Industry associations sign MOU to foster growth in their respective markets
The Singapore Boating Industry Association (SBIA) and the Chamber of Marine Industries Sri Lanka (CMISL) signed a Memorandum of Understanding (MOU) today on the sidelines of the ICOMIA Asia Working Group Meeting at Singapore’s ONE°15 Marina in Sentosa Cove.
The chairman of SBIA, YP Loke, and CMISL chairman Indhra Kaushal Rajapaksa signed the MOU paving the way for collaborative efforts to bolster the boating industry and maritime tourism in Sri Lanka.
SBIA and CMISL representatives sign MOU in Singapore
Both organisations are members of the International Council of Marine Industry Associations (ICOMIA), the global body for the recreational marine industry. The ceremonial signing took place at ONE°15 Marina Sentosa Cove in the presence of the High Commissioner of Sri Lanka to Singapore, H.E. Senarath Dissanayake, Commercial Minister at the High Commission, Yasantha Yaddehi, ICOMIA CEO Joe Lynch, ICOMIA president Darren Vaux and ONE°15 Marina Sentosa Cove chairman Arthur Tay.
The MOU highlights the mutual development of goodwill between the organisations, ensuring a collaborative and respectful relationship in their efforts. It outlines key areas of cooperation between SBIA and CMISL, including the joint establishment of marinas and the promotion of recreational boating in Sri Lanka. Both parties also committed to encouraging and supporting business initiatives and investment between the two nations to foster growth in the boating industry.
Additionally, the partnership aims to promote Sri Lanka as a destination for yachts transiting between the Mediterranean and Southeast Asia’s key leisure boating destinations including Singapore. This is aimed at attracting international clientele and boosting the local economy in Sri Lanka and Southeast Asia.
“This MOU marks an exciting new chapter in our relationship with CMISL,” says SBIA chairman YP Loke. “Together, we are committed to elevating the boating industry in both Singapore and Sri Lanka, and we look forward to achieving remarkable milestones together.”
CMISL chairman Indhra Kaushal Rajapaksa, who is also vice president of the Sri Lanka Singapore business council, says: “Our partnership with SBIA will be a key driver for Sri Lanka’s maritime tourism growth and boat industry development. This MOU solidifies our commitment to working hand in hand for mutual benefit and prosperity.”
The MOU signing precedes the two-day ICOMIA Boating Industry Conference on April 23-24 and the four-day Singapore Yachting Festival from April 25-28, all taking place at Singapore’s ONE°15 Marina Sentosa Cove. IBI will be reporting on the events from Singapore.