SLASSCOM, Sri Lanka’s national chamber for the IT/BPM industry, through its Global Trade and Investment Forum, in partnership with the Sri Lanka-Australia Business Chamber of Commerce, recently held a webinar on ‘Thrive your business in Australia’ that provided an excellent opportunity for organizations looking to explore the possibilities of international expansion, helping them prepare their organisation to reach the Australian market, expand their operations, and unlock revenue-generating opportunities.
The event featured a lineup of esteemed speakers, including Consul General of Sri Lanka to Victoria, South Australia, and Tasmania Kapila Fonseka, SLASSCOM Chairperson Sandra De Zoysa, Director and Head of Partnerships and Marketing at Ingredior Australia Simone Givney, Director – Strategic Finance of Ingredior Australia Michael Ryan, and President at Sri Lanka Australia Chamber of Commerce Kalum De Silva.
The session was kicked off with a welcome note from Kapila Fonseka, who informed that “there is an increased demand in Australia for digital services as a result of the COVID-19 pandemic. As there is a workforce shortage due to the disruption of skilled migration to Australia due to the pandemic, there is an increased potential for Sri Lanka to provide its excellent products to cater to this demand.”
Chairperson Sandra De Zoysa presented a segment on ‘Uncovering a hidden gem: Developing a USD 5 billion industry in Sri Lanka’. She explained that Sri Lanka’s IT/BPM industry has managed to achieve significant growth, with over 500 companies operating in the industry at present, generating over USD 1.5 billion in export revenue in 2020, and employing over 115,000 professionals in the sector. “This means that the groundwork has already been laid towards achieving our goal of USD 5 billion in annual revenue, employ over 200,000 highly-skilled professionals and launch over 1,000 startups by 2025. “
Michael Ryan and Simone Givney both spoke on key Australian market insights, as well as grants and function options that are available, and how the approval process works.
Michael elaborated on Sri Lankan exports to Australia, with the majority of them comprising raw resources, food and beverages, and apparel, highlighting a need for the IT/BPM industry to step up and claim its spot. He stated that since Sri Lanka has the requisite talent and infrastructure, there were plenty of opportunities to make a mark amongst the Australian Business Community and help generate their confidence to look at Sri Lanka as an outsourced destination of choice.
Simone provided valuable insights on financing opportunities in Australia, diving into the average costs of business set up in the country. She broke down the many forms through which financing can be obtained, including personal investments, venture capital, government grants, and angel investments. She also covered how the grant funding process takes place in Australia, highlighting the two main types of grants: federal funding and state funding.
Following the speeches from the panelists, a Q&A session was held for the attendees to clear and doubts and raise pertinent questions to be answered by the experts. The webinar concluded as a resounding success.
SLASSCOM is a catalyst of growth for the Sri Lankan IT/BPM industry, facilitating trade and business, propagation of education and employment, encouraging research and innovation, and by influencing a national policy framework of value to the industry. With over 350 member companies, who account for nearly 90% of the IT-BPM industry export revenue, SLASSCOM drives the Imagination Economy: Sri Lanka’s ‘industry of the future’, with the potential to become the #1 export revenue earner for Sri Lanka by 2025.