Home Business IT and Knowledge Services Industry Records a Growth of 7.2% – CBSL

IT and Knowledge Services Industry Records a Growth of 7.2% – CBSL

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Central Bank of Sri Lanka released its annual report for the year 2013 revealing statistics about the economic and the industry conditions of the country. As per the statistics provided by Central Bank of Sri Lanka, the gross inflows to the computer and information services sub sector increased by 7.2 per cent in the year 2013 which means that the industry has been growing at a significant rate. The annual report also reveals that the gross inflow from the IT, BPO and KPO industries account for USD 604 billion indicating that there is lot more to be done, in terms of achieving the industry revenue target of USD 1 Billion by 2016.

Nevertheless, the annual report of Central Bank of Sri Lanka acknowledges that Software and Information Technology Enabled Services (ITES) such as BPO and KPO  have emerged as a sector with high growth potential in Sri Lanka, generating significant inflows in 2013 compared to the previous year. Further, it also states that Sri Lanka has been able to win the ‘Outsourcing  Destination of the Year’ by the National Outsourcing Association (NOA), UK in October 2013 as a result of increased inflows to the country. In addition to these factors, Sri Lanka is recognized for having the ability to produce skilled human resources needed for Information Technology (IT),  BPO and KPO sectors.

Considering the activities of the government to support the IT, BPO and KPO industry,  the government has put  forward a proposal to facilitate corporate entities engaged in BPO services while offering a 5-year half tax holiday for the new companies who are establishing operations. In addition to this, a project proposal was made to develop an Information and Communication Technology (ICT) Zone at Hambantota as the emerging ICT Hub of South Asia.

Download the full report here

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Hajara is a former Program Officer at SLASSCOM (Sri Lanka Association of Software and Service Companies) and an MBA candidate of Staffordshire University - UK. She holds a BA (Hons) in Business Administration (First Class) from Staffordshire University - UK and currently pursuing studies on CIMA Strategic Level. Hajara is dreaming of a Sri Lanka with IT/BPM industry as the number one industry and she can be followed on Twitter via @hajara_. Views are personal.

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