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Business Market in Sri Lanka

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Title: Business Market in Sri Lanka


1
Business Market in Sri Lanka
2
Economic Growth
  • Sri Lanka has experienced huge economic growth
    since its independence in 1948.
  • In 1977 the government introduced a new program
    called the Liberalization Act designed to boost
    the manufacturing industry. Until around the
    1980s the main source of income for Sri Lanka
    came from its agriculture sector.
  • When the Liberalization Act was passed it
    attracted many new foreign investors and promoted
    the export of manufactured goods.
  • Sri Lankas manufacturing industry rose from 12
    in 1977 to 16 by the mid 80s.
  • The total labor force in Sri Lanka has increased
    from 5.8 million in 1991 to 8.3 million in 2001.

3
What is the Liberalization Act?
  • The Liberalization Act was designed to set up
    free trade zones and they gave huge tax cuts to
    foreign companies.
  • In todays market, Garments, textiles, and
    electronics dominate manufacturing industry.
    Around 70 of these workers are women.

4
Agricultural Exports
  • Tea, rubber and coconut are the three chief
    exports in commercial crops.
  • As you can see since 1977 the agriculture
    industry has dropped significantly. From Jan-Sep
    2003 they made 697.9(in millions) Us dollars from
    agriculture and 2941.6 from industrial.

5
Industrial Exports
  • Textiles and apparel account for half of the
    industrial exports(1897.4 US dollars in
    millions).
  • The second largest comes from the leather and
    rubber sector(290.6 US dollars in
  • millions).

6
Foreign Trade
  • In 2001 the United States was the largest
    purchaser of Sri Lankas exports accounting for
    64 percent of the total value.
  • Manufactured goods made up 75 of Sri Lankas
    total exports. In 1977 before the Liberalization
    Act it accounted for only 14.
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