipping sectors. Sri Lanka’s target of becoming a regional hub would result in the further expansion of business/investment opportunities in the country’s maritime industry. There are therefore increasing business/investment opportunities in the development of infrastructure and supplementary infrastructure facilities required by Sri Lanka’s maritime industry in-line with the growing demand. All key ports in Sri Lanka covering the North, South, East and West have been earmarked for development. Local authorities have also come up with incentive schemes to attract foreign investments to the country’s maritime industry. Hence, foreign businesses/investors could explore the growing business/investment opportunities in the maritime industry since they guarantee quick returns on investments.