Interview:Hiran Cooray In what ways is the country positioning itself as a luxury tourism destination? HIRAN COORAY: We have to focus on quality rather than quantity. If we only prioritise quantity, then our sector will not earn money and our natural resources will be depleted. In effect, we would only be subsidising travellers to come to enjoy the country and there would be no long-term benefits…
Interview:Lakmini Wijesundera How do you assess the potential of the ICT/ business process management (BPM) sector to make a greater contribution to the national economy? LAKMINI WIJESUNDERA: Sri Lanka’s ICT/BPM sector has much to contribute to the national economy. Several initiatives have been launched in recent years to give support to small and medium-sized enterprises (SMEs) and large…
Interview:Shyam Sathasivam With the country importing around 85% of its pharmaceuticals, what areas do you identify as most in need of investment moving forwards? SHYAM SATHASIVAM: There are no quick fixes in the health care sector, and the benefits of any alterations to policy tend to play out over the medium to long term. That said, one area to target would be the development of our diagnostic…
Viewpoint: John Wilson Sri Lanka outperformed most regional peers in the World Bank’s “Doing Business 2019” report in terms of trading across borders, though still lagged behind India. Sri Lanka was ranked 93rd, with India at 80th; Pakistan at 142nd; the Maldives at 155th; and Bangladesh at 176th. This needs to improve; however, it is true that several important legal developments have taken…
Sri Lanka is regarded as one of the best locations for clothing manufacturing in the Asia-Pacific region, driven by its proximity to major textile importing countries and the availability of cheap labour. The clothing industry also has a substantial presence, accounting for 30% of total employment within the manufacturing segment, and over one-third of industrial output annually, with more…
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…
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…
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…
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…
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.…
