Software giant IFS yesterday announced that it is set to launch a new venture in Colombo Port City, a move expected to create additional 1,000 new employment opportunities.
IFS CEO Mark Moffat made the announcement delivering the keynote address at the DigiEcon Global Investment Summit 2024, underscoring the company’s long-term commitment to Sri Lanka’s economic development.
Moffat outlined the strategic importance of this new initiative. “This project will generate additional thousands of employment opportunities in the years to come,” he added.
IFS CEO underscored the significant contributions of Sri Lanka to the global success of the enterprise application software company. Despite its Swedish origins, IFS has cultivated a robust and impactful presence in Sri Lanka over the past 25 years.
“IFS’s investment in Sri Lanka has been a cornerstone of its global success, contributing to over 20% compound growth annually for the past six years. The company has created over 10,000 employment opportunities in Sri Lanka over the past quarter-century,” he elaborated.
Moffat attributed much of this success to the “exceptional software engineering talent” and the resiliency and agility of the Sri Lankan workforce.
At present, IFS employs nearly 2,700 people in Sri Lanka, accounting for almost 40% of its global workforce. “Sri Lanka has been integral to our operations. Almost 80% of our worldwide product support and over 60% of our research and development capabilities are based here in Colombo,” he pointed out.
Since its inception in Sri Lanka in 1997 with just 26 employees, Moffat said IFS has expanded significantly. “The company has created over 10,000 employment opportunities in the country, fostering a strong local IT community,” he added.
He reiterated IFS’s dedication to collaborating with the Government, industry and academia to foster a knowledge-based economy in Sri Lanka.
Moffat emphasised the company’s commitment to further growth, announcing plans to add an additional 1,000 positions in the next two to three years.
He also noted that beyond business operations, IFS has been actively involved in supporting rural communities in Sri Lanka through the IFS Foundation, which focuses on initiatives in education and healthcare. “Our influence and engagement extend beyond business operations. We’ve been deliberate in building societal ties through various initiatives, supporting rural communities, schools, and hospitals through the IFS Foundation,” he added.
Moffat acknowledged that despite global and local economic challenges, including the pandemic and recent economic difficulties in Sri Lanka, IFS has maintained its commitment to the country.
“The country and its people are a part of IFS and will always be part of the IFS’s DNA,” Moffat affirmed, expressing pride in long-standing and deep-rooted commitment to Sri Lanka’s development and excitement for the future.
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