Over the course of less than two decades, China has gone from being a minor player to being the world’s largest and most lucrative source of outbound tourists. In 2017 alone Chinese nationals made more than 131m trips outside of their national borders, spending approximately $300bn in the process. The growing volume and financial clout of Chinese tourists presents considerable opportunities…
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…
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…
This chapter contains selected listings of some of the country’s top hotels, contact details for embassies, ministries and organisations, helpful tips for business and leisure travellers and other useful suggestions for travel to Sri Lanka.…
This chapter examines the legal system of Sri Lanka, focusing on raising loans via the Active Liability Management Act No. 8 of 2018; liberalising foreign land ownership through the Land Restriction on Alienation Act No. 21 of 2018; the Nation Building Tax (Amendment) Act No. 20 of 2018, which covers tax exemptions and exemption periods; the Value-added Tax (Amendment) Act No. 25 of 2018; and the investigations…
Sri Lanka’s free, universal public health care system dates back to the 1930s. While the system is rooted in urban centres, public service provision has long since expanded into rural areas and is available island-wide, though concerns persist about the relative quality of these services beyond the major towns and cities. The Sri Lankan government has made a concerted effort to develop the education…
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 supporting…
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, from…
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 growth…
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…
