Voyage Sri Lanka 2024

Exploring Ways for Sri Lanka to Maximize the Potential of Its Blue Economy

With the successful conclusion of "Voyage Sri Lanka 2024," the nation's first-ever maritime summit, Sri Lanka took a significant step towards establishing itself as a major marine hub. The event, which culminated in a full-day conference at the Kingsbury Hotel in Colombo on November 26, 2024, and was preceded by investor tours of the Trincomalee and Hambantota ports on November 24th and 25th, brought together important policymakers, global investors, and leaders in the industry to discuss Sri Lanka's potential in the global blue economy.

This article will examine the main ideas, themes, and conclusions that came out of the conference, which included a number of keynote addresses, panel discussions, and speeches that examined Sri Lanka's enormous potential in the offshore, boat construction, and maritime sectors. It also strengthened the Island's goal of promoting sustainable growth in these industries by laying the foundation for upcoming collaborations and investments.

For an overview of the port visits, see here.

A Day of Insightful Discussions and Strategic Dialogue

Mr Mangala Wijesinghe, Chairman and CEO of the Sri Lanka Export Development Board (EDB), gave the opening remarks for the conference and underlined the strategic importance of the summit. He emphasized the necessity for closer international ties, the unrealized marine potential of Sri Lanka, and the significance of improving port connection and efficiency.

The Hon. Minister of Trade, Commerce, Food Security & Cooperative Development, reiterated the government's dedication to growing the marine industry through regulatory frameworks, infrastructure investments, and incentives for foreign investors.

Several expert presentations and panel discussions followed, each shedding light on different aspects of Sri Lanka’s blue economy.

Global Marine Security in an Evolving World

The keynote speaker, Vice Admiral Anil Kumar Chawla (Retd.), a distinguished naval strategist from India, focused on global marine security trends, geopolitical challenges, and Sri Lanka’s role in regional stability.

He Highlighted:

• The growing threats to marine commerce routes, such as territorial conflicts, illicit fishing, and piracy.
• The significance of Sri Lanka's geographical location along important shipping routes.
• The need for closer collaboration between Sri Lanka and regional partners to strengthen maritime security.
• The importance of improved surveillance operations and intelligence exchange to guarantee secure and effective maritime traffic.

Promoting Sri Lanka as a Source Destination for High Quality Boat Building

The chairman of Sri Lanka's Chamber of Marine Industries, Mr Kaushal Rajapaksa, gave an engaging presentation about the country's expanding boat building sector.

He Discussed:

• Sri Lanka's increasing exports of superior vessels.
• The competitiveness of the nation in global markets.
• Important export markets, such as fishing boats, Naval boats, and luxury yachts.

The director of Neil Fernando & Co. (Pvt) Ltd., Mr Shan Perera, also discussed Sri Lanka's growing reputation as a global boat building sourcing base.

He Talked About:

• Sri Lanka's increasing standing as a manufacturer of high-quality, reasonably priced boats.
• The potential to increase exports to important markets in Europe, the Middle East, and South East Asia.
• The benefits of Sri Lankan workmanship and technology in the production of commercial boats, luxury yachts, and fishing vessels.

Investment Climate in Sri Lanka

Mrs. Renuka Weerakone, Director General for the Board of Investment (BOI), provided insights into Sri Lanka’s investment climate and its implications for the marine and offshore industries.

She Highlighted the Following:

• Sri Lanka’s strategic advantages as an investment destination, including its location, skilled workforce, and investor-friendly policies.
• Recent regulatory reforms aimed at facilitating foreign direct investment in the sector.
• Opportunities for international investors, particularly in shipbuilding, marine logistics, and offshore energy.

Developing Sri Lanka as a Premier Nautical Tourism Destination

Mr. Buddhika Hewawasam, Chairman of the Sri Lanka Tourism Promotion Bureau, discussed the growth potential of nautical tourism and its economic benefits.

He Explained:

• How Sri Lanka offers a distinct advantage for maritime tourism due to its varied coastline and marine wildlife.
• Techniques to draw in high-end travelers, such as cruise tourism, yacht tourism, and recreational boating.
• Modern marinas and improved regulatory frameworks are examples of the infrastructure expenditures that are required to support the growth of this specialized tourism industry.

Maritime Domain Awareness - Safety and Security

Vice Admiral Priyantha Perera, Commander Sri Lanka Navy, delivered an insightful presentation on maritime domain awareness and security in the region.

He Discussed the Following Points in Depth:

• The role of the Sri Lanka Navy in ensuring safe and secure waters for commercial shipping and offshore operations.
• Emerging security threats, including illegal fishing, trafficking, and unauthorized maritime activity.
• The need for advanced surveillance systems and intelligence sharing mechanisms to safeguard Sri Lanka’s maritime interests.

Colombo Port City Development - A Gateway to South Asia

Ms. Dhanya Gunawardana, Head of Branding & Communications at the Colombo Port City Economic Commission, showcased the Port City Colombo project and its significance for Sri Lanka’s maritime sector.

She Revealed:

• Port City Colombo’s role in transforming Colombo into a leading regional financial and commercial hub.
• Upcoming maritime infrastructure projects and their potential to attract international shipping and logistics firms.
• The importance of integrating sustainable development practices within Port City Colombo to align with global trends in green shipping and logistics.

Panel Discussions

Panel 1: Offshore Energy for a Sustainable Future

The first panel discussion, moderated by Mr. Ricky Barnett, Director Group Business Development at GAC Group Sri Lanka, explored Sri Lanka’s offshore energy landscape and its potential for renewable energy development. Mr. Barnett set the stage by presenting maritime traffic maps, showcasing container vessel movements around Colombo, Hambantota and Trincomalee, while also highlighting Sri Lanka’s potential for offshore wind, oil, and gas explorations.

The Following Were the Main Takeaways:

Oil and Gas Explorations:

• Petroleum Development Authority Director of Development Eng. Ms Preeni Withanage gave a detailed account of Sri Lanka's oil and gas exploration history, emphasizing the 922 offshore blocks located in the Cauvery, Mannar, and Lanka Basins.
• She talked about the noteworthy gas discoveries made in 2011 at the Manna Basin's Dorado and Barracuda wells, which are estimated to have recoverable reserves of 350 billion and 1.8 trillion cubic feet respectively.
• In order to draw in foreign companies, she also highlighted the necessity of revised legislation, investment frameworks, and off-take agreements. She referenced prior collaborations, like as the 2008 exploration in Cairn Lanka.

Green Hydrogen & Renewable Energy:

• The potential of green hydrogen as a decarbonization tool for Sri Lanka's energy industry was discussed by Mr. Samuel Morley, Renewable Energy Specialist at Greenstat Hydrogen Sri Lanka.
• The chairman of the Ceylon Electricity Board, Dr. Tilak Siyambalapitiya, gave a presentation on offshore wind energy, describing current pre-feasibility studies backed by the World Bank and pointing out the coast as a prime location for wind farm development.

Public-Private Partnerships (PPPs) in Energy Development:

• Dr. Naresh Bana, Vice Chairman of Indo-Sri Lanka Joint Chamber of Industry, highlighted successful PPP models in India and Europe, stressing their relevance for offshore energy expansion in Sri Lanka.
• He outlined the critical risks in offshore energy projects, including planning, environmental, financial, and regulatory risks, and proposed strategies for mitigating these challenges.

The discussion concluded with a call for policy stability, investment incentives, and enhanced regulatory frameworks to attract global energy firms and accelerate offshore energy development in Sri Lanka.

Panel 2: Marine Innovations - Navigating the Future

This session, moderated by Mr. Dharshana Chandrasekera, Assistant General Manager of Ship Repair Business Colombo Dockyard PLC, focused on technological advancements in the maritime sector. The discussion covered shipbuilding, sustainability, and strategic port collaborations.

Several Key Points Were Said During the Discussion, Including:

Ship Building & Repair Industry:

• Mr. Benny Fernando, Consultant for Ship Repair Business Colombo Dockyard PLC, emphasized the importance of skilled labor development and vocational training, as well as Sri Lanka's potential as a ship repair hub.
• Orange Marine's Technical Director, Mr. Emmanuel Decugis, presented a case study on the "Sophie Germain," a ship constructed in Sri Lanka that demonstrated the country's potential to produce high-quality and sustainable products by achieving the following efficiencies:
  • Performance in inclement weather was improved by 20%.
  • Fuel consumption was reduced by 18%,
  • Lower CO2 emissions and increased operational efficiency

Sustainability & Environmental Protection:

• The hazards to biodiversity in and around the Colombo, Galle, and Trincomalee harbors due to pollution and sedimentation were emphasized by Prof. Terney Pradeep, Professor in Oceanography at the University of Ruhuna.
• In order to lessen ecological harm, he stressed the necessity of maritime spatial planning, more environmental laws, and conservation programs.

Port Branding & Collaboration:

• The Hambantota International Port Group's Deputy General Manager, Commercial & Marketing, Mr. Bindu Ranasinghe, suggested a single branding approach for Sri Lanka's ports, presenting them as a collective maritime hub rather than rival organizations.

The panel concluded with a strong emphasis on leveraging technological advancements, sustainability initiatives, and strategic port collaborations to enhance Sri Lanka’s global competitiveness in the marine and offshore sectors.

Panel 3: Sustainable Fisheries & Blue Economy Growth

Moderated by Dr. Sarath Obeysekera, Chairman of the Advisory Committee for Marine & Offshore Services. This panel focused on sustainable fisheries management and marine aquaculture. The discussion addressed investment opportunities, environmental challenges, and industry best practices.

The Key Points of Discussion Were:

Aquaculture Expansion:

• The usage of floating cage technology in Trincomalee, which is imported from Scotland, was highlighted by Mr. Irfan Thassim, Director of Ocean Pick (Pvt) Ltd., who also mentioned how this model is influenced by aquaculture methods in Chile and Norway.
• He described the possibilities for deep-sea fish farming as well as Sri Lanka's ten-year lead in commercial-scale aquaculture.

Lessons from the Maldives:

• The previous managing director of the Maldives Fisheries Company, Mr. Athif Shakoor, gave an explanation of the success of premium seafood branding and Maldivian pole-and-line fishing methods, which place a high priority on sustainability.
• He suggested that Sri Lankan fisheries implement comparable cold chain methods, pointing out that larger Maldivian vessels use refrigerated seawater (RSW) systems, guaranteeing superior quality fish.

Technology in Fisheries:

• Mr. Lex Guex, Managing Director of L4G Ventures Ltd, presented offshore aquaculture platform technology, detailing benefits such as:
  • Operations located 12-20 miles offshore, at depths 100-160 meters.
  • The use of renewable energy and automation for sustainable fish farming.
  • Environmental benefits, including improved marine biodiversity.

The panel concluded with recommendations for investment in modern aquaculture technologies, regulatory reforms, and expanding export markets, positioning Sri Lanka’s fisheries industry as a regional leader in sustainable seafood production.

Key Takeaways from Voyage Sri Lanka 2024

Challenges Identified:

1. Regulatory uncertainty in offshore energy and fisheries investments.
2. Gaps in port infrastructure affecting efficiency.
3. Labor shortages in shipbuilding and marine engineering.
4. Environmental concerns in maritime expansion projects.

Opportunities for Sri Lanka:

1. Investment in offshore energy, including wind farms and hydrogen production.
2. Expansion of Sri Lanka’s boat building and ship repair industries.
3. Enhancing logistics efficiency to become a regional maritime hub.
4. Sustainable fisheries and deep-sea aquaculture as key growth sectors.
5. Stronger Indo-Sri Lanka Partnerships in offshore wind and marine trade.

An Emerging Roadmap for Sri Lanka’s Maritime Future

Voyage Sri Lanka 2024 successfully brought together key players in the global marine industry, and highlighted Sri Lanka’s strengths, challenges, and future growth potential. Perhaps the finest summary of the insights released by the summit is the recognition that Sri Lanka is well-positioned to become a leader in global marine trade, energy, and fisheries with smart investments, policy improvements, and international collaborations.

In addition, there were several networking opportunities during the event, including a social evening and a lavish supper to cap off the day. In the end, the three-day summit and this historic meeting created the groundwork for the island's marine and offshore industries to flourish in the coming years, putting Sri Lanka on track to become a thriving and sustainable blue economy.

For an in-depth understanding of the Voyage Sri Lanka and its accomplishments refer to our White Paper. “Voyage Sri Lanka 2024: Exploring the Future of Marine & Offshore Export Services Growth”.