Government to allocate Rs.100mn to kick off digital policy planning

• Rs.1bn to be allocated in 2024 for research focusing on AI
• Launches DIGIECON 2030 to ensure govt. remains focused on digital transformation agenda

In an effort to keep up with the regional peers in technological development, Sri Lanka will allocate large sums, starting this year, to help transition towards a 
digital economy.

President Ranil Wickremesinghe announced that plans are afoot to allocate Rs.100 million to kick off the planning of a digital policy for the country. This will be done by integrating universities and other research institutes, he said. In 2024, an allocation of Rs.1 billion will be made to conduct research that is cantered on the fast-booming and evolving artificial intelligence (AI). Wickremesinghe shared his plans for the country’s digitalisation agenda while addressing the launch of the DIGIECON 2030 project on Thursday.

DIGIECON 2023 was conceptualised and launched with the aim of ensuring the government remains focused on transforming the island nation into a “true digital economy”.  

The programme will set up a platform for 50 or more innovative, small and medium start-ups in various fields to access global investments 
and markets.  The Technology Ministry will coordinate and implement the project with the support of key stakeholders as Sri Lanka remains committed to embracing digital technologies and innovative solutions to drive sustainable economic growth while improving the country’s competitiveness in the global market.

Pointing out there is no time to waste, Wickremesinghe stressed cooperation with the neighbouring states is essential and it would be beneficial for Sri Lanka to work together with South India, due to its fast development. “A highly competitive economy can be created through a green economy as well as a digital economy … new technologies and innovative solutions must be embraced to be globally competitive and create sustainable economic growth,” he said.

Through the DIGIECON 2030 initiative, Sri Lanka will take steps to build a favourable business environment for investment by providing government commitment and direction to facilitate a digital ecosystem for all stakeholders.