Sri Lanka to build Rs. 100 million AI fund
The Morning: Sri Lanka is to launch a Rs. 100 million artificial intelligence (AI) fund, in a bid to invest in domestic AI-driven startups and research, Sri Lanka Telecom Chairperson Mothilal De Silva told media recently at a press conference held to inaugurate the government’s own AI Expo, that is slated to take place in September.
“We will also launch the national AI fund, in parallel to the AI expo. It will forward homegrown AI startups and research. Proceeds of this AI expo will go to do this fund,” De Silva said, speaking of the finances relevant to building the national fund.
Responding to a question posed on the monetary target for the fund, De Silva said that the government seeks to aim for “roughly Rs. 100 million.”
“Global AI adoption is accelerating from just 20% of organisations in 2017, to 78% this year. Nations such as China and India are already leading the change, as AI leaders. AI will play an increasingly greater role in everyday lives. The question is not whether AI will transform the world, but if Sri Lankans will lead or follow?” De Silva said.
Further, he added that of Sri Lanka’s digital economy’s target of growing to $ 15 billion by 2030, AI is to contribute 10-12% of its growth.
Addressing the gathering, Digital Economy Deputy Minister Eranga Weeraratne said that Sri Lanka is comparatively behind its regional neighbours, and is required to adapt, in order to play a pivotal role in AI.
“Here’s the truth, Sri Lanka is falling behind. India has a national AI adoption rate of almost 57%, Singapore runs more than 97% of government services with AI. Even emerging nations like Vietnam have set 2030 as their AI leadership target.”
The emergence of China’s Deepseek R1 model in January has reshaped the global view of AI innovation being led by American tech companies.
OSL take:
Sri Lanka’s ongoing economic expansion and the target of becoming a hub in the South Asian region, have resulted in a steady growth in the fields of digital economy and overall digitalization of all sectors in the country. The Sri Lankan government’s commitment to transforming the country into an e-economy as well as the launch of an ambitious digitalization programme, have presented a host of business/investment opportunities. With the fast-evolving global digital industry, Sri Lanka needs to be on par with these developments as an emerging business destination in the region. All these factors have resulted in many lucrative business ventures for foreign businesses/investors to explore in Sri Lanka, especially in the ICT and digital infrastructure development sectors. The growth and profits recorded by businesses already engaged in Sri Lanka’s digital industry as well as the interest shown by foreign businesses/investors to explore the expanding business/investment opportunities in the country’s digital industry and related sectors indicate the steadily growing business potential in these sectors. Foreign businesses/investors could also look at further expanding operations in the region through partnerships or joint ventures with Sri Lankan businesses in the digital industry and related sectors.
| Article Code : | VBS/AT/20250815/Z_5 |