What are the best small business investment opportunities in Sri Lanka? Are you interested in starting a business in Sri Lanka and you need business ideas? Then I advice you read on.
According to 2012 IMF estimates, Sri Lanka’s economy is worth $64 billion, and the country’s per capital GDP is about $7900. The country has most likely had strong growth in recent years. And in terms of GDP per capita, it is ahead of other countries in South East Asia.
Although Sri Lank ranks 81st on the Ease of Doing Business Rank, this doesn’t rule out the fact that there are many opportunities for investors to make money in the country. So if you have some funds that you are planning to invest in a business in Sri Lanka, then consider exploring any of these following ten areas, as they are the most lucrative in the country right now.
Top 10 Small Scale Business ideas & Opportunities in Sri Lanka 2020
As more individuals and businesses discover more ways to make life easier with IT and its various applications, the demand is booming in Sri Lanka for professionals that offer IT related services such as database management, data and information security, and so on. So, if you have a solid background in anything related to IT, you can trade your skills for money in Sri Lanka.
Tourism is one of the main industries in Sri Lanka. Every year, several thousands of tourists from varying locations visit the country to behold the major tourist attractions. These attractions are focused around the islands and famous beaches located in the south and east of Singapore, the heritage sites in the interior of the country, and resorts located in the country’ mountainous regions. So, you can make lots of profit from any business that caters to tourists.
The demand for food in Singapore is much more than the supply by local farms. This has necessitated the importation of foodstuff from neighboring countries. In fact, foodstuff is one of the most largely imported commodities in Sri Lanka. There are huge opportunities for investors who import food from neighboring countries and sell them locally in Sri Lanka. This business is easy to start, as it usually requires little capital.
With increasing health awareness among Sri Lankans come a booming demand for medications and other pharmaceutical products.
In recent years, the pharmaceutical industry in the country has grown tremendously. If you have enough capital to set up a pharmaceutical company, you will make lots of profit in the long term. But if your capital is low, you can start small by buying pharmaceutical products as a wholesaler or retailer and selling to consumers.
5. Textiles and fabrics
Textiles and fabrics are imported into Sri Lanka due to the huge demand for these products. As an investor, you too can start a business that imports these products from countries like india and Turkey and sell them in the local market.
Agriculture is one of the most important sectors of Sri Lanka’s economy, with a 12.8% contribution to the country’s GDP. The country produces and exports agricultural produce like rubber, tea, coconuts, and tobacco. So, if you have a keen interest in agriculture, you can start cultivating tea, rubber, coconut palms, and tobacco plant. There is no limit to the profit you can make from this business because you have both local and foreign markets to cater to.
7. Real estate
This business sells well in virtually every country, even in countries with harsh business climates. In Sri Lanka, you can start a real estate business that offers land and housing property for lease and for sale to individuals and businesses.
While setting up a refinery in Sri Lanka would require a capital much higher than what the average individual investor can afford, this would be a very smart business move for corporate investors. As an individual investor, however, you can still tap from the “juice” in the petroleum industry by selling petroleum products to consumers.
Because Singapore is undergoing rapid growth, new buildings and infrastructure are erected on a daily basis. And since cement is needed for this, the demand for cement and other products used in building and construction is on the high side. So, starting a business that sells cement is one of the sure ways to make money in Sri Lanka.
With new buildings and facilities being constructed in Sri Lanka, there is huge demand for the services of experts such as architects, structural engineers, electrical engineers, and other professionals. So, if you have a background in any of these specialties, you will make lots of profit in Sri Lanka by demonstrating your skills and expertise.