Friday, July 12, 2024

IFS Announces New Port City Colombo Venture, Creating 1,000 Jobs

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IFS, a leading software company, has unveiled plans for a new venture in Colombo Port City. This initiative is set to generate an additional 1,000 jobs. The announcement was made by IFS CEO Mark Moffat during his keynote speech at the DigiEcon Global Investment Summit 2024, highlighting the company’s ongoing commitment to Sri Lanka’s economic growth.

Moffat emphasized the strategic importance of this new project, projecting that it will create thousands more jobs in the coming years. He noted the significant role Sri Lanka has played in IFS’s global success, with the country contributing to over 20% compound growth annually for the past six years. Over the past 25 years, IFS has created over 10,000 jobs in Sri Lanka.

The CEO attributed much of IFS’s success to the “exceptional software engineering talent” and the adaptability of the Sri Lankan workforce. Currently, IFS employs around 2,700 people in Sri Lanka, making up nearly 40% of its global workforce. Moffat highlighted that almost 80% of IFS’s worldwide product support and over 60% of its research and development are based in Colombo.

Since starting operations in Sri Lanka in 1997 with just 26 employees, IFS has seen significant growth. Moffat reiterated the company’s dedication to working with the government, industry, and academia to build a knowledge-based economy in Sri Lanka. He also announced plans to add an additional 1,000 positions over the next two to three years.

Beyond business operations, IFS has been active in supporting rural communities in Sri Lanka through the IFS Foundation, focusing on education and healthcare initiatives. Moffat stressed that despite facing global and local economic challenges, including the pandemic and recent economic difficulties in Sri Lanka, IFS remains committed to the country.

“The country and its people are integral to IFS and will always be part of our DNA,” Moffat affirmed, expressing pride in the company’s long-standing commitment to Sri Lanka’s development and optimism for the future.

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