ICT industry says reform-led economic recovery will spark greater investment interest in SL

The local ICT sector said it is gearing up for greater investment interest, in alignment with President Ranil Wickremesinghe categorising the industry as a key tradable service for Sri Lanka.

Expressing confidence that reforms currently carried out will help the economy to recover, the local ICT industry associations said they would “redouble” their efforts to become the leading foreign exchange earner for the nation.  

“On behalf of the ICT industry, we would like to signal to foreign investors that we are open for business,” said BCS, The Chartered Institute for IT (Sri Lanka Section), Computer Society of Sri Lanka, Federation of Information Technology Industries and Sri Lanka Association of Software Services Companies, in a joint statement to the media. 

The ICT sector stakeholders pointed out that they are hopeful that the recently bagged International Monetary Fund (IMF) bailout package would help attract investments to the industry once again. 

As of now, the ICT sector generates US $ 1.5 billion of foreign exchange per annum for the economy and employs 175,000 of skilled workforce in the country.  

“We foresee many opportunities unfolding in the ICT industry over the next few years, which will provide high earning potential for Sri Lanka’s skilled IT workforce,” the associations said, while commending Wickremesinghe and the officials for the efforts taken in obtaining the IMF Board-level approval. 

They added that the new chapter in Sri Lanka’s economic recovery would inspire trade attachés of foreign embassies present in Sri Lanka to invite investors and buyers from their respective countries to invest in the ICT industry.