Sri Lanka Ports Authority targets US$ one billion by 2020

The Sri Lanka Ports Authority (SLPA) targets its revenue of US$ one billion, more than 20 million tonnage of cargo, and investments of US$ 10 billion in the country’s ports by 2020 to become a centre of maritime excellence in the region and the leading contributor to the national economy. To achieve the ambitious goals set out in the ‘SLPA Vision 2020’ the authority plans to develop infrastructure and super structure facilities in Colombo to consolidate its position as the centre of maritime excellence, sector specific marketing and business development programmes, develop the Hambantota port as the international service and industrial container handling port, and develop regional ports as per their strengths and competitive advantages.

SLPA becomes the financial heart of the nation 

The SLPA has also laid down plans for organization restructuring and re designing of administrative procedures, implementation of a new advanced financial management system, enhance safety and security for cargo and port users. The three year plan which later changed into a five year action plan, taking to account the global economic turmoil prevailing at that time, would seek to improve Sri Lanka’s port operations in a highly competitive regional logistics environment. More than 95 percent of the World’s merchandize cargo was transported by sea and Sri Lanka needed to seize the potential. Besides its primary focus, the new corporate plan also includes diversification of business activities, provisions of facilities for oil and gas, efficient vessel oriental services and Corporate Social Responsibilities.

Envisioning the future of Sri Lankan ports, SLPA is shifting its original thought of container hub to global logistics hub, expecting the boom in International trade that opens up a range of opportunities and challenges. SLPA accordingly, in its port vision to be the logistics excellence in the Silk Route expects to strengthen complex logistic approaches with 'one touch' information flow of all activities while sustaining the best practices at national and international level in order to improve overall economic conditions in Sri Lanka. Ports and Airports will be the key nodes linking the global supply chain and the logistics services

Therefore, in Sri Lanka ports and airports will play a significant role in connecting the region to support the transshipment and value addition activities to connect South Asia to the rest of the world. The geographic location gives a comparative advantage to the country to be the gate way to Indian Subcontinent and to serve South and East Asia, Middle East and Africa on the main East West shipping route. Ports play a significant facilitating role for the domestic cargo base of Sri Lanka. The positioning of the ports gives greater connectivity to local manufacturing sector to both export finish goods and to import raw material for production at competitive prices. To be in the forefront of competition, improving handling and logistics cost will give the country an added advantage. Vision 2020, the corporate plan of  SLPA was launched at a ceremonial function held at the Hilton Hotel in Colombo this week.