The shipping industry in South Asia will thrive over the next decades as the region led by India is showing promising economic growth. The demand for consumer goods, raw material, energy products will keep on rising. Manufacturing and retail markets will expand. All this is because over 1.5 billion people will have greater disposable income and the South Asian region will further expand its economic and trading activities and links throughout the world as a major manufacturing region as well as increase growth in intra-Asia trade.
China-India, though have fundamental differences politically, has shown close corporation with the new administration of the two countries recently agreeing to work towards bi-lateral investment and trade cooperation. Combining the strengths of two emerging global giants the maritime industry of the region is no doubt going to expand as fundamentally these economies are growing at over 7% GDP per annum.
The Indian Subcontinent with 15 major ports will certainly have increased traffic and demand will grow for upgraded port infrastructure and equipment. The region is now ready to service the ultra large container carriers through its mega transshipment port in Colombo, Sri Lanka. The port of Colombo showed one of the world’s fastest growing container traffic throughput in 2014.
The region is also showing greater opportunities for shipping and logistics businesses as maritime reforms are taking place to encourage greater investment to service the global and regional demands of the shipping industry. In 2013 Sri Lanka introduced free ports and special economic zones for hub and logistics activities with major concessions for the industry as connectivity from Colombo increases speed to market for products. South Asia also offers skilled, low cost resources and attractive investment projects.
The host country, Sri Lanka known as the pearl of the Indian Ocean is a well renowned maritime nation, well equipped with modern container terminals and most importantly adjacent to the main east-west shipping route reducing transit times for all transshipment traffic originating out of the Indian Subcontinent.
The visitors to the CIMC in Sri Lanka will see these multiple opportunities in the shipping industry in South Asian region and these will be highlighted in the first Maritime Conference that will be held in Sri Lanka from 24th-26th September 2015. The CIMC will be addressed by over 20 world class speakers.
Industry professionals, businesses involved in international shipping, transportation, logistics services and investment will get valuable input for future decision making in relation to South Asian markets and its logistics capabilities and opportunities.