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Analysis

New light rail transit system in Sri Lanka promises to alleviate the capital's traffic congestion
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As the number of private vehicles on the road in Colombo continues to grow, travelling even 20 km by car can take up to two or three hours. Traffic congestion has become a serious issue, leading to a number of problems such as long transit times, environmental pollution, loss of productivity and decreased quality of life. Heavy traffic jams are therefore considerable economic and social problems…

Analysis

Sri Lanka tackles challenges to rice production to end reliance on imports
OBG
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Recent challenges to the self-sufficiency of the rice industry have highlighted the need for innovative solutions and partnerships. Solving the key issues such as climate change-induced disasters, and inadequate infrastructure and mechanisation will provide the foundation for the country to achieve long-term self-sufficiency in rice by increasing crop yield. Rice cultivation occupies 34% (770,000…

Analysis

Sri Lanka's construction sector struggles with securing enough local talent
OBG
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Since the end of the three-decade-long armed conflict in 2009, the construction industry has benefitted from rapid economic development. Despite unprecedented development in high-end residential and commercial space, as well as hotel and resort construction, the sector continues to be hampered by worker migration, with many construction professionals and unskilled workers seeking employment…

Analysis

Foreign investment in Sri Lankan real estate to be supported by new legislation
OBG
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In a bid to inject more foreign capital into the real estate sector and capital markets, amendments have been made to Land (Restrictions on Alienation) Act. Until this change was made, the transfer of title of any land to foreigners, overseas firms or Sri Lanka-incorporated companies with foreign shareholding of over 49% was prohibited by law. However, amendments passed in 2018 have enabled…

Analysis

Sri Lanka aims to spread tourism's benefits around the country with new offerings
OBG
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Sri Lanka has long been known as a beach destination, but the island offers considerably more, and industry leaders are encouraging the development of alternative destinations to appeal to a wide variety of interests. These include adventure and experiential travel and wellness tourism, as well as travel to areas that were previously off-limits to foreign visitors because of civil conflict.…

Analysis

Wider ICT use set to transform key industries in Sri Lanka
OBG
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Policymakers are in the process of developing Sri Lanka’s first Digital Economy Strategy in an effort to harness technological innovation to boost productivity across sectors and promote inclusive growth. Development of the strategy, which began in 2017, is being spearheaded by the Ministry of Digital Infrastructure and Information Technology in partnership with consultancy firm McKinsey…

Analysis

Sri Lanka's ICT sector launches a new brand to promote knowledge services
OBG
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Following a decade of substantial growth, the ICT sector in Sri Lanka is ready to participate in the fourth industrial revolution and compete in the digital age. In 2018 it launched a new brand – Island of Ingenuity (IoI) – to promote knowledge services. Created by the Sri Lanka Association for Software and Service Companies (SLASSCOM) and endorsed by the Export Development Board, the Information…

Overview

The world gears up for the next industrial revolution
OBG
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The global economy is entering the Fourth Industrial Revolution (4IR), or Industry 4.0, based on the application of new digital and automated technologies in production processes and service delivery. These changes are bringing emerging markets improved productivity, as well as risks – namely, reshoring and the displacement of human labour by automation. Wealthier emerging markets, such as…

Overview

Efforts are ongoing to promote Sri Lanka as an alternative manufacturing destination
OBG
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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…

Overview

Large shopping centres and e-commerce find opportunity in Sri Lanka
OBG
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Sri Lanka’s retail sector has evolved into a powerful driver of growth and opportunity. Over the last decade, fast-paced urbanisation has enticed significant investment in commercial real estate. As such, modern outlets are gradually replacing small informal merchants. While traditional vendors still play an important role in the market, modern convenience stores, hypermarkets and malls are…