Sri Lanka Transport Board aims increasing revenue by 10-20% in 2026
The Morning: Despite the loss of Rs.3,650 million per year, the Sri Lanka Transport Board (SLTB) aims on surging the revenue by 10-20% through digitalization, The Daily Morning Business learnt.
Speaking to The Daily Morning Business, Ministry of Transport and Highways Secretary M.M.P.K. Mayadunne said: “As the first stage, the next first quarter the SLTB is planning to complete the e-ticketing system for SLTB buses. The Institute owns 6000 buses.”
Mayadunne pointed out that After, they will expand the technology for inter provincial expressway buses and then for provincial buses within a timeline of three years
He explained that they have already asked permission and consent from a few Provincial Councils and the governors in this regard since some of the private buses operating in the provincial routes come under the purview of the local government authorities.
Moreover, he added that they will be calling for joint venture companies, a Sri Lankan-operated company but they can have a foreign joint partner to create this technological platform.
In addition, it can be either a government or semi-government or a private company. Yet, SLTB will begin negotiations with the lowest bidder who has the updated and high technology performance, he added.
Whereas, the SLTB will not be spending for the digital project, it will be with the private sector. They will be investing and a percentage of the income will be given to them, he explained.
According to Mayadunne, the digital projects in the pipeline are the e-ticketing system and touch card system. Moreover, the e-ticketing projects will be carried out in the railway sector as well since the last procurement was a failure and in addition, he mentioned that the expressway will be going for an e-ticketing project as well.
OSL take:
Sri Lanka’s ongoing economic activities following challenging economic conditions have opened up a host of new business/investment opportunities covering all key economic sectors in the country. Given the expanding economic activities, there’s a dire need for the development of infrastructure and supplementary infrastructure facilities required by key economic sectors in the country. One of the main sectors in need of uplifting and further expansion of the country’s transport sector in order to develop connectivity, which is a prerequisite for an emerging business destination in the South Asian region. It is this reason that has resulted in the local transport authorities looking at developing the main modes of transport. With Sri Lanka’s transport sector looking at increasing revenue while also trying to introduce e-ticketing projects, there are many business/investment opportunities that have emerged in the sector. Given Sri Lanka’s growth and business potential, foreign businesses/investors could confidently explore the growing opportunities in the country’s transport sector.
| Article Code : | VBS/AT/20240111/Z_2 |