The Top 10 Lanka Business News Stories of 2021
2021 has been a significant year for business in Sri Lanka. Amid the COVID-19 pandemic, the country has witnessed several major developments across different industries. Here are the top 10 Lanka business news stories of 2021.
1. Sri Lanka’s Economy on the Road to Recovery
Despite the COVID-19 pandemic, Sri Lanka’s economy has shown signs of recovery in 2021. The country’s Gross Domestic Product (GDP) growth rate reached 4% in the first quarter of 2021, driven by the agriculture, industry, and services sectors. The government’s vaccination drive and various stimulus packages have also helped support businesses and revive the economy.
2. Colombo Port City Project Progresses
The Colombo Port City project, a joint venture between Sri Lanka and China, has made significant progress in 2021. The project is expected to transform the country into a regional financial hub and attract foreign investments. The first building of the project, the Colombo International Financial Centre, is already under construction.
3. The Rise of Digital Banking
Digital banking has gained popularity in Sri Lanka in 2021, with many banks offering digital services to their customers. These services include online account opening, money transfers, and bill payments. The COVID-19 pandemic has accelerated the adoption of digital banking, with customers preferring the convenience and safety of digital transactions.
4. Sri Lanka’s First Satellite Launched Into Space
In April 2021, Sri Lanka’s first satellite, RAAVANA-1, was launched into space. The satellite was designed and developed by Sri Lankan engineers and is expected to enhance the country’s communication and technological capabilities.
5. The Expansion of the Apparel Industry
The apparel industry is a vital sector of Sri Lanka’s economy, contributing significantly to the country’s exports. In 2021, the industry has expanded to new markets such as Brazil, Russia, and Ukraine. The industry’s growth has also contributed to job creation, particularly in rural areas.
6. Sri Lanka’s First Waste-to-Energy Power Plant
In May 2021, Sri Lanka’s first waste-to-energy power plant was commissioned in Kerawalapitiya. The plant converts solid waste into energy and has the capacity to generate 10 megawatts of electricity. The project is expected to reduce the country’s dependence on fossil fuels and contribute to a cleaner environment.
7. The Growth of the Tourism Industry
The tourism industry has shown signs of recovery in 2021, with the government’s efforts to attract tourists to the country. Sri Lanka’s successful COVID-19 management and vaccination drive have also helped boost tourist confidence. The industry’s growth has contributed to job creation and foreign exchange earnings.
8. Sri Lanka’s First Ever Digital Stock Market
In July 2021, Sri Lanka’s first ever digital stock market, ‘1exchange’ launched in Colombo. The platform allows investors to trade shares in private companies, offering greater flexibility and accessibility. The exchange is expected to attract foreign investments and encourage entrepreneurship.
9. The Expansion of the Health Sector
The COVID-19 pandemic has highlighted the importance of the health sector in Sri Lanka. In 2021, the government has invested in the expansion of the health sector, building new hospitals, and upgrading existing facilities. The expansion has contributed to job creation and improved healthcare for the population.
10. Sri Lanka’s First Ever Satellite Campus of a Foreign University
In August 2021, Sri Lanka’s first ever satellite campus of a foreign university was opened in Colombo. The campus, a branch of Monash University in Australia, offers high-quality education in the fields of business, law, and engineering. The campus is expected to attract international students and contribute to the development of Sri Lanka’s education sector.
Conclusion
Sri Lanka has witnessed significant progress in various industries in 2021, despite the challenges posed by the COVID-19 pandemic. The developments in the economy, infrastructure, technology, and education have contributed to the country’s growth and development. As the year comes to a close, it is important to take note of these achievements and look forward to a brighter future for Sri Lanka’s business landscape.
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