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Sri Lanka: Doing business & staying in touch
Doing business in Sri Lanka
Sri Lankans prefer to do business with individuals they know and trust, making relationship-building a crucial part of professional interactions. Having a third party who can facilitate introductions is particularly beneficial. Initial meetings are often focused on establishing rapport rather than immediate business negotiations, so patience is essential. Decision-making tends to be slower than in Western contexts, with final approvals typically resting with senior figures within an organisation.
Communication in Sri Lanka is often indirect, relying heavily on non-verbal cues and contextual understanding. To avoid causing embarrassment or loss of face, it is important to handle disagreements with diplomacy and to be mindful of subtle signs of hesitation or discomfort. Business settings are generally formal, with professional titles or honorifics being used when addressing colleagues. First names are usually reserved for close acquaintances.
When exchanging business cards, they should be presented and received with both hands or with the right hand alone as a sign of respect. Writing on a received card or placing it in a back pocket is considered impolite. While punctuality is valued, meetings may not always follow strict schedules and can be interrupted by other matters. Maintaining flexibility and patience is key to navigating business interactions successfully in Sri Lanka.
Sri Lanka has experienced significant economic fluctuations in recent years. Historically, its economy has been driven by sectors such as tourism, tea exports, apparel, and agriculture. However, a severe financial crisis in 2022 led to a sharp contraction, prompting the government to secure a $2.9 billion bailout from the International Monetary Fund (IMF) in 2023. This initiated a series of economic reforms aimed at stabilisation, reducing debt, and strengthening key industries.
Since then, Sri Lanka has been working towards recovery, with gradual improvements in tourism, exports, and local industries. Tourism, in particular, remains a vital contributor to the economy, attracting visitors with its diverse landscapes, cultural heritage, and wildlife. The country's tea and garment industries continue to play a crucial role in international trade, while infrastructure development and foreign investment are helping to modernise key sectors.
For visitors, Sri Lanka offers affordable travel experiences, but it's worth being mindful of ongoing economic adjustments. Currency exchange rates, taxation policies, and fuel prices may fluctuate, so staying updated on local financial conditions is advisable. Despite past challenges, Sri Lanka remains a welcoming destination with a resilient economy, where travellers can experience both rich traditions and emerging modern developments.
Keeping in Touch in Sri Lanka
Mobile phone coverage in Sri Lanka is widespread, with good reception in cities, towns, and major tourist areas. However, coverage can be limited in some remote or mountainous regions.
The country has the following mobile network providers:
• Dialog Axiata – The largest operator with extensive coverage and strong data services.
• Mobitel – A major competitor offering reliable network coverage.
• Other providers include Airtel Sri Lanka and Hutch, which offer competitive data and call packages.
Visitors can easily purchase prepaid SIM cards from major providers at airports, mobile shops, supermarkets, and convenience stores. A passport is required for SIM card registration.
Wi-Fi is available in most hotels, cafes, and restaurants, but speeds can vary. For a more reliable connection, visitors may opt for a local SIM card with a data plan.
Sri Lanka has a mix of state-owned and private television, radio, and print outlets. The country has a long history of press freedom, though media regulation and political influence remain key factors in shaping news coverage.
Television is one of the most popular sources of news and entertainment in Sri Lanka. The country has both state-run and private TV channels, broadcasting in Sinhala, Tamil, and English. State-run broadcaster: Sri Lanka Rupavahini Corporation (SLRC) operates several channels, including Rupavahini and Channel Eye, which air news, educational programs, and cultural content.
Radio remains an important medium, particularly in rural areas, where it serves as a key source of news and entertainment. The Sri Lanka Broadcasting Corporation (SLBC) operates state-owned radio stations in multiple languages.
Leading English newspapers are Daily News, Daily Mirror, and The Sunday Times.
With the growth of the internet and social media, digital news platforms and online journalism have become increasingly popular. Many traditional media outlets have expanded online, and independent news websites provide alternative viewpoints. However, internet restrictions and content regulation have occasionally been enforced, particularly during periods of political unrest.
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