Financial Times

Ocean resources go a-begging
Despite Sri Lanka being an island nation with jurisdiction over a large ocean area she has done little to exploit available resources owing to red tape and lack of initiative and funds, industry officials and economists said. Sri Lanka has a jurisdiction over an ocean area of 517,000 square km, which is about six times her size.

Under the UN Law of the Sea, special provision has been granted to countries in the south of Bay of Bengal to extend the continental margin. As a result Sri Lanka will have claim to an ocean area which would roughly be about 16 times the size of the country. These bountiful resources are largely untapped. Therefore the contribution from the fisheries sector to the gross domestic product has remained below three percent.

Experts said the fisheries sector needs to be identified as a thrust industry where regulations and restrictions that hamper the development of this sector would be removed in order for Sri Lanka to reap the benefits of being an island with a jurisdiction of such a large ocean area. Norwegians, Vietnamese and the Japanese are believed to have expressed interest in investing in the marine industry. Uplifting the fisheries infrastructure is an important aspect in attracting foreign investors.

A study done by the Ceylon Chamber of Commerce identified several potential areas of investment. Deep-sea fishing is an area that has been largely under-exploited by the fisheries industry. This is mainly due to the lack of proper infrastructure, modern technology and training facilities.

In order for Sri Lanka to derive benefits from being an island with such a large ocean area the fisheries industry must be uplifted, supporting industries such as boat building, fishnets, and fish bait would contribute towards higher quality, and a larger catch. Exporting seaweed is another area which could be developed. Some of the best fishing grounds are found in the north and east and with peace getting more consolidated, the north and east could play a significant role in the development of the marine industry.

The north and east have abundant potential to develop sea based tourist activities such as whale watching, cruising and para-sailing. Value addition and exporting processed fish are also areas in which the marine industry could be developed further. Canning and paying royalties for fishing in Sri Lanka's deep seas are a few of the recommendations that have been put forward by concerned parties. The lack of funds is a key reason for the lack of development in this industry.

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