Sri Lanka is an island country in the Indian Ocean, separated from the Indian mainland by the Gulf of Mannar. Sri Lanka gained independence from the British Empire in 1948, and English, classified as a Recognised Language, is widely spoken.
In the 19th century, Sri Lanka – or Ceylon as it was known – was globally renowned for its plantation economy, exporting rubber, spices and tea. Ceylon tea, a signature product of the island, remains a key export.
Since independence, Sri Lanka has undergone extensive reforms, and the country has transitioned to an industrial economy. In recent years the Sri Lankan economy has shown steady growth, and the country has emerged as one of the fastest growing economies in South Asia.
Today, services make up around 60% of GDP. Tourism, centred on the island’s rich heritage and spectacular beaches, is a key industry. Textiles, garments, rubber and rice are important exports.
In recent years, Sri Lanka has announced plans to develop a knowledge-based social market economy with a focus on exports. A central feature of this plan is the construction of the Western Regional Megapolis, a mega-city in the country’s southwest, to be completed by 2030.
Our local HLB team based in Colombo offers excellent services to local and international clients looking to do business in Sri Lanka.
Latest insights, case studies and news from across the network
HLB International Tax webinar EPS 8. Taxation challenges of Cryptocurrency
In episode 8 of HLB’s International Tax webinar series, our HLB panelists will guide you on the opportunities and challenges of using crypto-currency and the tax implications across different jurisdictions.
Managing trading profiles in the construction industry
Meeting key requirements under the IFRS to manage trading profiles can be challenging for those in the construction industry.
HLB Cross-Border Business Talks Podcast Series
An HLB podcast series in which we share our insights and ideas, and welcome guest speakers to keep you informed on cross-border business topics. We provide bite-size analysis on today’s...
Get in touch
Whatever your question our global team will point you in the right directionStart the conversation