Software Growth

Nov 22, 2013 (LBO) – Sri Lanka’s software and knowledge services exports rose 17 percent to 248 million US dollars in the first half of 2013 from a year earlier, an economic report said. In Sri Lanka the sector started to grow especially after a state monopoly overseas telecommunications was ended.

“The computer and information services sector continued to record steady inflows,” the Central Bank said a report on recent economic developments.

“Despite the slowdown in global economic activity, gross inflows to the computer and information services sub sector increased.

“However, the industry needs to build more capacity, promote ventures and strengthen IT infrastructure to ensure continuous expansion of the sector.”

Sri Lanka’s IT firms has expanded beyond software development into large scale processing of accounting, engineering, communications and in the fields of architecture and legal services, the Central Bank said.

IT and business processing services is a sector where there has been the least state intervention both in Sri Lanka and India.

Without state planning or controls, entrepreneurs are free to engage in activities that bring them the biggest r