Since ancient times, Sri Lanka, known as the “island of ingenuity,” has been praised for its capacity for invention, inventiveness, and problem-solving. Sri Lankans had been at the fore in offering straightforward answers to complex problems, from complex technical solutions to the construction of enormous tanks and the invention of scalable solutions.
Today, Sri Lankans’ innate inventiveness is manifested through their cutting-edge ICT inventions. Also, the Sri Lankan ICT metal is responsible for the developments that drive global stock markets, telecommunication networks, and transportation systems in Europe and the UK.
The country’s second-largest export is ICT services. There are currently more than 500 enterprises in Sri Lanka’s ICT sector, which services some industry sectors. These include media, healthcare, manufacturing, retailing, transportation, travel and leisure, banking, apparel and textiles, and a host of other industries.
The sector is adamant about adhering to international labor and environmental norms. This nation’s ICT industry is one of the most lucrative sectors to date. This is because of a highly skilled labor pool and cost-effective operational capabilities (cheap real estate, wages, and living standards).
Development
While Colombo’s stunning skyline also serves as a metaphor for the nation’s quick development, Sri Lanka is known as a paradise island for its culture, panoramic nature, leisure, and food. When that time comes, Sri Lanka will be known for its preferred ICT Center of Excellence in Asia, which is yet another thrilling, notable characteristic.
The world continues to become smaller because of information and communication technology (ICT). This nation is becoming the preferred ICT location in the globe as major players struggle to meet the demand on a global scale. Thanks to the availability of the most valuable resource in the world, talent, the island is steadily changing into the most preferred ICT hub in Asia. In 2022, it surpassed oil as the second-largest export earner for the nation.
There are currently more than 500 enterprises in Sri Lanka’s ICT sector, which services some industry sectors. These include media, manufacturing, retailing, transportation, travel and leisure, banking, financial services and insurance (BFSI), apparel and textiles, healthcare, manufacturing, and many more. Sri Lanka’s success in ICT exports may be seen in the outstanding annual growth pattern. With a workforce of more than 120,000, the export revenue of this industry increased from US$ 166 million in 2006 to US$ 1.2 billion in 2021. This has had a tremendous impact on the expansion of the Sri Lankan economy with over 90% value addition and high-paying jobs.
Export products
Sri Lankan ICT firms export software to countries and areas including the United States, the European Union, Australia, East Asia, the Middle East, Africa, and the Nordic region. Their primary specialties include enterprise resource planning (ERP), high-end R&D, infrastructure outsourcing, cloud technology, mobile applications, and numerous other business solutions. Some Fortune 500 firms from the United States, Ireland, the United Kingdom, Australia, and Sweden use this nation as a development center. Also, joint venture development companies from Sweden, Norway, the United States, Japan, etc. use Sri Lanka as an offshore development center. Sri Lanka welcomes 100 percent international investment, and the constitution ensures the security of such investments.
ICT
With approximately 300 enterprises now operating, the Sri Lankan ICT sector provides services to several industry verticals. Sri Lanka’s ICT industry is one of the most lucrative sectors to date because of a talent pool with a high level of skill and efficient operating capabilities.
The sector has highly skilled and highly productive professionals and is extremely competitive. Additionally, the nation boasts a multilingual and multicultural citizenry that easily understands western traditions. There are no political or terrorism risks in the nation.
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