Sri Lanka, The ancient stone pillar of the future

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Special Report

Sri Lanka, the highest-ranked South Asian nation on the Human Development Index and South Asia’s second-highest per capita income

2022

Sri Lanka

This report was produced by One World Media

Sigiriya, the Lion Fortress of Sri Lanka. Photo by Dylan Shaw

The Ancient stone pillar of the future Despite recent challenges, Sri Lanka’s vast geographical, infrastructural and human advantages make it one of South Asia’s most resilient and strategic investment destinations.

The resilience we have as a nation is one of our most important assets. Sri Lanka has been through many challenges, but we always come back stronger”, assures Mr. Lakshan Madurasinghe, President of Sri Lanka’s American Chamber of Commerce. Like many countries in these post-pandemic times, Sri Lanka has experienced significant economic upheavals. However, what makes the country unique is its huge strategic potential to become one of South Asia’s main hubs for international investors. On the one hand, Sri Lanka’s strategic geographical position places it within a vast proximity market in South Asia and East Africa, with considerably reduced supply chain costs since most raw materials come from the region. Similarly, the country’s ports, shipping lines and major infrastructure developments like Port City Colombo enable it to bring forth large-scale investment projects. With an annual estimate of US $1.2 billion in terms of direct economic value, there is great potential to draw in different types of investors such as valuable travelers, luxury yacht marina, worldclass integrated resorts, high-end retail malls

and convention centers. “These advantages make Sri Lanka ideal for supply chain diversification and head office operations”, states Mr. Madurasinghe. Another factor that contributes to Sri Lanka’s resilience is the country’s elevated literacy rate, which makes it the highest-ranked South Asian nation on the Human Development Index, with a highly-skilled, English-speaking workforce. Moreover, the country is recognized internationally for its superior sustainability standards, particularly in the manufacturing and hospitality industries. As Mr. Madurasinghe explains, “when it comes to ethical practices in our manufacturing processes, we really are above. This set us apart from other countries in the region.”

A strategic location Located at the crossroads of major global shipping lanes, Sri Lanka has great potential as a gateway to India and a meaningful link in China’s Belt and Road initiative.

«if you partner with the right people along with the right long-term mindset, I believe you will find success.» LAKSHAN MADURASINGHE

STAFF Pablo Martinez Matosas CEO Stephanie Huertas Project, Marketing and Sales Director Ignacio Briones Vidal Business Journalist Maricruz Rojas Felix Creative Director and Designer Giangina Orsini Chief Editor Matias Godoy Writer Judith Miguélez Díaz Online Content Manager Jessica Bayman Copy Writer * Special Thanks to Sandra De Zoysa, Dileep Mudadeniya and Dr. Ravi Fernando.

In terms of trade partners, while Sri Lanka has an open approach to establishing commercial ties with countries like India, China, and several European nations, their relationship with the United States is of particular importance. Not only they are Sri Lanka’s main economic partner, receiving over 24% of all its exports, but in the future Sri Lanka expects to attract US companies willing to invest in the telecommunications, IT, BPO, tourism, construction, energy and financial sectors. Despite recent economic turmoil, Sri Lanka remains one of the region’s best investment opportunities. Like Mr. Madurasinghe says “if you partner with the right people along with the right long-term mindset, I believe you will find success.”

COLOMBO

Long history of international engagement Sri Lanka is member of the SAARC, the UN, the Commonwealth of Nations, the G77 and the Non-Aligned Movement.

Infographic by Maricruz Rojas

Stéphanie Huertas International project director.The world is my playground; we are ONE. Intrepid traveler, experiences collector, nature & people lover, a passionate person, soul-thirsty for adventures, cultures and art. stephanie@oneworldmediacorp.com

Main Data Capital: Colombo Population: 22,156,000 (2020 estimate) Total area: 65,610 km2 Life expectancy: 77.14 years GDP: $306.997 billion (total, 2021) Main economic sectors: tourism, tea and spices, textiles and apparel, rubber manufacturing, shipping, electronics, IT services Currency: Sri Lankan rupee (RS) Unemployment: 5.2% (2020)

Ignacio Briones Vidal Business journalist. Committed to discovering the opportunity hidden in uncharted territory.

ibriones@oneworldmediacorp.com

Promoting Sri Lanka’s investment potential The BOI actively contributes to attract and facilitate FDI, expand the country’s diversified service sector, and position Sri Lanka as a preferred investment destination.

Being at the crossroads of major global shipping routes, Sri Lanka has enormous potential to become the region’s next economic hub, with one institution playing a key role: Sri Lanka’s Board of Investment, BOI. By growing export-catalyzing FDI and expanding the services sector, the BOI “directly impacts economic growth and per capita income, creates direct and indirect employment opportunities, and boosts foreign remittances essential to stabilize the Sri Lankan currency”, assures Mr. Raja Edirisuriya, Chairman of BOI. To encourage foreign investment and facilitate business procedures, the BOI started revising the existing regulations regarding taxation, foreign exchange and trade; and implementing a Single Window Platform to streamline and ease the application process. “This platform will deliver simplification and transparency to project approval”, states Mr. Edirisuriya. Additionally, the BOI’s digitization is well advanced with significant improvements in customs handling, integration of the BOI’s visa recommendation system, and a comprehensive revamping of the BOI’s website. Furthermore, the BOI started building capacity and specific infrastructure in key sectors, like the textile and pharmaceutical industries, relocating the industrial areas to developing regions of the island; as well as promoting opportunities in ICT, electrical and electronic manufacturing and high-tech rubber products, to further expand the country’s value-added proposition and attract the right investors.

Pablo Martinez Matosas International relations specialist, journalist, father, and passionate entrepreneur with over 15 years of experience in worldwide markets.

pablo@oneworldmediacorp.com


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