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Sri Lanka’s Hambantota Port sponsored business forum at Hong Kong Maritime week

Sri Lanka’s Hambantota Port sponsored business forum at Hong Kong Maritime week

Hambantota International Port Group (HIPG) of Sri Lanka has reportedly participated in the Hong Kong Maritime week that was held from November 17 to 23.
According to reports, it is an important event in the world maritime calendar and it has brought together key industry players from across the globe, to showcase their expertise and network at the number of events that were organised throughout the week.
Lloyds of London, a big name in the industry, had played a significant role in the annual event by organizing the ‘Maritime Business Forum’ held at the Hong Kong Maritime Museum on 20th of November.
The local media has reported that HIPG was a key sponsor of the Business Forum which this year focused on the topic ‘Technology reaches beyond regulatory compliance.’
The two panels had debated several viewpoints concluding that while the shipping industry would inevitably see a digital transformation taking place, it may well take some companies by surprise, while others might be forced to comply.
One of the panelists had expressed the view that when disruption takes place in any industry, it is usually the incumbents that are the last to see it coming and had opined that the commercial side of the industry would see a huge change, because of the way in which data is processed and while still quite a long way from the fundamental business of shipping, the industry is moving closer to a big data approach to the way information is processed and used to work out pricing.
Meanwhile, Tissa Wickremasinge, COO of HIPG, who participated in the business forum has been quoted as saying, “Whilst this is the future, from a South Asian perspective we are many steps behind and need a quantum leap if we are to match up and keep up. The shipping industry would invariably see a digital transformation in the years to come and with it disruption, would happen to the traditional ways of doing business and this would take many by surprise. In response to this, I could only echo the words of a panelist at the forum who said the key to making the best of this situation is by collaborative efforts and making use of the technology available.”

OSL take:

Sri Lankan authorities are focused on making the island a maritime hub in the Indian Ocean region. Sri Lanka’s Hambantota Port is fast emerging as a key port in the island. Given the industrial zone adjacent to the harbour and the close proximity of an international airport have all added to the value of the Hambantota Port. Foreign businesses/investors exploring business opportunities in Sri Lanka’s maritime sector could also look at opportunities in the Hambantota Port.

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Article Code : VBS/AT/06122019/Z_4

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