The Sri Lanka Export Development Board (EDB) has taken a step towards fostering the growth of the boat building and boating industry by taking initiatives to develop a comprehensive regulatory framework.
This framework aims to enhance the sector’s potential, driving it forward with greater international competitiveness. To ensure effective understanding and collaboration, the EDB organised awareness sessions for public and private sector stakeholders, to make them aware of the recent gazette notification on the regulatory framework.
Boat and ship building is not only a rapidly emerging export sector but also a multi-million dollar industry with the potential to open new economic opportunities for Sri Lanka. With the nation’s capacity to build and operate yachts for chartering and nautical activities, there is a unique opportunity to enhance the opportunities in nautical tourism industry by attracting foreign yachts and visitors to Sri Lankan waters.
Whale and dolphin watching, scuba diving, leisure fishing, and water sports provide rich experiences for tourists throughout the year, which will help to boost the tourism sector.
However, for the industry to truly succeed, a well-established regulatory framework covering the entire value chain is necessary. Unfortunately, there has been a gap in regulating leisure craft operations and managing the registration of visiting yachts, posing challenges to the industry’s growth.
Therefore, recognising the sector’s potential and the importance of developing this sector, the government has allocated funds to set up a robust regulatory framework.
In collaboration with the line Ministry, the EDB worked with Lloyds Register Asia to develop the regulations. This included a series of individual consultations / workshops for public and private stakeholders in obtaining their views / inputs throughout the process to ensure development of a comprehensive and effective framework.
After completing the procedural steps, the Merchant Shipping Secretariat, under the Ministry of Ports and Shipping has made arrangements to gazette the regulations under the merchant Shipping Act, No.52 of 1971. The Gazette was issued on December 31, 2024, under Gazette Nos. 2417/14, 2417/15, and 2417/16.
The implementation of these regulations is a vital step in enabling the boat building and boating industry to thrive, contributing significantly to the country’s economic growth and positioning Sri Lanka as a key player in the global maritime industry.
