Information Technology Enabled Services
Since the early 21st century Sri Lanka has gained a reputation as the ultimate destination for the provision of off-shore Information Technology (IT) Enabled Services including finance and accounting, legal, insurance, banking, and telecommunications. The growth experienced in the IT Enabled Services industry in the country offers a unique advantage for Small and Medium Enterprises (SMEs) to enjoy premium access to a high-quality talent pool, while providing a conducive platform for the establishment of high-in-demand niche competency centers for SMEs and even larger global services companies. Over the last few years, the industry has become a key growth driver within the service exports sector of the country. Furthermore, the positive domestic developments and gradual recovery of the global economic situation has created a conducive environment for growth of the industry’s workforce to over 85,000 people specializing in ICT related careers throughout the country. The sector boasts a workforce growth rate of over 20% year-on-year.
The continued growth in earnings from the sector over the last decade demonstrates the existing potential of this industry for investors. With a growth rate of 150% over the past five years, the sector is considered one of the highest growth areas in the economy. The export revenue of this sector grew four-fold from USD 244 million in 2007 to reach USD 926 million in 2017.
Sri Lanka exports software products and services to almost every continent in the globe and the country’s core competencies include automated application testing, infrastructure outsourcing, high-end R&D, Enterprise Resource Planning (ERP), Cloud Technology, Mobile Applications and many other technologically-driven Business Solutions. Sri Lanka also acts as a promising offshore development center for several fortune 500 companies from countries such as the USA, Ireland, the UK, and Sweden.
With the SEA ME WE 5 system, the latest upgrade to the fiber-optic cable in the SEA ME WE series capable of carrying 24 Tbsp., Sri Lanka has now been connected to its first 100 Gbps-plus submarine cable. With this global initiative, Sri Lanka, having multiple global connectivity options with a gigantic bandwidth capacity adequate to cater to the requirements for more than 25 years in the future, is placed in a position of strength and opportunity to attract investors for the IT Sector of the economy.
A result of these development is the target to achieve growth in the IT Enabled Services industry of Sri Lanka by 2022. To this end targets of generating a revenue of US$ 5 billion, increasing direct job opportunities by 200,000, and establishing 1,000 start-up IT companies have been set as attainable. The Board of Investment of Sri Lanka (BOI) is poised to offer our services to interested investors both local and foreign, to establish, set-up, create, and innovate business ideas and opportunities for investment in this sector of the country.
Investment in the Allied and / Ancillary sub-sectors:
- Information Technology Software - application development & maintenance, data base development services, website design & development, web hosting, virtual & wireless banking, distance learning and software testing
- IT Services - financial, professional, trade & supply, call center services and IT training facilities, consultancy, data management, finance & accounting, insurance, market research, legal services
- Business Process Management
- Knowledge Process Management