Many global companies have been operating in Sri Lanka for decades. Sri Lanka occupies a strategic location adjacent to the main East-West sea lane. Sri Lanka is putting in place a strong foundation upon which rapid economic growth can be achieved. With limited formal retail penetration, Sri Lanka’s modern supermarket-hypermarket segment is among the fastest-growing sectors, with supermarket penetration increasing from 5% in 2005 to around 8% in 2012. Singapore is a modern peaceful country envied internationally for many areas from finance to education to logistics. The above three factors are contributing to a sense of resentment that ordinary Singaporeans are no longer being placed first by the government. As one of the fastest growing agency in the region, we are committed to deliver to the best of your satisfaction. “The point I want to make is that Singapore is much smaller, so it is much easier to manage compared to Sri Lanka, which is larger; the economic miracle we had was very specific. Sri Lanka provides some ICT & BPO facilities for business entities that have set-up their operations in the island. You have to identify the best of the young people. 2014 World Cup: Cristiano Ronaldo may be a go for Portugal-Ireland at MetLife Stadium. Specifically, Sri Lanka shows unique expertise around building intellectual property and software engineering, at a higher value-added segment of the market. He noted that pursuit of excellence was another reason. “But Sri Lanka is coming at it from a different perspective, as it is obviously smaller, but also has a strong legacy in engineering.”. Over 450 acres of land is being reclaimed from the sea adjacent to downtown Colombo to created ‘Colombo Port City’ in a $15 billion project. This is felt on a daily basis by locals and expats alike who are paying more for every day expenses from food to travel. According to the report “Singapore offers the most conducive business and innovation environment worldwide and the second most digital-ready workforce (2nd, behind Finland.) According to Sri Lanka Tourism Development Authority, we have reached above two million tourist arrivals in the year 2016 giving us a net receipt of over US Dollars three and half billion as a whole. Step forward to today and it is Singapore that has the foreign exchange reserves, amazing infrastructure, world renowned education and it is Sri Lanka that is recovering from a period of war, a civil war between the Sinhalese majority and the Tamil minority located in the North of the island. Whilst Chinese investment may be one of the factors now hurting Singapore, it has certainly propelled Sri Lanka and looks destined to continue to support the island's expansion. We are a leading web development agency in Sri Lanka, serving clients across industries for the last decade. According to the Economist Intelligence Unit, the cost of living in Singapore has soared. Whilst the low paying garment and textile industries remain strong in Sri Lanka, the higher value software and business processing industries are expanding … Sri Lanka acts as an off-shore development centre and joint venture development centre to several Fortune 500 companies and industry leaders from the North American continent, Great Britain, Australia, Sweden, Norway, and Japan. Because of this complexity in the construction industry there is a greater potential for IT and many countries are now implementing to extend beyond productivity gains to strategic applications. This helps us to think out of the box and push the boundaries continuously. Enifs is a diversified IT service provider based in Sri Lanka with range of products and services. Takas.lk. We had to innovate in order to survive. So the big question is whether Singapore has reached the peak of its potential, at least for the time being? Further expressways are planned linking Colombo with the North and East. Highlighting the possible causes of Singapore’s success, Prof. Kee noted that the prime reason was the country having a stable and efficient government very early on. Moreover, the PAP overall share of the vote fell to just over 60 per cent. At the inauguration session held, US Prof. Kee has stated that if Sri Lanka is looked at as a small nation when taking into account its size, Singapore in that same view will be non-existent. Dinnis stated that Singapore is showing signs that its extraordinary growth of recent years may be reaching an end as it reaches its 50th birthday while Sri Lanka is putting in place a strong foundation upon which rapid economic growth can be achieved. Just like that!” ‘’Sri Lanka’s largest lifestyle store.’’ Lahiru Pathmalal … It was the immigrants who brought the best of ideas for us to develop.”. The international airport at Colombo is being upgraded and a new international gateway in the South of the island was recently opened. China recognised the strategic importance of Sri Lanka and has been the largest investor in its infrastructure expansion. Access is one of Sri Lanka’s fastest growing conglomerates. Sri Lanka is keen to further develop its logistics sector, by attracting further investments in integrated and high value-added services to international trading and transporting companies. Sri Lanka's F and B industry now fastest growing sector. 6. It isn't just money that is flowing from China either, tourists from China increased 137 per cent in the first half of 2014 to over 52,000. The country is planning to take advantage of this strategic location by expanding its Southern Port at Hanbantota and at the capital city of Colombo. Tourist numbers are increasing by over 20 per cent per annum and the national airline has recently joined the One World Alliance. Trackme. Official figures show three consecutive quarters of decline. Sri Lanka - Sri Lanka - Industry: Sri Lanka’s mineral-extraction industries include mining of gemstones and graphite; excavation of beach sands containing ilmenite and monazite; and quarrying kaolin, apatite, quartz sand, clay, and salt. The highly diversified landscapes and natural attractions in Sri Lanka have been welcoming a growing number of visitors to the country. Ranked among the Top 25 Global Outsourcing destinations by AT Kearney and among the Top 20 Emerging Cities by Global Services Magazine, the Sri Lankan environment is highly conducive for allowing global enterprises to enjoy premium access to a high quality talent pool for small to medium scale engagements whilst establishing high-in-demand niche competency centers. The dominant players in the sector include Cargills Food City, Keells Super, Laugfs Sunup, Arpico, and Lanka Sathosa. You can see that all of the startups mentioned above are local ones thriving its way to reach the utmost level of success in your satisfaction within your expectations. ”All set to buy. Also, when adapting international lessons to local context, it ensured that only the best practices, knowledge and technology were selected. 4. Colombo has a well established road network with a quality supply of power, modern office facilities and a well developed set of support infrastructure services. Sri Lanka has an open market economy and is the first country in South Asia to liberalize its economy. For centuries, Sri Lanka has been a popular place of attraction for foreign travelers. Sri Lanka is emerging as a global ICT destination of choice in number of key focus domain areas. The population has increased from three million in 1990 to its current level of nearly 5.5 million. The enormous tourism potential of the country is being supported by new hotel. A mere nine years before Singapore independence, LKY stated that Singapore should aspire to being like Colombo. Sri Lanka’s textile sector is one of its fastest-growing sectors which contributes 6% percent to its GDP and 40% to exports. It had two universities, foreign exchange reserves, a strategically critical location and enviable infrastructure owing to its position as a key Allied HQ during the war compared to Singapore which had been occupied by the Japanese. The top startups for Sri Lanka in Startup Ranking featuring startups/companies like Ikman.lk, Roar Media, PayHere, Wasi.lk, IdeaBeam, XpressJobs, Teer Teer Results. Trackme is another local startup that is built to track everything connected online … It helps to diversify and commercialise farming; enhance … Whilst not dramatic, once again, specific evidence is that sellers that need to sell are having to accept much more dramatic reductions and even new condos are being offered at discounts in excess of 10 per cent. ? Today, Westgate Interiors is the market leader in corporate interiors, combining cutting edge … Get Started Speak with a Panjiva account executive about Sri Lanka Trade Data. Sri Lanka has identified offshore resources of oil and gas which is now attracting interest from exploration and production companies. Canadians celebrate 150 years as a nation, Top Online classifieds advertising web sites in Sri Lanka. Following 30 years of civil war that ended in 2009, the economy grew at an average 5.3 percent during the period 2010-2019, reflecting a peace dividend and a determined policy thrust towards reconstruction and growth; although growth … At one time Singapore was considered a hot house for production in the South East Asia since it was cheap. Of course, this has led to tension with India, for whom Chinese influence is less attractive. Sri Lanka enjoys a wealth of natural resources. Retail is another growing sector in Sri Lanka. Sri Lanka’s inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI) , rose to 3.6 percent […], Sri Lanka Army in the new year will continue the restructuring process it started following the end of the war […], Mother’s nutrition before she becomes pregnant is ‘super-critical’ Nutrients needed to make chemical changes that affect DNA include vitamins B2, […], Sri Lankan jewels are making their presence felt on the global markets. The success of Singapore may be attributed to one of the world’s best ranges of government online services and e-participation tools, among other factors . Access is one of Sri Lanka’s fastest growing conglomerates. The world understands talent and they will keep them away from you. The country is located in the area of the Indian ocean. While the latter has a GDP of $ 276,520 comparing to Sri Lanka’s GDP of $ 59,423, Kee noted that the nation, which has been through three decades of war, is now growing at a much faster economic growth rate. The top 10 fastest-growing companies in Sri Lanka have increased their revenue by as much as 29% over the last 12 months, compared with the average FMCG value growth of 11%. The growing ICT industry in Colombo offers a unique advantage for Small and Medium Enterprises (SME) to enjoy premium access to a high quality talent pool, which is becoming increasingly challenging in large established destinations such as India and China. (adsbygoogle = window.adsbygoogle || []).push({}); RE: What do you think about the private medical university issue in sri lanka. Chancellor Angelika Merkel, Worlds Largest Blue Whale colony – Discovered in Sri Lanka. The research also draws out recommendations for strategic use of IT and suggests an IT framework for Sri Lankan Construction Industry. House prices are falling. Most of the people in Sri Lanka use English, Tamil, and Sinhala for communication with each other. Its important to develop strategies to improve each pillar. Car ownership in Singapore is now exclusively a luxury. The total tourist arrivals to Sri Lanka in 2018, amounted to more than 2.3 million, which welcomed 2.17 million in 2017. Housing rental yields are collapsing. The highly diversified landscapes and natural attractions in Sri Lanka have been welcoming a growing number of visitors to the country. Asia is home to 50% of world's fastest growing companies Tencent leads 1,679 'ten baggers' and India emerges as top incubator, data show Tencent scored a … In the past, expat talent was largely productive, attracted by jobs or the opportunity to build businesses in a key economic hub. Two island nations with strategic locations and significant Chinese investment but high economic growth is more likely in Sri Lanka over coming years than in Singapore.”, - Fraser Dinnis - Investment Banking and Equity Markets Specialist - ‘Sell Singapore, Buy Sri Lanka’. Let's go back to 1956 when the father of Singapore, Lee Kwan Yew first visited Colombo, the capital of Sri Lanka. Foreign businesses and business people are leaving Singapore. In addition, a concessionary rate of income tax of 15% up to a maximum period of 20 years is also extended after the tax holiday period. Classifieds advertising web sites in Sri Lanka has emerged as the most preferred hub! 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