Are you interested in starting a business in Sri Lanka? Or are you looking for business opportunities in Sri Lanka? If yes! You are at the right place. This article will explain various types of business opportunities available within the country.
In 2012 the IMF estimated the economy of Sri Lank which is $64 billion and its per capita GDP stands at $7900. In recent years the country has strong growth in terms of GDP and currently, its per capita is ahead of many other countries in South East Asia. According to the World Bank report, Sri Lanka currently ranks 81st on the ease of doing business. Thus, it does not rule out the facts that there are many business opportunities in the country.
Let now look at some business sectors, where potential entrepreneurs can invest their money to meet their business goals and objectives.
This is one of the important business sectors of Sri Lanka. Agriculture sector contributes about 12.8 % to the country’s GDP. The country produces and also exports agricultural products like tobacco, rubber, tea and many more. There is a great opportunity of investing money in this sector.
However, it is recommended to spend times in researching the market demand for specific agricultural products. Depending on your business plan & investment capital, there are various kinds of agricultural business ideas. Agricultural business can come in handy if you can export the products in country. a significant amount of money from this business if you can promote your business service.
Export Business opportunities in Sri Lanka is so promising. From 2016 to 2017 the export of the country rises by 11.3 %. It is estimated that Sri Lanka exported 11.7 billion-dollar worth of products in 2017. According to the Central Intelligence Agency’s World Factbook, 21.3 % of Sri Lanka’s GDP comes from exporter goods and service. Tea is considered as one of the most valuable export products of Sri Lanka, while other products like rubber, women’s clothing and refined petroleum oil earn a significant amount of revenue from the international market.
Besides it also exports electric machinery, gems, fish, ships and many other accessories. Countries around all over Asia purchase approximately 33.4 % of Sri Lanka’s export products. The European countries, purchase 31.9 % and North America purchase 28 %. However, only a small percentage of Sri Lankan export product purchase by Africa, Oceania and the Caribbean.
Information Technology Business
Sri Lanka’s information technology market is enormous. Day by day Information Technology markets is growing in the country. There are many online business opportunities in Sri Lanka such as software development, database management and so on. However, if you have a solid background that is related to information technology you can start a business in this sector.
Many foreigners have taken advantage of the online business opportunities in Sri Lanka by starting a computer repairing and maintenance firm, a computer assembling business, computer training institute, etc.
Others have opened eCommerce stores & internet marketing consulting firms. Some have established IT companies, mobile app making business, SEO consultancy firms and web design agencies. The IT industry is enormous, you need to choose the right niche that you are expert.
Real Estate Business
Real estate is one of the top trending business in Sri Lanka. There are many opportunities in the real-estate business. However, this business is not for people with low investment capital. Real-estate business needs more capital to start than other types of business. If you have a civil engineering certificate, you can also establish an architecture firm. If you don’t have enough money to start a real estate business than you can set up a real-estate agent company.
On the other hand, you can also start a construction cleaning, construction project management or start a house painting firm. You can link up with other real-estate company and provide them with your service.
Smartphone and Cell Phone Repair Business
Smartphone and cell phone repair business is growing exponentially in Sri Lanka. Day by day the number of smartphone users is increasing in the country. This is why there is a great business opportunity in this sector. This type of business can not only repair and fix cell phones and smartphones but also other electronic products.
Before you begin your cell phone and smartphone business, you should have a unique business plan to beat other competitors. Once you register your business, you should obtain the necessary business licenses to operate your business legally. You can make
Other Business Opportunities
Beside above-mentioned business, there are more business sectors with good business opportunities. Such as:
- Telecommunications Industry.
- Insurance & banking company.
- Tourism Business.
- Shipping business.
- Clothing & textiles Industry
To be successful in any business requires– right business plan, innovation and strategy. There are various types of business opportunities in Sri Lanka that we have already discussed, all you need to do is to choose the kind of business where can apply your knowledge and strategy. Well, now you can check about obtaining a visa to Bangladesh as a Sri Lankan citizen.
However, for conducting your business legally in Sri Lanka, you need to register your company/business. Many foreigners want to set up a business in Sri Lanka, but do not know the complete procedure of company registration. To help them out with company registration process S&F Consulting Firm is always there. S & F have experienced professionals who will handle all the paperwork for company registration in Sri Lanka.