Retail sector has wide potential

Monday, 23 February 2015 - 8:28

International Financial Corporation Country Manager for Sri Lanka and the Maldives, Adam Sack told a ceremony that even though Sri Lanka's modernised retail business is around 16 percent which is low compared to China's 60 percent and Thailand's 40 percent, the country’s retail business sector has enormous potential to expand as a vibrant business sector contributing to economic growth.

The retail sector could encompass a wider spectrum of the economy in terms of livelihood development, skills enhancement of youth and rural economic growth.

IFC has committed around 520 million US dollars to boost development in Sri Lanka and help the private sector to expand businesses.