Colombo, — Sri Lanka has the potential to emerge as a platform for globally competitive technology and knowledge-based businesses, with Port City Colombo positioned to play a significant role in supporting the country’s ambitions, according to Haridhu Abeygoonaratne, Managing Director and COO of SimCentric and Vice Chair of the Sri Lanka Association for Software and Services Companies (SLASSCOM).

Abeygoonaratne highlighted the journey of SimCentric, a Sri Lankan-founded defence technology company that has developed advanced military simulation technologies for organisations including the US Marine Corps, the US Military Academy, the UK Ministry of Defence and armed forces across NATO and Commonwealth countries.

Over the past 17 years, SimCentric has developed from a small engineering operation into an internationally recognised technology company, with its core products engineered in Colombo. The company’s experience, he said, demonstrates that Sri Lanka possesses the capability not only to provide skilled talent to international markets but also to develop intellectual property, advanced technologies and globally competitive businesses from within the country.

According to Abeygoonaratne, the company’s success was built through years of developing technical capabilities, refining products, establishing credibility and consistently delivering value to demanding international customers.

He stressed that Sri Lanka’s competitive advantage should extend beyond cost efficiency. Local universities and schools are producing engineers and professionals capable of developing sophisticated technology products for global markets. This, he argued, should encourage a broader shift in how Sri Lanka’s role in the global technology ecosystem is perceived.

ICT Sector Emerging as a Key Export Industry

Sri Lanka’s digital economy is reaching an important stage of development. The Export Development Board ranks ICT services as the country’s third-largest export sector, with more than 400 companies and a workforce exceeding 140,000 professionals. SLASSCOM estimates the sector’s overall export value at approximately US$2 billion and growing.

Abeygoonaratne noted that discussions among technology entrepreneurs, industry leaders and international investors are increasingly focused on creating an environment where Sri Lankan businesses can innovate faster, commercialise ideas more efficiently and expand internationally without being forced to relocate.

This is where Port City Colombo could assume greater strategic importance.

Port City Colombo as an International Business Platform

Rather than viewing Port City Colombo solely as a physical development or measuring its importance through short-term investment figures, Abeygoonaratne argued that it should be considered a platform for developing globally connected businesses.

He believes the next phase of Port City Colombo should focus on attracting and developing internationally recognised product companies, research and development centres and businesses that own valuable intellectual property.

For technology-intensive companies, access to skilled talent alone is no longer sufficient. Businesses increasingly require specialist expertise, sophisticated supply chains, international capital and predictable regulatory conditions. Port City Colombo has the potential to bring these elements together and create an environment conducive to international expansion.

The ability to conduct transactions in major international currencies, attract specialised international talent, operate within internationally familiar regulatory frameworks and access long-term investment could strengthen the competitiveness of businesses operating from Sri Lanka.

Predictability and Confidence Remain Critical

Abeygoonaratne emphasised that investors consider more than fiscal incentives when evaluating an investment destination. Regulatory stability, transparency, operational efficiency and confidence in the country’s long-term economic direction are equally important.

For international investors, the ability to plan and operate with confidence is essential, particularly when establishing businesses in knowledge-intensive and technology-driven sectors.

Compared with established international financial centres, Port City Colombo could offer a different proposition by providing investors with an opportunity to participate in the development of an emerging business ecosystem from its early stages.

Building Sri Lanka’s Next Generation of Global Companies

The long-term success of Port City Colombo, according to Abeygoonaratne, should ultimately be measured by the businesses, technologies and entrepreneurs that emerge from the ecosystem.

The objective should be to create conditions that enable companies to build from Sri Lanka, transform innovative ideas into globally recognised products and attract both local and international entrepreneurs.

Port City Colombo alone cannot guarantee the success of individual businesses. However, by establishing an environment that supports investment, innovation, international business and entrepreneurship, it can contribute to creating the foundations required for multiple businesses to succeed.

If these conditions are successfully established, the lasting impact of Port City Colombo could be reflected in the emergence of globally competitive Sri Lankan companies and a new generation of entrepreneurs who view Sri Lanka as an attractive base from which to build international businesses.