EFC launches new guide to investors
The Employers Federation of Ceylon (EFC) has launched its second edition of Guide to Investors on Industrial Relations Practices and Labour Laws in Sri Lanka.
EFC said that with the Government actively encouraging foreign direct investment in various sectors such as knowledge services, leisure and tourism, apparels and manufacturing, the launch of its guide was timely.
The EFC believes that this publication would be of immense assistance to prospective investors, both foreign and local, as it would give a “snapshot” picture of the industrial relations regulatory framework and the operation of it in Sri Lanka. The guide highlights some of the important employment related laws and regulations in very simple language.
It also gives some practical examples on handling employee related issues.
Talking about the new publication, EFC Director General Ravi Peiris said, “The release of this publication coincides with a time when Sri Lanka is recording very healthy economic growth. To sustain this growth, it is imperative that we attract more investment into our country.
We believe that more investment would result in more employment opportunities which should bring about good employment practices and ensure that the economic development cycle would revolve smoothly.”
The publication is priced Rs. 1000 per copy and is now available at the EFC office.
At the end of 2011, the World Bank and the International Finance Corporation (IFC) ranked Sri Lanka as one of the most business friendly countries in the world, placing it higher than both China and India as a country that welcomed investors to its business community.
Sri Lanka’s rise in this global ranking has been partly due to strengthening investor protection and reducing taxes on business. The IFC’s Executive Vice President and CEO Lars Thunell stated that Sri Lanka was a “focus country” for the IFC’s South Asia program.
“IFC sees great potential here and we are expecting a strong programme for 2012, with a plan to increase our portfolio by $200 million. IFC is placed to support the country’s growth and development,” he said.
The World Bank and the IFC are not the only ones to have noticed the potential of Sri Lanka as an investment haven for business. The country has also been placed as one of the best destinations for providing outsourcing activity according to A.T. Kearney’s Global Management Consultants.
Sri Lanka was benchmarked against 11 successful knowledge service locations and successfully ranked 21st under the Global Service Location Index (GSLI). A.T. Kearney says that Sri Lanka is emerging as a low cost, low risk, high quality destination for business process outsourcing (BPO) and predicts that it will become a major global player even before 2016.
The last five years has seen Sri Lanka’s IT and BPO industry skyrocket from generating just $60 million in export revenue to a staggering $400 million. It is now the fifth largest foreign exchange earner in the country.
