The government aims to boost Sri Lanka's economic growth from its current 5 per cent level to 7–8% over the coming years, identifying the information technology, electrical, and electronics industries as key drivers.
President Anura Kumara Dissanayake shared these plans during a discussion with industry leaders and investors on 1 July at the Presidential Secretariat. He stressed that securing the country’s future depends on strengthening domestic industries and invited entrepreneurs to partner with the government to unlock economic potential. The President also requested detailed proposals and reports on current industry challenges from the participants.
To accelerate this growth, the government plans to allocate Rs. 2 trillion for capital expenditure next year, with the expectation that the export sector will contribute significantly to meeting the resulting demand for foreign exchange.
The discussion highlighted the potential for the information technology sector to generate US$5 billion in annual export earnings, up from its position as the third-largest export revenue earner. Similarly, the electrical and electronics sector could increase its annual export revenue from approximately US$500 million to US$2 billion.
Attendees explored establishing Sri Lanka as a global brand in these fields, noting the availability of a highly skilled workforce while acknowledging the need for better infrastructure.
Business representatives raised concerns regarding electronic component imports, banking system hurdles for companies in the Colombo Port City, and difficulties promoting local products domestically. The government agreed to address these barriers through legislative and regulatory reforms, including the creation of a special unit to provide prompt solutions to industrialist concerns.
Deputy Minister of Digital Economy Eranga Weeraratne announced plans for a Virtual Special Economic Zone, a new data centre, and a "Green Channel" mechanism to simplify customs procedures for R&D equipment. The government is also reviewing banking constraints for overseas payments and considering incentives to retain skilled professionals and reduce talent migration.
President Anura Kumara Dissanayake shared these plans during a discussion with industry leaders and investors on 1 July at the Presidential Secretariat. He stressed that securing the country’s future depends on strengthening domestic industries and invited entrepreneurs to partner with the government to unlock economic potential. The President also requested detailed proposals and reports on current industry challenges from the participants.
To accelerate this growth, the government plans to allocate Rs. 2 trillion for capital expenditure next year, with the expectation that the export sector will contribute significantly to meeting the resulting demand for foreign exchange.
The discussion highlighted the potential for the information technology sector to generate US$5 billion in annual export earnings, up from its position as the third-largest export revenue earner. Similarly, the electrical and electronics sector could increase its annual export revenue from approximately US$500 million to US$2 billion.
Attendees explored establishing Sri Lanka as a global brand in these fields, noting the availability of a highly skilled workforce while acknowledging the need for better infrastructure.
Business representatives raised concerns regarding electronic component imports, banking system hurdles for companies in the Colombo Port City, and difficulties promoting local products domestically. The government agreed to address these barriers through legislative and regulatory reforms, including the creation of a special unit to provide prompt solutions to industrialist concerns.
Deputy Minister of Digital Economy Eranga Weeraratne announced plans for a Virtual Special Economic Zone, a new data centre, and a "Green Channel" mechanism to simplify customs procedures for R&D equipment. The government is also reviewing banking constraints for overseas payments and considering incentives to retain skilled professionals and reduce talent migration.
