OBG Sri Lanka report:Looks at steps being taken to encourage innovation and boost export earnings to USD20Bn in 2019

Mar 27, 2019 (LBO) - A new report from research and consultancy firm Oxford Business Group (OBG) shines a spotlight on Sri Lanka’s wide-ranging plan to achieve upper-middle-income status. The Report: Sri Lanka 2019 looks in detail at the steps being taken to encourage innovation across the manufacturing industry as part of the national strategy to boost export earnings to US 20 billion dollars this year.   It also explores the impact of new trade agreements and the EU’s decision to reinstate Sri Lanka’s Generalised Scheme of Preferences Plus status on export growth and the trade balance. Keen to capitalise on the title awarded by Lonely Planet of number-one travel destination in 2019, Sri Lanka is taking steps to expand its tourism industry and attract 3mn arrivals in 2019. OBG examines the country’s plans to channel funds into tourist infrastructure, diversification and marketing as part of its bid to boost visitor numbers. There is also coverage of Sri Lanka’s evolving energy industry, including plans to construct liquefied natural gas power plants and expand refinery capacity to meet rising demand and reduce the import bill.   In addition, The Report: Sri Lanka 2019 looks at the challenges that the country’s agricultural producers face from extreme climatic events, while considering the part that reforms and modernisation strategies could play in helping the sector to address low yields, productivity and profitability. The Report: Sri Lanka 2019 contains contributions from President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe and a broad range of private sector innovators and thought-leaders, together with a detailed sector-by-sector guide for investors. It also features a wide range of interviews with other high-profile personalities including: Ganeshan Wignaraja, Executive Director, Lakshman Kadirgamar Institute; Rajendra Theagarajah, Chairman, Ceylon Chamber of Commerce; Parag Khanna, Founder and Managing Partner, FutureMap; Indrajit Coomaraswamy, Governor, Central Bank of Sri Lanka; Champika Malalgoda, Director-General, Board of Investments; and Dilshan Wirasekara, CEO, First Capital Holdings. Commenting ahead of the launch, OBG’s Editor-in-Chief Oliver Cornock said that a raft of trade and policy reforms, together with additional support for Sri Lanka from the IMF, pointed to a bright outlook. “Internal political challenges have given cause for concern. However, fiscal discipline has been tightened, while the country’s efforts to maximise public sector revenue are also proving effective,” he noted. “With both exports and investment expected to rise in the coming months, Sri Lanka’s bid to boost growth and extend the benefits of economic recovery to more of its population looks to be gaining ground.” Patrick Cooke, OBG’s Regional Editor for Asia, added that the report had also highlighted the improvements made in the ecosystem for start-ups and digital companies, as part of broader plans to reshape the local economic landscape. “Sri Lanka is keen to encourage new businesses and entrepreneurial activity, especially initiatives using new technology and offering knowledge services,” he said. “With public infrastructure projects and private sector developments also strengthening business sentiment, 2019 looks set to be a pivotal year for the country.” The Report: Sri Lanka 2019 marks the culmination of more than seven months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the country, including those in macroeconomics, infrastructure, banking and others. The Report: Sri Lanka 2019 has been produced with the Board of Investments, First Capital Holdings and John Wilson Partners. It is available online and in print. Click here to subscribe to Oxford Business Group’s latest content: http://www.oxfordbusinessgroup.com/country-reports