Page 46 - CPM Sri Lanka-Chartered Manager-Sept. 2021

THE INSTITUTE OF CHARTERED PROFESSIONAL MANAGERS OF SRI LANKA
SEPTEMBER 2021

Do you believe that the workforce in Colombo is
equipped with relevant skills to serve cross
border investment banking, structured
financing etc?

Sri Lanka has a substantial amount of skill sets
with global banking exposure. We also have a
large diaspora working outside Sri Lanka who
will take up jobs at the right time. As a country,
we have an extensive pool of Finance and IT
professionals. Creating an IFC takes time and as
we go along, Sri Lanka can build a skill set in this
space. However, at the initial stage, we should
be open for expats to come and work in the Port
City. None of the multinationals will set up offices
to run under 100% local teams. Localisation of
some jobs can happen only after some period of
operation.

How do you anticipate competition from
advanced International Financial Centres
such as DIFC, Singapore and Hong Kong
to affect the development of a new IFC in
Colombo?

Being centrally located in South Asia at GMT +5:30,
Sri Lanka will complement the South Asia sub-
continent as a regional hub. Our strategic location
is well connected with two container ports, three
airports whilst being the number one trans-
shipment hub in South Asia.

Sri Lanka also has market access to over 2Bn
consumers across South Asia and East Africa and
holds investment protection agreements with 28
countries.
Setting up costs and labour costs are relatively
cheaper in Sri Lanka in comparison to other
markets, which is an added advantage for the
country in setting up an IFC.

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