This paper attempts to review conditions of demand and supply related to skills development in four industrial sectors that the government of Sri Lanka has ear-marked for long term development. They are the information and communication technology industry (ICT), the tourism and hospitality industry (THI), construction and light engineering. These four sectors accounted for 9 percent of GDP and 10 percent of total employment in 2012. The IT and tourism industries are projected to earn US$ 5 billion each in 2022. The two sectors have also revealed their potential for high growth in terms of value addition and employment. The growth potential of sub-sectors belonging to these two service sectors are linked to export markets, while the growth potential of the construction and light engineering sectors are largely determined by product market conditions of the domestic market. Using already available secondary data in the form of survey data, administrative data, and published reports, the present paper assesses the training gaps in these four sectors using standard skills assessment methodologies.