Business Opportunities in Sri Lanka

Business Opportunities in Sri Lanka

With the conclusion of the 30 years’ Civil war in Sri Lanka, the world and the Sri Lankans, themselves have notified the emerging business opportunities in Sri Lanka.

Sri Lanka’s economy is worth $81.32 billion as at records of 2016 and the country’s per capital GDP is about $11,068.996. Throughout the past few years, Sri Lanka has showed a strong growth in the economy. According to the analysis of World Economic Outlook, Sri Lanka’s real GDP growth is 4.7 and that is a good percentage among the Southeast Asian countries because, the average of Southeast Asia is 5.1.

Because of the open economic policies of Sri Lanka, investors, offshore business entities and the local business entities has a comfortable corporate environment, comparing to most of the countries in the globe.

The blooming up new business opportunities in the nation are;

01. Tourism

Tourism, is one of the main targeted and rapidly developing industry in Sri Lanka. Every year, several thousands of tourists from varying locations visit the country to behold the major tourist attractions. The beaches, the heritage sites with the ancient interior of the country and resorts located in the country’s mountainous regions as well as in different cultural locations has magnetized the tourists towards the island. So, the innovative business brains can make lots of profit from any business that caters to tourists.

02. Information technology

As many countries, individuals and businesses discover more ways to make life easier with IT and its various applications, the demand is booming in Sri Lanka for professionals that offer IT related services such as database management, data and information security and so on. Sri Lanka is capable of providing the suitable work force for the requirement as the Sri Lankan youth is more in to the IT field. So, if an investor and businesses that operates under solid background in anything related to IT, can trade their skills for money in Sri Lanka.

03. Agriculture

Agriculture is one of the most important sectors of Sri Lanka’s economy, with a 12.8% contribution to the country’s GDP. The country produces and exports agricultural products like rubber, tea, coconuts and tobacco. So, someone with a keen interest in agriculture, can start cultivating tea, rubber, coconut palms and tobacco plant. There is no limit to the profit that can make from this business because, the businesses have both local and foreign markets to cater to.

04. Construction services

With new buildings and facilities being constructed in Sri Lanka, there is huge demand for the services of experts such as architects, structural engineers, electrical engineers and other professionals. So, if a resourced person with the background in any of these specialties, can make lots of profit in Sri Lanka by demonstrating the skills and expertise.

05. Apparel

Sri Lanka is among the top apparel-producing countries in the world relative to its population. Currently Sri Lanka is exporting apparel to various countries like United States, The United Kingdom, India, Germany, Italy and etc. If an investor or a manufacturer with competencies to maintain the quality and the necessary capital this will be a great opportunity for massive profit gains.

06. Real Estate

This business sells well in virtually every country, even in countries with harsh business climates. In Sri Lanka, there is more favorable market for the service providers that can offer land and housing property for lease and for sale to individuals and businesses.

07. Petroleum

While setting up a refinery in Sri Lanka would require a capital much higher than what the average individual investor can afford but, this would be a very smart business move for corporate investors. As an individual investor, however, can still tap from the “juice” in the petroleum industry by selling petroleum products to consumers.

08. Food items and beverage

The demand for food in Sri Lanka is much more than the supply by local farms. This has necessitated the importance of importing foodstuff from neighboring countries. In fact, foodstuff is one of the most largely imported commodities in Sri Lanka. There are huge opportunities for investors who import food from neighboring countries and sell them locally in Sri Lanka. This business is easy to start, as it usually requires little capital.

09. Pharmaceuticals

With increasing health awareness among Sri Lankans, Pharmaceuticals has become a booming corporate opportunity for businesses. In recent years, the pharmaceutical industry in the country has grown tremendously. If a business or an entrepreneur have enough capital to set up a pharmaceutical company, it will be a great opportunity to make lots of profit in the long term. But if your capital is low, you can start small by buying pharmaceutical products as a wholesaler or retailer and selling to consumers.

10. Textiles and fabrics

Textiles and fabrics are imported into Sri Lanka due to the huge demand for these products. As an investor, you too can start a business that imports these products from countries like India and Turkey and sell them in the local market.

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