In recent years, Sri Lanka’s economy has experienced a steady growth rate, and the country’s business sector has played a significant role in it. The diversified economy of Sri Lanka presents ample opportunities for businesses of all shapes and sizes. The government encourages foreign investment and offers a business-friendly environment to investors. Therefore, it is no wonder that the country’s business sector is thriving and growing at an incredibly rapid pace. In this post, we will discuss the current state of the business sector in Sri Lanka and why it has become a growing hub for local and foreign investors.
Industry Diversity
The business sector in Sri Lanka is diverse, with significant growth in various industries such as tourism, manufacturing, IT, and services. In the tourism sector, Sri Lanka has become a popular destination for tourists worldwide, with an average increase of 20% in tourist arrivals in recent years. Additionally, the country’s manufacturing industry has become a significant economic contributor, especially in the textile and garment sector, which generates almost half of the total manufacturing output of the country. In recent years, the IT sector has also shown considerable growth potential, with the government’s digitization initiatives.
Investment Opportunities
Sri Lanka has established itself as a hub for foreign investments, with a business-friendly environment, cost-effectiveness, and exceptional labor force. The country has various investment incentives schemes, and its open market policy attracts foreign investments with opportunities in areas such as real estate, infrastructure development, and technology. The Board of Investment of Sri Lanka helps potential investors with information, support, and necessary approvals to start their businesses in the country.
Government Support
The Government of Sri Lanka has played a significant role in creating an efficient business ecosystem in the country. The government has cut down red tape by simplifying the regulatory environment for businesses and facilitating fund-raising and other resources. They have also introduced many economic reforms aimed at attracting more foreign investments. The government offers tax incentives and a business-friendly environment that encourages businesses to operate in the country.
Advancements in Technology and Infrastructure
The government has prioritized infrastructure development throughout the country, including Colombo Port City, which will cater to the increasing demand for sophisticated services in the country’s financial and business districts. Sri Lanka’s telecommunication and IT industries have also seen significant improvements in recent years, especially with the implementation of 5G technology in 2021. This has resulted in improvements in digital connectivity, making Sri Lanka an attractive location for offshore operations.
Skilled Labor Force
Sri Lanka has a well-educated workforce with a literacy rate of 92%. The country’s population comprises a pool of highly skilled, English-speaking professionals with expertise in various areas. The government has established many educational institutions, such as universities and technology institutes, to produce a highly skilled workforce to support the business sector growth in the country. Here are large company in Sri Lanka
- AMANA TAKAFUL LIFE LIMITED
- SANASA DEVELOPMENT BANK
- PALM GARDEN HOTELS
- LANKA WALLTILE
- EXPOLANKA HOLDINGS
- CEYLON HOTELS CORPORATION
- LUMINEX
- DIPPED PRODUCTS
- SARVODAYA DEVELOPMENT FINANCE
- BOGALA GRAPHITE LANKA
- RAMBODA FALLS
- LANKA IOC
- HATTON NATIONAL BANK
- COLOMBO FORT INVESTMENTS
- AMBEON HOLDINGS
- HNB FINANCE LIMITED
- CEYLON GUARDIAN INVESTMENT TRUST
- VALLIBEL FINANCE
- TAJ LANKA HOTELS
- SINGHE HOSPITALS LIMITED
- LANKA CREDIT AND BUSINESS FINANCE
- THE KANDY HOTELS COMPANY (1938)
- KELANI VALLEY PLANTATIONS
- UNION BANK OF COLOMBO
- UNISYST ENGINEERING
- HAPUGASTENNE PLANTATIONS
- LANKA TILES
- SMB LEASING
- NAWALOKA HOSPITALS
- EAST WEST PROPERTIES
- LANKA CERAMIC
- VIDULLANKA
- MARAWILA RESORTS
- HAYLEYS EXPORTS
- HATTON PLANTATIONS LIMITED
- MAHAWELI REACH HOTELS
- HOTEL SIGIRIYA
- KOTAGALA PLANTATIONS
- LAUGFS POWER LIMITED
- DANKOTUWA PORCELAIN
- RENUKA HOLDINGS LIMITED
- BROWNS INVESTMENTS
- AITKEN SPENCE
- VALLIBEL ONE
- RENUKA FOODS
- WINDFORCE LIMITED
- EASTERN MERCHANTS
- FIRST CAPITAL TREASURIES
- LANKEM DEVELOPMENTS
- WATAWALA PLANTATIONS
- NATIONS TRUST BANK
- MULLER AND PHIPPS (CEYLON)
- RICHARD PIERIS EXPORTS
- GESTETNER OF CEYLON
- PEOPLE’S LEASING & FINANCE
- NAMUNUKULA PLANTATIONS
- COMMERCIAL DEVELOPMENT COMPANY
- AMANA TAKAFUL
- RAIGAM WAYAMBA SALTERNS
- RESUS ENERGY
- HELA APPAREL HOLDINGS
- ON’ALLY HOLDINGS
- AMANA BANK
- E B CREASY & COMPANY
- HORANA PLANTATIONS
- MELSTACORP
- AGALAWATTE PLANTATIONS
- AGSTAR
- STANDARD CAPITAL
- BROWN & COMPANY
- HAYLEYS FABRIC
- AMAYA LEISURE
- LB FINANCE
- BALANGODA PLANTATIONS
- HIKKADUWA BEACH RESORT
- RENUKA CAPITAL
- NATIONAL DEVELOPMENT BANK
- ALUMEX
- THREE ACRE FARMS
- HVA FOODS
- ASIRI HOSPITAL HOLDINGS
- THE COLOMBO FORT LAND AND BUILDING COMPANY
- KAPRUKA HOLDINGS
- PANASIAN POWER
- MYLAND DEVELOPMENTS
- DISTILLERIES COMPANY OF SRI LANKA
- SRI LANKA TELECOM
- SINGER INDUSTRIES (CEYLON)
- ROYAL CERAMICS LANKA
- C M HOLDINGS
- HOUSING DEVELOPMENT FINANCE CORPORATION BANK OF SL
- PRIME LANDS RESIDENCIES LIMITED
- TESS AGRO
- SINGER FINANCE (LANKA)
- JOHN KEELLS HOLDINGS
- EXTERMINATORS
- CHEVRON LUBRICANTS LANKA
- UNITED MOTORS LANKA
- SOFTLOGIC LIFE INSURANCE
- EX-PACK CORRUGATED CARTONS
- ASIRI SURGICAL HOSPITAL
- CITRUS LEISURE
- VALLIBEL POWER ERATHNA
- ORIENT FINANCE
- BLUE DIAMONDS JEWELLERY WORLDWIDE
- COLOMBO CITY HOLDINGS
- CEYLON INVESTMENT
- BANSEI ROYAL RESORTS HIKKADUWA
- HEMAS HOLDINGS
- PAN ASIA BANKING CORPORATION
- CONVENIENCE FOODS LANKA
- MERCHANT BANK OF SRI LANKA & FINANCE
- ASIA CAPITAL
- MILLENNIUM HOUSING DEVELOPERS
- COLOMBO LAND AND DEVELOPMENT COMPANY
- PRINTCARE
- CEYLINCO INSURANCE
- CENTRAL FINANCE COMPANY
- BUKIT DARAH
- THE KINGSBURY
- INDUSTRIAL ASPHALTS (CEYLON)
- EDEN HOTEL LANKA
- PEGASUS HOTELS OF CEYLON
- CARGILLS (CEYLON)
- SINGER (SRI LANKA)
- MASKELIYA PLANTATIONS
- MALWATTE VALLEY PLANTATIONS
- LANKA MILK FOODS (CWE)
- C T LAND DEVELOPMENT
- LANKEM CEYLON
- LAXAPANA BATTERIES
- KELANI TYRES
- THE LANKA HOSPITALS CORPORATION
- RICHARD PIERIS
- NATION LANKA FINANCE
- AITKEN SPENCE HOTEL HOLDINGS
- CARSON CUMBERBATCH
- CENTRAL INDUSTRIES
- BERUWALA RESORTS
- ELPITIYA PLANTATIONS
- EQUITY TWO
- PEOPLE’S INSURANCE
- THE AUTODROME
- HNB ASSURANCE
- PIRAMAL GLASS CEYLON
- BROWNS BEACH HOTELS
- REGNIS (LANKA)
- DIESEL & MOTOR ENGINEERING
- JOHN KEELLS
- TOKYO CEMENT COMPANY (LANKA)
- FIRST CAPITAL HOLDINGS
- HSENID BUSINESS SOLUTIONS
- SIERRA CABLES
- CITIZENS DEVELOPMENT BUSINESS FINANCE
- RENUKA HOTEL
- COLOMBO DOCKYARD
- JOHN KEELLS HOTELS
- C. W. MACKIE
- SEYLAN BANK
- LVL ENERGY FUND
- LANKA ALUMINIUM INDUSTRIES
- TEA SMALLHOLDER FACTORIES
- CIC HOLDINGS
- LOLC HOLDINGS
- KELANI CABLES
- MAHAWELI COCONUT PLANTATIONS LIMITED
- SERENDIB HOTELS
- MACKWOODS ENERGY
- COMMERCIAL CREDIT AND FINANCE
- AMBEON CAPITAL
- COLOMBO INVESTMENT TRUST
- YORK ARCADE HOLDINGS
- CAPITAL ALLIANCE
- SUNSHINE HOLDINGS
- DIALOG AXIATA
- ACCESS ENGINEERING
- ACME PRINTING & PACKAGING
- SERENDIB LAND
- MADULSIMA PLANTATIONS
- E – CHANNELLING
- TALAWAKELLE TEA ESTATES
- DFCC BANK
- CHRISSWORLD LIMITED
- R I L PROPERTY LIMITED
- KEGALLE PLANTATIONS
- SENKADAGALA FINANCE
- ASSOCIATED MOTOR FINANCE COMPANY
- HAYCARB
- LANKA ASHOK LEYLAND
- LOLC FINANCE
- ACL CABLES
- JAT HOLDINGS LIMITED
- UNION ASSURANCE
- B P P L HOLDINGS LIMITED
- LOLC GENERAL INSURANCE
- THE FORTRESS RESORTS
- CHEMANEX
- SWISSTEK (CEYLON)
- KEELLS FOOD PRODUCTS
- CEYLON GRAIN ELEVATORS
- E M L CONSULTANTS LIMITED
- CARGO BOAT DEVELOPMENT COMPANY LIMITED
- ALLIANCE FINANCE COMPANY
- SOFTLOGIC FINANCE
- SEYLAN DEVELOPMENTS
- HUNAS FALLS HOTELS
- JANASHAKTHI INSURANCE COMPANY
- LAUGFS GAS
- OVERSEAS REALTY (CEYLON)
- SIGIRIYA VILLAGE HOTELS
- BAIRAHA FARMS
- BOGAWANTALAWA TEA ESTATES
- RENUKA AGRI FOODS LIMITED
- GALADARI HOTELS (LANKA)
- KAHAWATTE PLANTATIONS
- WASKADUWA BEACH RESORT
- TANGERINE BEACH HOTELS
- SOFTLOGIC CAPITAL
- ACL PLASTICS
- JETWING SYMPHONY LIMITED
- HAYLEYS
- CEYLON COLD STORES
- PEOPLE`S MERCHANT FINANCE
- DOLPHIN HOTELS
- MERCANTILE SHIPPING COMPANY
- LOTUS HYDRO POWER
- RADIANT GEMS INTERNATIONAL
- CEYLON TEA BROKERS
- TEEJAY LANKA
- COMMERCIAL BANK OF CEYLON
- UDAPUSSELLAWA PLANTATIONS
- SAMPATH BANK
- CEYLON TOBACCO COMPANY
- ASIA SIYAKA COMMODITIES
In conclusion, Sri Lanka’s business sector presents investors with a broad range of opportunities in various industries. The government’s pro-business policies promote a friendly environment for both local and foreign businesses. The country’s highly skilled workforce, improving infrastructure, and increasing digitization make Sri Lanka an optimal location for businesses to lay their roots for long-term growth and development. In conclusion, Sri Lanka is steadily gaining recognition as an economic powerhouse and regional leader, with its business sector at the forefront of it all.