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.
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