Background
Sri Lanka is a lower-middle income developing nation with a gross domestic product of about $50 billion (official exchange rate). This translates into a per capita income of $5,100 (purchasing power parity). Sri Lanka's 91% literacy rate in local languages and life expectancy of 75 years rank well above those of India, Bangladesh, and Pakistan. English language ability is relatively high, but has declined significantly since the 1970s.
Despite a brutal civil war that began in 1983, economic growth has averaged around 5% in the last 10 years. Due to the global recession and escalation of violence during the final stages of the war, GDP growth slowed to 3.5% in 2009 and foreign reserves fell sharply. Business confidence rebounded quickly with the end of the war and an International Monetary Fund (IMF) agreement in July 2009. Consequently, Sri Lanka recorded strong growth in 2010, as GDP grew by 8%. Official foreign reserves, including borrowings, reached $6.6 billion (5.9 months of imports). The post-war economic re-integration of northern and eastern provinces has boosted agriculture and fisheries, although a large area of agricultural land was damaged by floods in early 2011. Reconstruction of the war-damaged areas as well as infrastructure development throughout the country is also fueling growth. Tourism has rebounded strongly to record levels. Exports grew by a healthy 17% in 2010. Foreign remittance inflows from Sri Lankans working abroad swelled to $4.1 billion in 2010 from $3.3 billion in 2009. The Colombo Stock Exchange was the second-best performing market for the second year in a row. Inflation, which had reached double digit levels during the war years, was around 7% in 2010. Inflation pressures are building, and inflation reached 8.6% in March 2011. Foreign direct investment (FDI) remained relatively low in 2010 at about $450 million. The FDI target for 2011 is $1 billion, including investments in the tourism sector.
Holidays
Jan 14 - Tamil Thai Pongal Day
Jan 21*- Eid al-Adha (Hadji Festival Day)
Feb 4 - Independence Commemoration Day
Feb 7 - Mahasivarathri
Mar 25 - Good Friday
Apr 13-14 - Tamil and Sinhala New Year
Apr 21* - Milad un-Nabi (Birth of the Prophet)
Apr - 25-26 Vesak Poya Days
May 1 - May Day
Nov 12 - Deepavali
Nov 14-16* - Eid al-Fitr (End of Ramadan)
Dec 25 - Christmas Day
Ps: (a) Although not official public holidays, Poya holidays are often observed on the day of each full moon. In general, Hindu and Buddhist festivals are declared according to local astronomical observations and it is often only possible to forecast the approximate time of their occurrence. (b) Muslim festivals(*) are timed according to local sightings of various phases of the moon and the dates given above are approximations.
Phone Codes
Country Code: 94
Outgoing International Code: 00
Resources
Market Research
CIA - The World Factbook - Sri Lanka
This website indicates a wide range of detail information about Sri Lanka by introducing under 8 different fields as its geography,people, government, economy, communications, transportation, military, transnational issues.
About Sri Lanka
There is available to find out Sri Lanka's general outlook on the issues of its social and business profile, passport/visa, money, accommodation, government, duty free, health and so forth.
Sri Lanka Business. net
It is the Sri Lanka's business webpage that provides searchable listings for business, exports, imports and trading organisations in Sri Lanka.
Sri Lanka Export Development Board (EDB)
The Sri Lanka Export Development Board(EDB) is the premier state organisation dealing with the promotion and development of exports. This online portal is primarily for overseas investors to discover SriLankan products and for local vendors to expand their businesses globally.
Sri Lanka Business Online
It is available to find out a number of information about Sri Lanka's economy, finance, offbeat, utilities, ICT, transport and so forth.
Sri Lanka Online Local News
This news portal enables to get the news about Sri Lanka in terms of politics,e-commerce, money and so forth.
Sri Lanka Business Profile
Hsbc.com analyzes the business profile of Sri Lanka to come up with comprehensive information about business & investment climate, investment policies, incentives, zones, trade regulations, taxation, exchange control and so forth in Sri Lanka for investors looking for business and investment opportunities in Sri Lanka.
Business in Sri Lanka
Kasbah.com makes the list of the companies, organizations, resources which assist to potential investors for their business networks in Sri Lanka.
Sri Lanka Yellow Pages
It is available to find out category-wise listings of business in Sri Lanka, including telephone numbers and postal address.
OPIC Links - Investor's Information Gateway for Sri Lanka
There is available country database information links which are efficient for the new investors planned to do business in Sri Lanka including the contact lists of the institutions, organization related to Sri Lankan business.
Trade Information
Sri Lanka Business Development Centre
This organization is committed to providing a comprehensive package of professional services in areas crucial to the development of enterprise, business, commerce and industry in Sri Lanka.
American Chamber of Commerce in Sri Lanka
The main objective of this organization is to stimulate, develop, promote, foster and facilitate commercial industrial economic and business activities in and between the Sri Lanka and the United States of America.
Trade Chambers of Commerce of Sri Lanka
There is listed the Trade Chambers of Commerce of Sri Lanka including their contact information.
National Chamber of Commerce of Sri Lanka (NCCSL)
It is the official website of NCCSL that mainly aims to be the leading source of services and assistance to businesses countrywide for promotion of domestic and foreign trade operated in Sri Lanka.
Sri Lanka Online Government
It is the official website of Sri Lanka government that represents the national organizations, ministries, government institutions and so forth in details.
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