Boating industry set for growth with new regulatory framework

Sri Lanka is working to revitalise its boatbuilding and boating industry, with a newly developed regulatory framework, aimed at enhancing the sector’s growth and competitiveness.

The Export Development Board (EDB) has organised awareness sessions for both public and private sector stakeholders, to advance this initiative. The framework aims to strengthen the industry and position it for greater international competitiveness.

“Boat and shipbuilding is not only a rapidly emerging export sector but also a multimillion dollar industry, with the potential to open new economic opportunities for Sri Lanka,” the EDB said. 

“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 the nautical tourism industry by attracting foreign yachts and visitors to Sri Lankan waters.”

The EDB also highlighted that activities such as whale and dolphin watching, scuba diving, leisure fishing and water sports provide year-round tourist experiences, which will contribute to boosting the tourism sector.
However, for the industry to thrive, a robust 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,” the EDB noted.

The framework was developed in collaboration with the relevant ministries and M/S Lloyd’s Register Asia. This process involved a series of consultations and workshops with public and private sector stakeholders, to ensure the creation of a comprehensive and effective framework.

After completing the necessary procedural steps, the Merchant Shipping Secretariat, under the Ports and Shipping Ministry, arranged for the regulations to be gazetted under Merchant Shipping Act, No. 52 of 1971. The gazette was officially issued on December 31, 2024, under gazette Nos. 2417/14, 2417/15 and 2417/16.