We extend a warm welcome to you as participants in the much-anticipated launch edition of the one and only Logistics & Material Handling Exhibition - LOGMAT in Sri Lanka. Scheduled to take place from 30th Aug – 1st Sep, 2024 at BMICH, Colombo, will be establishing new benchmarks in the realms of logistics and material handling.
LOGMAT @ Sri Lanka is not just an event; it's a collaborative journey to explore new horizons and redefine industry standards. We encourage you to make the most of this unique opportunity for networking, knowledge sharing, and forging strategic partnerships that will propel your businesses and the industry forward.
Sri Lanka is transitioning from being a predominantly rural-based economy toward becoming more of an urbanised economy with a focus on manufacturing and services. The Sri Lanka Freight and Logistics Market size is expected to grow from USD 7.41 billion in 2023 to USD 9.46 billion by 2028, at a CAGR of 5.01% during the forecast period (2023-2028).
The Policy Development Division is encouraging foreign and domestic investment through joint ventures with local companies to engage in the domestic industry. The Ministry has developed 1,069.52 acres of land with infrastructure such as electricity, water and roads in 20 districts in the country and established 33 industrial estates. For the development of infrastructure in the 33 industrial estates, the government and the private sector have spent Rs. 3,980.05 million and Rs. 56,480.70 million respectively.
Additionally, progress in VOSTRO account trade discussions with INR will enable trade settlement between India and Sri Lanka in Indian Rupees, presenting exhibitors with an opportunity to expand their business opportunities.
Participating in LOGMAT in Sri Lanka can offer several benefits for companies looking to expand their business, establish partnerships, and explore new opportunities in the region. Here are some reasons why participating in B2B trade fairs in Sri Lanka can be advantageous:
Sri Lanka's strategic location in the Indian Ocean makes it an important hub for shipping and logistics in the region. The country's ports play a crucial role in facilitating trade between Asia, Europe, and the Middle East.
Sri Lanka has invested in the development and expansion of its ports, such as the Colombo Port. These efforts aim to enhance the country's capacity to handle increased shipping traffic and larger vessels.
The industry has been adopting technology solutions to enhance material handling efficiency. This includes the use of automated conveyor systems, robotics, and other advanced technologies in warehouses and distribution centres.
The logistics and supply chain industry are influenced by Sri Lanka's active participation in global trade. The country is known for its exports, including apparel, tea, and spices, which contributes to the demand for efficient logistics services.
The growth of e-commerce globally has also impacted Sri Lanka. The rise of online retail has increased the demand for modern logistics and last-mile delivery services, leading to adaptations and investments in technology.
Material handling is an integral part of the broader supply chain. Integration with supply chain management systems is becoming more common to optimize the flow of goods from production to distribution.
There's a growing awareness of environmental sustainability in material handling practices. Companies are exploring eco-friendly solutions and technologies to reduce the environmental impact of their operations.