President emphasises importance of fostering innovation for country’s economic progress

The 2025 Budget prioritises innovation aiming to transform Sri Lanka into a competitive player in the global innovation landscape, President Anura Kumara Dissanayake said on Thursday (20). He emphasised that digitalisation will be a key driver in this transformation, enabling the country to catch up with other nations in the field.

Speaking at the Innovation Island Summit 2025 at the ITC Ratnadipa Hotel in Colombo, the President stated that fostering innovation is essential for Sri Lanka’s economic progress. Hosting this summit in Sri Lanka, he noted, reflects the country’s growing interest in entrepreneurship and the increasing recognition of innovation as a catalyst for development.

The President explained that human civilisation has evolved through different phases, each defined by innovation. While people’s fundamental needs remain unchanged, the ways in which these needs are met continue to evolve, creating new markets and opportunities. He highlighted that countries that have achieved economic success have done so by embracing innovation and adapting to changing global trends, citing neighbouring India as a prime example.

President Dissanayake stressed that Sri Lanka has immense potential in innovation and that the government aims to establish a strong digital infrastructure by 2030. He reaffirmed that the current Budget places innovation at its core, with a focus on commercialising new discoveries to drive economic growth.

The President projected USD 19 billion in export revenue for this year, emphasising that a major transformation in the innovation sector is necessary to achieve this target. He asserted that it is the government’s responsibility to ensure that the benefits of innovation reach the entire population and that many of the administration’s long-term goals are directly linked to advancements in technology and digitalisation.

He acknowledged the challenges Sri Lanka faces in the global economic arena and underscored the need for greater digitalisation and innovation to remain competitive. Calling on international partners and investors, he invited new investments into the country, assuring that Sri Lanka has already built a positive business environment for innovation. He also highlighted the availability of a skilled workforce that can support this transformation, further strengthening the country’s position in the global innovation ecosystem.