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Overview

Increasing agricultural production and exports in Sri Lanka are key goals for sector
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A long-time economic mainstay and the country’s primary employer, the agriculture sector makes up 9% of Sri Lanka’s GDP and is a significant source of foreign exchange. With the exception of rubber, all of the country’s major agricultural exports saw growth between 2010 and 2015. Export earnings increased during the same period, with agricultural exports comprising around one quarter…

Overview

Sri Lankan government sets out plans for its tourism sector
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With sustained double-digit growth in visitor arrivals and burgeoning foreign exchange receipts, tourism is one of the most dynamic and robust sectors of the Sri Lankan economy. The country’s growing reputation is drawing visitors from an increasingly diverse range of markets to its pristine beaches, historical landmarks and adventure-packed outdoors. Building on this success, the government…

Overview

Sri Lanka's 2017 budget includes changes affecting tax regulations
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The much-awaited budget speech for 2017 delivered on many fronts, particularly revenue measures and tax administrative reforms, with an aim to improve overall business sentiment. The shift that was seen with most new revenue proposals was that they are now targeted at improving the direct tax contribution towards revenue. Unlike in 2016, some of the key revenue proposals have a greater chance…

Overview

Substantial number of key legislative changes under way in Sri Lanka
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The year 2016 saw significant developments in the legal reform sphere. The most fundamental development was without a doubt the enactment of the Right to Information (RTI) Act. Many commentators consider that the RTI Act will be transformational and will go a long way to making government properly accountable. Minimum wage legislation was enacted as well. Another very important bill of Parliament…

Overview

Steady premium expansion continues in Sri Lanka's insurance sector
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These are changing times for Sri Lanka’s insurance sector. Major regulatory moves over the last two years have seen much strengthening and consolidation, with these processes set to continue in the year ahead. Profitability remains high, particularly in the life insurance segment, while in the non-life segment a fiercely competitive environment is driving companies to find ways to differentiate…

Overview

Public and private facilities find their place in providing quality health care and services to residents in Sri Lanka
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Despite spending only a small percentage of its GDP on health, Sri Lanka is seen as a relative success story in South Asia. It has successfully tackled a raft of infectious diseases – from malaria to filariasis and rabies – that once ravaged its population, and created a public health system that provides inexpensive and quality care to all. Free universal health care is enshrined in the…

Overview

Major new projects pique investor interest in Sri Lanka's construction sector
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Across the island, a wide-ranging infrastructure development campaign is unrolling to expand Sri Lanka’s production capacity, efficiency and productivity, with the added aim of reducing regional disparity. Building and infrastructure projects are expected to strengthen the country’s economy, with the ultimate aim of achieving high-income, sustainable economic growth for all Sri Lankans.…

Overview

High growth rates attract foreign and domestic investors to Sri Lanka's real estate sector
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Referred to by one industry stakeholder as one of the most promising in Asia, Sri Lanka’s real estate sector is experiencing unprecedented levels of growth. Although Colombo’s high-end luxury property such as hotels, condos and retail outlets comprise the main draw, other areas – such as Galle and Colombo’s suburbs – are also receiving increased attention and investment from both…
Interview

Tilak De Zoysa, Chairman, Carson Cumberbatch: Interview
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Interview: Tilak De Zoysa Which sectors could offer the highest return and lead to sustainable growth in the country? TILAK DE ZOYSA: Sri Lanka needs to approach its development in a strategic, sustainable, socially responsible and coordinated manner. It is widely accepted that tourism is a sector that generates inclusive growth with a high trickle-down effect and makes a positive social impact.…