Market Research in Sri Lanka
Sri Lanka is an island nation in the Indian Ocean.
Key Industries
The key industry in Sri Lanka is tourism. The country has many major tourist attraction sites. For example, the Golden Temple of Dambulla is the largest and best-preserved. Colombo Lotus Tower is another primary attraction site. The tower is 1,168 feet tall and overlooks the entire city of Colombo.
The textile industry is another leading sector in Sri Lanka. There are several factories around the country, which serve large, well-known global clothing brands.
Neighborhoods
Sri Lanka is a South Asian island lying in the Indian Ocean. Sri Jayawardenepura Kotte is the legislative capital in the southwestern part of the country, about five miles southeast of Colombo (the commercial capital). There are government offices and many people also live in this city.
Furthermore, Colombo is the commercial capital of Sri Lanka. It is also the most populous city. Colombo is a port city in the south of the country, which has one of the largest man-made docks in the world. This city is where most of Sri Lanka’s foreign trade takes place. One of the outstanding buildings in Colombo is the Clock Tower. Others include the Galle Face Hotel, St. Lucia’s Cathedral, and the Town Hall.
Trends
Sri Lanka faces many challenges. For example, it has high public debt that it must service. Still, the forecast is that the country will rebound. Global and domestic activity is strengthening. This turnaround is due to increased private consumption and low-interest rates. Exports will grow as demand increases in most major markets.
Money sent home from abroad and garment exports are Sri Lanka’s biggest foreign exchange earners. Tourism follows. The industry was in a slump due to recent terror attacks and the pandemic, but it has potential to grow and blossom over the next decade.
Also, the World Bank has been supporting Sri Lanka for a long time now. With private sector investments, the government will be in a better position to take care of the needs of the people.
Sri Lanka has also launched new deals with China in the Belt and Road Initiative, potentially opening up new infrastructure and trade deals.
Benefits and Strengths in the Market
Sri Lanka is a developing country where many people farm for a living. This sector contributes one-fifth of the GDP. Also, a quarter of the country’s people have jobs in that sector. Tea export and rice production are other income earners in Sri Lanka.
Consumer Base
Consumer spending has increased over the years in Sri Lanka. The personal saving of persons has also increased. People of Sri Lanka would rather have new and foreign products. Domestic goods and services are not as popular. Still, coming with a new and fresh entity can be a good move if marketed properly.
Reasons to Grow Your Business in the Market
Sri Lanka is one of the emerging global centers for business trade. Here are some reasons to consider doing business in this market.
Firstly, Sri Lanka’s location is excellent. It is at the midpoint of two major shipping routes: Asia and Europe. This location is great for doing business, and it is also useful because it enables companies to enter newer markets. They benefit from ease of shipping their products.
Besides, business owners in Sri Lanka have a free trade agreement with much of the world. This free trade agreement applies to both start-up and existing companies. Furthermore, there are no tariffs on the goods and services which they trade.
About Market Research in Sri Lanka
Would you like to start a business in Sri Lanka? SIS International does Quantitative, Qualitative, and Strategy Research for both start-up and existing entities. We also offer Focus Groups, Surveys, and Interviews. Market Research provides insight, data, tools and guidance for decision making. Please feel free to contact us to help set up your business in Sri Lanka.