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Sri Lanka’s information technology industry to push for data science and artificial intelligence

Sri Lanka’s information technology industry to push for data science and artificial intelligence

An industry expert representing the Sri Lanka Association for Software and Services Companies (SLASSCOM) has reportedly stated that Sri Lanka’s information technology industry is looking at prioritizing data science and artificial intelligence in its drive to sharply increase exports despite facing shortages of skilled people.
The earnings potential from data science and AI was far greater than traditional IT exports like software, said SLASSCOM Chairman, Jeevan Gnanam has been quoted as saying in the media.
The IT industry now earns US$ 1.2 billion in exports and has a 28 percent compounded average growth rate.
He has noted that the industry has an export earnings target US$ 5 billion by 2022.
“That means just in the next year we must reach about US$ 1.8 billion in exports,” Gnanam has said at an economic forum in Colombo organized by the Ceylon Chamber of Commerce recently.
According to him, the IT industry needs to add over US$ 500 million to exports in the next year alone.
Gnanam, who is also co-founder of Hatch, a start-up incubation and acceleration firm, has reportedly noted that the IT industry which is growing fast needs to more than double the number of people it employs but faces skilled worker shortages.
“We need to go from about 7,000 IT graduates to employ 16,000 people in the industry. There is an undersupply of good people. This is why we are giving priority to pushing data science and AI,” he has said
Gnanam has added that the US$ 5 billion IT export target was achievable with the focus on higher-value exports involving data science and AI as their revenue per employee was more than double that of traditional IT exports.

OSL take:

The observations of the local industry expert that Sri Lanka’s target of US$ 5 billion IT exports was achievable indicates the developments recorded by the country’s IT sector as well as the growing business opportunities in the field. Interested foreign businesses/investors could look at investing ventures in Sri Lanka’s IT sector and gain profits while assisting the expansion of the local IT market.

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Article Code : VBS/AT/18092018/Z_2

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