Economy
The great majority of Sri Lankan corporations have their head offices in Colombo including Ceylinco Corporation, Stassen group of companies, John Keells Holdings, Hemas Holdings and Akbar Brothers. Some of the industries include chemicals, textiles, glass, cement, leather goods, furniture, and jewellery. In the city centre is located The World Trade Centre. The 40 story Twin Tower complex is the centre of important commercial establishments, situated in the Fort district, the city's nerve center. Right outside the Fort area is Pettah which is derived from the Sinhalese word pita which means out or outside as it is outside the Fort..
The Colombo Metropolitan area has a GDP of $35 Billion dollars making it the core of the Sri Lankan economy. The per capita income of Colombo Metro area stood at USD $5358 and purchasing power per capita of $10,000, making it one of the most prosperous regions in South Asia. The Colombo Metropolitan (CM) area is the most important industrial, commercial and administrative centre in Sri Lanka. A major share of the country’s export oriented manufacturing takes place in the Colombo Metropolitan area which is the engine of growth for Sri Lanka.
The Colombo metropolitan area contributes more than 50% to the GDP and about 80% of industrial value additions although it accounts for only 5.7% of the country’s geographic area. Given its importance as the primary international gateway for Sri Lanka and as the main economic driver of the country, the Government of Sri Lanka (GoSL) has launched an ambitious program to transform Colombo and its metropolitan area into a metropolis of international standards. A number of bottlenecks are preventing the Colombo metropolitan area from realizing its full economic potential. In order to facilitate the transformation of Colombo, the government has to address these bottlenecks which have for long been obstructing economic and physical urban regeneration of the city.
Pettah is more crowded than the fort area. Pettah's roads are always packed and pavements are full of small stalls selling from delicious Sherbat to Shirts. Main Street consists mostly of clothes shops and the cross roads, which are literally known as Cross Streets where each of the five streets specializes in a specific business. For example the First Cross Street is mostly electronic goods shops, the Second, cellular phones and fancy goods. Most of these businesses in Pettah are dominated by Muslim traders. At the end of the main street further away from Fort is the Sea Street, Sri Lanka's Gold market – dominated by Tamil interests. This mile-long street is full of jewellery shops.
The per capita income of the Western Province, of which is the capital city stood at USD $5358 and purchasing power per capita of $10,000, making it one of the most prosperous regions in South Asia.At one time Air Lanka (now SriLankan Airlines) had its head office in Colombo.
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Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)