Following the end of 26 years of civil war in 2009, Sri Lanka has been looking to develop its business potential

High up on the list of core growth areas is the boatbuilding sector and the government has ambitious plans for Sri Lanka to become a boating hub for southern Asia.

As well as developing the country’s boat construction credentials, its geographical location means Sri Lanka also stands as a viable destination for passing yachts seeking drydocking, repair and   maintenance works.

The island nation that sits at the heart of the Indian Ocean claims to be the world’s second-best performing economy after China. Its real growth rate rocketed from 3.5 per cent in 2009 to an average expansion of 8 per cent since 2010, ending last year with a GDP of US$59.1 billion.

The country is also proving resilient to the global downturn with GDP growth forecasted at around 7 per cent for the next couple of years.

The full report on Sri Lanka’s marine market is available for subscribers on IBI Plus. IBI magazine readers can visit IBI Plus to sign up for a free trail to get access.