Sri Lanka unveils National Digital Economy Strategy
Daily FT: The Government has unveiled a comprehensive national digital strategy for Sri Lanka titled “Digital Sri Lanka 2030” along with an implementation plan.
The vision for 2030 is to have: a digitally empowered Sri Lanka for innovation, inclusion and sustainable growth.
To achieve the desired outcomes, the national digital strategy for Sri Lanka includes actions across six strategic areas. Underpinning these areas are six core principles and six critical enablers.
The six core principles are; inclusive, innovative, sustainable, global, human-centric and rights-based.
The six strategic areas are infrastructure connectivity and access, skills, literacy, industry and jobs; connected digital government; cyber security, safety and privacy; digital financial services and digitisation across sectors and SMEs.
The six critical enablers are legal and regulatory framework; digital identity; institutional governance; data governance; stakeholder engagement and private investment.
According to the Ministry of Technology, the focus moving forward is on developing the Sri Lankan digital ecosystem as a core component of a more-vibrant, socially inclusive, export-oriented, and green economy.
The national digital strategy will be an integral part of the country’s economic recovery and growth between now and 2030 and will be implemented in phases. In the first phase, over the next two years (until the end of 2025), the emphasis will be on setting the stage through reforms and selected investments to position the country for recovery. This will require strengthening institutions to rebuild the business climate, attracting private investment, and driving service exports, whilst ensuring that inclusive and improved digital services support improved governance and accountability.
Beyond 2026, the focus will shift to strategically positioning the country as a digital innovation and entrepreneurship hub in the Asia-Pacific, investing in the future of technology and jobs, and fully integrating digital technology across all of society and the economy.
The strategy recognises the importance of building a robust, export-oriented economy, and the need to create strong economic and technological partnerships with partners around the world. For the country to be successful in its journey towards digital transformation while minimising the reliance on public financing, a vibrant private sector will be a key partner.
In addition, measures to enhance regulatory capacity, efficient use of public investments and assets, and greater social inclusion will be critical for sustainable development.
The national digital strategy, with its associated implementation plan, should be seen as a living document that will keep pace with the constantly evolving global digital economy and achieve the country’s vision of becoming a high-income economy by 2048.
Desired outcomes include sustainable economic growth and competitiveness, greater social inclusion, a stronger skills base, good and well-paying jobs with dignity, and trusted and inclusive services. The focus is to reconstruct, rebuild and set the stage for the future of Sri Lanka’s digital landscape.
OSL take:
Sri Lanka’s ongoing economic activities and the path towards becoming a regional hub have expanded the business/investment opportunities in the ICT and digital infrastructure development sectors. It is in such a backdrop that the government of Sri Lanka is focused on forming a national strategy for a digital economy. The Sri Lankan government’s target of converting the country into an e-economy in line with the country becoming an emerging business destination in the South Asian region is aimed at further streamlining the expansion in the country’s ICT and digital infrastructure development sectors. The growth and profits recorded by local businesses engaged in these sectors is indicative of the steadily growing business potential in Sri Lanka’s ICT and digital infrastructure development sectors. With the ongoing economic activities and the growing demand in the country, foreign businesses while looking at forming collaborations with local businesses with the aim of expansion, could also look at the growing business/investment opportunities in the ICT and digital infrastructure development sectors.