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myBIZ is a chamber dedicated to providing a platform for its members to share knowledge, and experience while promoting professionalism, best practices, and standards to foster growth and sustain business excellence.
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Sri Lanka’s agriculture benefits from a variety of climatic regions, allowing for the production of an extensive range of fruits, nuts, and vegetables. The country exports over 9,000 tonnes of produce annually, making it a significant player in the global agricultural market. Key exports include mangoes, pineapples, and cashews. The government actively supports sustainable farming practices, which further enhance the quality of Sri Lankan agricultural products.
Details...The apparel industry is a cornerstone of Sri Lanka’s economy, generating USD 4.86 billion in export revenue in 2023. Employing over 350,000 people, this sector accounts for approximately 41.82% of the national export revenue target of USD 8 billion by 2025. Sri Lanka is known for high-quality textile production, and its commitment to ethical manufacturing practices has positioned it favorably in the global market, appealing to environmentally and socially conscious consumers.
Details...Ceylon coffee has a rich history that dates back to the 18th century when it was introduced by the Dutch. The island's unique highland terroir imparts distinct flavor profiles to the coffee, characterized by unique notes and complex characteristics. This premium quality coffee is gaining recognition in international markets, making it an important export commodity.
Details...Sri Lanka has been celebrated for its spices for centuries, with a legacy that dates back to ancient trade routes. Ceylon cinnamon and black pepper are among the most renowned spices globally. The island's spices are sought after for their quality and flavor, and the country continues to be a vital player in the spice trade, reflecting its rich agricultural heritage.
Details...Ceylon Tea is famed for its unparalleled quality and variety, cultivated in the island's diverse tea-growing regions. The European Union's Surveillance Reports confirm that Sri Lankan teas are among the cleanest regarding pesticide levels, making them a preferred choice for health-conscious consumers. This reputation has helped the tea industry thrive, contributing significantly to export revenues.
Details...The construction sector is crucial for Sri Lanka’s socio-economic growth, producing a wide array of projects from residential homes to large infrastructure developments like roads, bridges, and power plants. With ongoing urbanization and infrastructure needs, this sector is poised for further expansion, driven by both local and foreign investment.
Details...FMCG manufacturing in Sri Lanka for export leverages the country’s strategic location along major shipping routes, facilitating efficient logistics. Competitive production costs arise from lower labor and operational expenses, complemented by government incentives for export-oriented businesses. The availability of a skilled workforce and abundant local resources, such as tea and spices, allows for the creation of unique products appealing to international markets. Growing global demand for diverse FMCG items enhances brand potential, particularly as sustainability becomes a key focus for consumers.
Details...Sri Lanka’s ICT sector generated USD 1.5 billion in foreign exchange in 2022, employing approximately 175,000 skilled professionals. With over 500 companies serving various industry verticals, the IT/BPO sector is ranked fourth among Sri Lanka's top exports. The country's strong educational infrastructure supports a steady pipeline of IT talent, making it well-positioned to cater to the global SMB market.
Details...Geographically, Sri Lanka holds a significant advantage as a gateway to the Indian subcontinent, providing access to South and East Asia, the Middle East, and Africa. This strategic positioning enhances its potential as a key entrepot hub, enabling efficient shipping and logistics solutions for businesses engaged in international trade.
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The manufacturing sector offers attractive incentives for foreign investors, such as tax holidays and duty-free trade agreements. Access to a skilled labor force and a cost-competitive environment make Sri Lanka an appealing destination for manufacturers looking to establish or expand operations. The focus on quality and innovation further positions Sri Lanka favorably in the global manufacturing landscape.
Details...Sri Lanka is rich in natural resources, with abundant potential for solar, wind, and hydro energy. The government has set ambitious targets, aiming for 70% renewable energy generation by 2030 and striving to become carbon neutral by 2050. Investments in renewable energy infrastructure are expected to play a crucial role in the country’s sustainable development.
Details...Sri Lanka offers travelers an exceptional combination of stunning landscapes, pristine beaches, and rich cultural heritage. Within its compact area of 65,610 square kilometers, the island boasts eight UNESCO World Heritage Sites, 1,330 kilometers of coastline, and 15 national parks showcasing diverse wildlife. The tourism sector is vital for economic growth, attracting visitors seeking unique experiences, including wildlife safaris, cultural tours, and beach holidays.
Details...With a long and colorful history, Sri Lanka is often referred to as Ratna-Dweepa, or Gem Island, reflecting its rich natural wealth. The gem industry is renowned for high-quality sapphires, topazes, and other precious stones. Sri Lanka's reputation in the global gem market attracts jewelers and buyers from around the world, further contributing to the economy.
Details...Sri Lanka has a well-established healthcare system, with over 1,500 healthcare institutions, including government hospitals and primary care centers. The government is committed to enhancing healthcare services, providing essential care to the population and ensuring access to quality healthcare.
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Sri Lanka has achieved a high level of financial inclusion compared to other South Asian countries. The financial sector encompasses a wide range of institutions offering services such as loans, savings, pawning, leasing, and remittance facilities. This robust financial framework supports economic activities and promotes growth across various sectors.
In summary, Sri Lanka's diverse economy, characterized by its agricultural richness, manufacturing potential, and growing service sectors, positions it as a promising destination for investment and trade. Each sector contributes to the overall economic landscape, making Sri Lanka a dynamic player in the global market.
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Lahore Chamber of Commerce Courtesy Visit to myBIZ Secretariat
Some pictures of the courtesy visit of the Lahore Chamber of Commerce Trade Delegation to myBIZ Secretariat last Thursday the 26th Sept 2024.
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150th myConnect Meeting
myConnect will be celebrating the momentous occasion of reaching the 150th myConnect Networking Meeting milestone on Wednesday the 18th of September 2024 at Mandarina Hotel Colombo 3 at 4pm.
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