BPO Sector Targets $3Bn in Exports: Driving Growth with Innovation and Skilled Talent
By: Staff Writer
October 06, Colombo (LNW): Sri Lanka’s Business Process Outsourcing (BPO) industry is poised to become a major force in the nation’s economy, setting an ambitious goal of $3 billion in exports by 2024.
The sector has evolved from traditional services to offering high-value solutions such as financial analysis, IT services, and advanced analytics. This growth is fueled by strong investments in skills development, cutting-edge technology, and supportive government policies.
SLASSCOM reports a 20% annual growth in the IT-BPO sector, thanks to a highly educated, multilingual workforce, with over 30,000 graduates entering the job market each year, particularly in IT and business administration. English proficiency is a key asset, ensuring Sri Lanka meets the demands of international clients.
Government initiatives, including tax breaks and investments in infrastructure, have created an ideal environment for BPO growth. Sri Lanka’s modern telecommunications network, including 4G and early adoption of 5G, further boosts its appeal as a global outsourcing hub.
The adoption of advanced technologies like AI, automation, and blockchain is reshaping the industry, increasing efficiency and positioning Sri Lanka as a leader in innovation. BPO firms are expanding into new sectors like healthcare, education, and e-commerce, which is expected to drive future growth.
The COVID-19 pandemic accelerated the shift to remote and hybrid work models, allowing BPO companies to remain agile and responsive to client needs.
With competitive pricing, a skilled workforce, and strategic location, Sri Lanka is emerging as a preferred destination for both near shore and offshore outsourcing, surpassing regional competitors. By focusing on data security and forming global partnerships, the country’s BPO sector aims to strengthen its leadership in the global market.
