Emerging market opportunities in Sri Lanka

Prasanna Perera Marketing & Management Consultant Chartered Marketeer, CIM U.K.

Prasanna Perera

There are tremendous opportunities in the Food and Beverage arena. Specialty restaurants, fast food outlets, beverage outlets are market potential. However, standards must be maintained, together with a total value proposition (TVP). It is observed with dismay, that certain F&B businesses, with no product quality, with the objective of short term profit maximization, disastrous.

Household services

Many households in the Western Province, find it extremely difficult to obtain the services of skilled plumbers, electricians and masons. Organization that provide all these skilled and semi-skilled services, under one roof, should provide domestic customers convenience, value for money and reliability. Consumers are willing to pay for such services. Colombo, Gampaha and Kalutara districts are the key markets.

Quality Creches

Working parents are willing to pay a good price, to obtain a caring and reliable creche. Organizations may be willing to set up exclusive creches for their workers. The key to success is reliability, trust and professionalism.

Homes for the Aged

Sri Lanka is one of the fastest ageing countries in the world, by 2020, 20 percent of Sri Lanka’s population is expected to be over 60 years of age. These senior citizens need care and attention in the twilight years of their life. Houses for the aged is very essential.

Education

With booming business in Sri Lanka.

Of course, education is serious business, since you are dealing with the future of students. Quality education should be the watch word, as negative word-of-mouth can quickly destroy progressive business. Opportunities for technical level education offers great potential, as this has been neglected to some extent.

Healthcare

With hospitals and nursing homes unable to cope with the demand in most instances, healthcare offers unlimited potential, specially in the suburbs of Colombo and key outstation towns. Facilities with comprehensive healthcare services is needed and includes home medical services.

Tourism

With the tourism industry in Sri Lanka growing, there is a need for a range of related services, specially different types of accommodation (Star class, budget type and home stays). This is a requirement across the country and budding entrepreneurs need to capture this opportunity. Local transport services for tourists and visitors. Air taxis, rail transportation, sea transportation and land transportation all are in need of investors.

Psychological counselling services

Due to high stress levels, Sri Lankans need psychological counselling, the availability of such counsellors are limited. Hence, an opportunity is available for psychological counsellors to set up institutes in Colombo and expanded to the suburbs as well.

It is time for the entire business community in Sri Lanka to make this opportunity a reality. As a nation, we need to learn from countries such as Singapore, Malaysia, Vietnam, India and China and move ahead fast.