Sri Lanka, Singapore sign MoU on boating and yachting industries
The Morning: Sri Lanka and Singapore have signed a Memorandum of Understanding (MoU) with a view of working together to promote the boating and yachting industries.
The agreement was forged between the Chamber of Marine Industries of Sri Lanka (CMISL) and the Singapore Boating Industry Association (SBIA) on 22 April, the Ministry of Foreign Affairs said in a statement.
Signing of the MoU was done by CMISL Chairperson and Sri Lanka Singapore Business Council Vice President Indhra Kaushal Rajapaksa and Singapore Boating Industry Association Chairperson Y.P. Loke, in the presence of Sri Lankan High Commissioner to Singapore Senarath Dissanayake, One 15 Marina Chairperson Arthur Tay, International Council of Marine Industry (ICOMIA) President Darren Vaux, and, High Commission of Sri Lanka’s Minister (Commercial) Yasantha Yaddehi.
The initial negotiations between the two associations were facilitated by the High Commission of Sri Lanka in Singapore.
Both parties agreed that the MoU marks the initial step towards mutually beneficial efforts and cooperation by promoting positive relations and collaboration in the boating sector.
At the signing, the High Commissioner of Sri Lanka in Singapore stated that the collaboration between CMISL and SBIA creates a dynamic and healthy environment that propels growth and prosperity for business on both sides.
OSL take:
Sri Lanka’s maritime industry is yet to be tapped of its full potential given the many business/investment opportunities presented by the industry due to the country’s geographical positioning in the Indian Ocean and the strong trade ties enjoyed with other countries. It is in such a backdrop that Sri Lanka is looking at developing the boating and yachting industries. Sri Lanka is looking at further developing these industries with the setting up of yacht marinas in key venues like Colombo and Galle. While Sri Lanka has been engaged in the boat building and repairing business for a while, there’s a lot of business/investment potential in this area of business as well. Given the economic expansion in the country and the growing business potential with Sri Lanka’s target of becoming a regional hub, foreign businesses/investors could confidently explore the growing business/investment opportunities in the maritime industry, especially in the port, shipping and logistics sectors as well as the boat building business. Foreign businesses could also look at forming collaborations with local businesses with the aim of further expansion.