Investment Opportunities in the ICT sector of Sri Lanka

Telecommunications, computer, and data services are the primary element of development within the services industry, delivering constant development in 2018. In 2018, total ICT revenues amounted to $995 million, roughly an 8.9% increase over the past year. The country launched the adoption process of fifth-generation (5 G) technology in 2018. Software suppliers in the United States have been effective in selling alternatives to private clients and some organizations in the public sector.

The country launched the adoption process of fifth-generation (5 G) technology in 2018. Software suppliers in the United States have been effective in selling alternatives to private clients and some organizations in the public sector.

The IT and company outsourcing industry in Sri Lanka tripled exports and doubled the workforce in just over five years. The sector has shown immense growth with over 120% recorded in the last five years, making it one of Sri Lanka’s highest growth fields and the fifth-biggest export segment. The IT/business process management industry in Sri Lanka envisages income of $5 billion, 200,000 immediate employment, and 1,000 start-ups by 2022.

The state-owned Agency for Information and Communication Technology (ICTA) is at the forefront of driving IT and implementing programs to guarantee IT development in both towns and villages. ICTA is engaged in an e-Sri Lanka initiative's five-pronged approach that includes building information infrastructure and enabling environment, developing ICT human resources, modernizing government and providing citizens ' services, leveraging ICT for economic and social development, and supporting Sri Lanka as an ICT destination.

In many relevant fields, Sri Lanka is also emerging as a preferred global IT Business Process Outsourcing (BPO) destination. In 2017, AT Kearney ranked Sri Lanka 11th among the world's top 50 outsourcing locations, moving up three slots from 2016.

The software industry in Sri Lanka generates world-class products and has grown substantially over the previous decade.  Many tiny and medium-sized U.S. businesses are developing software in Sri Lanka. The government is seeking to further create Sri Lanka as a base for IT, call centers, and outsourcing.

Sri Lanka's telecom industry is one of the most vibrant sectors in the country, contributing considerably to investment, jobs, productivity, innovation, and overall economic growth, both directly and indirectly. The telecommunications industry in Sri Lanka is overcrowded, with a population of 21 million serving five mobile operators. With the latest significant taxes on telecommunications businesses, the smaller companies are anticipated to exit or merge with the more significant firms.

VBS/AT/11102019/Z_TB2

To be continued..