June 25 (Citizen News) – Minister of Trade, Commerce, Food Security and Cooperative Development Wasantha Samarasinghe has stressed the importance of properly regulating business activities conducted through online platforms.
He made these remarks while speaking at the 9th Annual General Meeting of the Sri Lanka Retailers’ Association.
The Minister noted that several businesses operating through online marketplaces are not formally registered and are also not complying with tax requirements. He said this situation has created an unfair advantage over legally compliant businesses.
He further highlighted that around USD 780 million had reportedly been transferred out of the country in the past through such unregulated channels.
While Sri Lanka has approximately 65,000 registered businesses, he pointed out that the number of agents and distributors connected to major companies is estimated to exceed 200,000.
He added that a large number of operators—from small village retail shops to large-scale B2C businesses—are still operating outside the formal registration framework.
The Minister also emphasized that the retail sector plays a crucial role in the national economy, contributing over 20% to GDP and providing employment for nearly two million people.