Sri Lanka to Raise $10bn from Ten Industries. IT/BPO, Clinical Trials and Research among Them

10th July 2010, www.dailynews.lk, By Harshini Perera

The Government is looking at ten industries in Sri Lanka that will earn US$ one billion each in the future. IT/BPO, clinical trials and research industries are a few among the ten industries that have been earmarked as main export income earners of the country.

These industries can drastically change the nature of exports of the country, Finance and Economic Development Ministry Secretary Dr. P.B. Jayasundera said.

Speaking at the breakfast meeting forum on ‘IT BPO an enabler in the insurgence of Sri Lankan economy’ he said the Government has created a cluster with all authorities involved in getting these ten industries to target over US$ one billion. The present taxation needs to be revised to a justifiable tax system, Dr. Jayasundera said. “The medium level term road map of the Budget presented recently will enable the country to achieve double-digit growth rate with the performances of these industries.”

The Government will not promote the export of raw material such as sand and minerals if they are not value added.

He said funds that were allocated for military operations can now be utilised for development projects such as ports and irrigation projects such as the Moragahakanda irrigation project.

“As the IT BPO industry expects a growth of 6 percent in the coming years, the Government will encourage it with the availability of electricity, ports and technology. It is the industry that can be taken to the rural level as it was done with the apparel industry,” Dr. Jayasundera said.

“The IT BPO industry in Sri Lanka is recognised as a hub for financial accounting and outsourcing while it has the most versatile labour in the region,” Virtusa Vice President and General Manager Madu Ratnayake said.

Sri Lanka will be a niche market and entrepreneurship of young industrialists has to be taken into consideration. During the next 10 years, we want the IT/BPO industry to become the number one revenue earner in Sri Lanka.

It has been decided to hold a IT BPO Quality Summit in 2010 to create global attention towards Sri Lanka,” SLASSCOM Chairman Dinesh Saparamadu said.