Opportunity Sri Lanka | » Sri Lanka’s quest to climb global innovation ladder
Sri Lanka’s quest to climb global innovation ladder

Sri Lanka’s quest to climb global innovation ladder

Daily FT: The National Innovation Agency (NIA) held the country launch of the Global Innovation Index (GII) 2024 on 5 November at the Institute of Policy Studies. The event centred on the theme “Prioritising Innovation in Sri Lanka’s Economic Recovery”, aiming to bring focus on how innovation can fuel the nation’s economic revival during these challenging times.
The Central Bank Governor Dr. Nandalal Weerasinghe, graced the event as the guest of honour. Two publications, the “National Commercialisation Guideline” and “IP into Rupees (Version II)” were also launched and presented to the guests at the event.
Sri Lanka’s placement in the 89th position on the 2024 GII, higher by one notch from the previous ranking, reflects the need for significant progress in fostering a more innovative and competitive ecosystem. This ranking places Sri Lanka in the mid-range globally, a reality that the country must face, but one that can also serve as a catalyst for change and growth. The launch event brought to light the fact that global investors, policymakers, and international bodies will use such rankings to assess a country’s readiness for investments and partnerships.
Delivering the welcome address, the National Innovation Agency (NIA) Chief Innovation Officer Prof. Ajith de Alwis emphasised the critical role of innovation in Sri Lanka’s future, particularly in light of its current economic situation, “We must strive for a better position, one that reflects our true potential and aspirations.” He also noted the key purpose of the national launch—to raise awareness about the GII framework and sensitise decision-makers about its importance. He emphasised, “This is not a celebration, but an event to highlight the value of the GII and to ensure that we, as a nation, are aligned with the global standards of innovation.”
Presenting Sri Lanka’s performance in the GII 2024, National Innovation Agency Senior Innovation Officer Vindya Jayawickrama noted Sri Lanka’s fluctuating position in the Global Innovation Index, highlighting the need for stability and improvement in rankings to establish itself as a credible innovation-driven nation. “If we are to be a stable country, then we have to move forward with the ranking at least above 50.” Although Sri Lanka ranked 12th among 38 lower-middle-income economies and showed strong performance in innovation outputs relative to inputs, she noted there was much room to enhance critical areas like market sophistication and human capital.
She underscored the importance of reliable data, revealing that “out of 80, 22 indicators are outdated,” and called on national institutions to consolidate efforts in reporting accurate statistics, especially given that much of Sri Lanka’s data for the index comes indirectly from secondary sources. Jayawickrama also previewed the upcoming National Innovation Data Wall, designed to provide accessible and comprehensive information on the country’s innovation metrics, a critical tool she hopes will help Sri Lanka make significant strides in global rankings.
Guest speaker at the event, WIPO Head of Section – Department for Economics and Data Analytics Dr. Sacha Wunnsch-Vincent explored Sri Lanka’s evolving journey in the innovation sector, crediting a decade of consistent effort and international cooperation for driving growth. According to the latest GII analysis, Sri Lanka’s performance reflects both positive advancements and areas for improvement. While research and development investment and international patent filings have shown a decline, Dr. Sacha noted that the country has seen a surge in venture capital deals — an achievement given the global downward trend in VC activity, though he cautioned that this trend should be carefully monitored to determine whether it reflects sustainable growth or isolated incidents.

OSL take:
Sri Lanka’s ongoing economic activities and the overall economic expansion has touched many sectors in the country. Innovation has become one of the key sectors that has witnessed positive expansion and has also presented many business/investment opportunities for foreign businesses/investors. With Sri Lanka on a path to achieving hub status in the South Asian region, there’s a great potential in the sector of innovation since it applies to all key economic sectors currently on an expansion path. The innovation sector therefore presents new business/investment opportunities for foreign businesses/investors exploring lucrative opportunities in the region, especially in Sri Lanka. The country’s geographical positioning in the Indian Ocean, thr strong trade ties and the business conducive environment in the country all present Sri Lanka as a growing business destination in the region while also being the hub for innovation and related exports.

Share this:

Article Code : VBS/AT/20241021/Z_4

    For More Info and Help






    Leave a Comment