Sri Lanka introduces research and development commercialization
The Morning: The Government of Sri Lanka has established an entity called the ‘Research and Development Commercialisation’ unit, for which it has allocated Rs.1 billion from the 2025 Budget to commercialise the processes of innovative thinking, methodologies, productions, services or solutions that positively impact and add a value, according to Cabinet decisions released on 4 November
“Rs.1 billion has been allocated from the Budget 2025 to commercialise the processes of innovative thinking, methodologies, productions, services or solutions that positively impact and add value, considerably through research and development to accelerate the execution of the production economic policy of the present Government,” according to the Cabinet decision.
It further read: “Therefore, a special unit named ‘Research and Development Commercialisation Approach’ has been established under the Presidential Secretariat to establish a favourable methodology for executing projects after they are being evaluated of their technological and economic probability so that they can be contributed to development of the country.”
The statement further added that applications from local researchers and entrepreneurs for projects at present have been valued at Rs. 2.2 billion.
The unit has taken steps to prepare a methodology named ‘Research and Development Commercialisation’ to evaluate project proposals under two phases; technical evaluation and the administrative evaluation – to select projects that are economically, socially, and environmentally more productive.
It added that from the proposed projects, the special and essential projects that are key to economic growth may be prioritised.
Accordingly, the maximum grant sum that researchers and entrepreneurs may receive is Rs. 50 million.
OSL take:
Sri Lanka’s ongoing economic activities and overall expansion have presented some unique business/investment opportunities. The country has now become an emerging business destination in the region supported by its geographical positioning in the Indian Ocean, the strong trade ties enjoyed with many foreign countries and the incentives on offer for foreign businesses/investors who enter Sri Lanka. The ongoing growth trajectory of the country and the need to be on par with the fast-evolving global industries, Sri Lanka has also placed much attention on the research and development sector. With the many expansions in Sri Lanka’s key economic sectors including the ongoing development programme, there are many emerging opportunities in the research and development sector. Realizing the increasing business potential in the sector of research and development, the Sri Lankan government has also joined in the efforts to promote the sector by the setting up of a ‘Research and Development Commercialisation Approach’. Given the expansion of Sri Lanka’s overall economy and the increasing business potential that has caught the interest of foreign businesses/investors, the research and development sector in Sri Lanka presents business/investment opportunities that are yet to be tapped to their full potential.
| Article Code : | VBS/AT/20251113/Z_1 |