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Sri Lanka boat export earnings double
09 Dec, 2011 10:45:57
Dec 09, 2011 (LBO) - Earnings from export of boats by Sri Lanka had almost doubled up to August this year compared with the whole of 2010 amid a tourism boom and rising demand from foreign buyers, an official said.
The island is trying to promote the boat building industry and exports to take advantage of its location and low-cost labour.

Accelerating economic growth and rising tourist arrivals after the end of the island's 30-year ethnic war in 2009, has resulted in renewed interest in boating, specially the leisure and pleasure boating sector, said Minister of Industry and Commerce Rishad Bathiudeen.

"This creates new industry opportunities and employment," he told a news to announce an international boat show to be held in the island, 'Boat Show Sri Lanka 2012', during May 18-20, 2012.

Since the first boat show in Sri Lanka in 2008, the export value of boats manufactured in the island doubled in 2009 to 58 million US dollars from 22 million in 2008.

In 2010 the value of boat exports was 64 million dollars and up to August 2011 it has almost doubled reaching 124 million dollars, Bathiudeen said.

“This event comes at an important time as our boating industry is recording a very promising 100 percent annual growth rate from 2008 onwards. In other words, our boating industry values have been doubling almost every year. I believe (this) is a very promising growth rate for any industry in the country."

The 2010 boat show attracted more than 8000 visitors.

Sri Lanka produces vessels for oceanic navigation as well as for inland waterways and boat hulls are made out of composite material such as fibre glass, aluminium and steel.

Products include luxury sailing and motor boats, pleasure boats, specialized boats such as fisheries research vessels and house boats and floating restaurants.
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