Following years of steady growth, the ICT sector is embracing a period of fast-paced innovation. While the telecoms and business process outsourcing industries in Sri Lanka are reaching maturity, efforts are being focused on developing more innovative and high-end products. The sector’s organic growth is benefitting other industries, such as agriculture, manufacturing and tourism, and...
The spotlight is very much on Sri Lanka’s tourism sector in 2019, after globally recognised company Lonely Planet named it as the number-one travel destination for the year. As the country embarks on a year of ambitious goals to attract more visitors, the sector is also at a critical juncture. Successful, sustainable growth will rely on a delicate rebranding of the destination’s reputation,...
While the construction sector witnessed substantial growth in the 24 months leading up to 2018, domestic market forces including a falling rupee, warnings of an asset bubble and political instability have stymied growth of late. However, despite market disruptions, a number of key projects forged ahead in 2018, including Port City Colombo and the Hambantota Industrial Zone. Impressive economic...
Sri Lanka’s economy has traditionally been agriculture-based, but several centuries of international trade – and the introduction of tea, rubber, and coffee cultivation by the UK – have altered the sector’s makeup significantly. After independence in 1948, the economy remained highly dependent on trade, with tea, rubber and coconut making up the bulk of exports, even while many Sri Lankans...
Sri Lanka has a total of 12,290 km of national highways, 1561 km of rail tracks, two international airports and four seaports. In order to boost the local economy and quality of life, the cultivation of an effective, reliable and cost-efficient transport system has been a priority for successive governments, albeit with varying degrees of success. Improvement plans in the pipeline include...
Industrial exports have long played a crucial role in Sri Lanka’s economic output, even during periods of civil strife and macroeconomic instability. Over the years, an emphasis on export orientation has led to greater productivity and employment generation. However, a new wave of instability – characterised by political uncertainty, currency depreciation and rising interest rates – affected...
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