Business

5G to accelerate digital economy development in Sri Lanka

Published

5 years ago

2022/02/4

As Sri Lanka sets to include the spectrum for 5G in the upcoming frequency auction, the island will embrace 5G technology in the near future. Huawei advocates for accelerating 5G in line with Digital Economy development objectives during the First National Digital Consortia, organized by Information and Communication Technology Agency (ICTA). The week-long event aimed at building ties between multinational organizations, local businesses, local government, and encouraged the leading technology giants to be part of Sri Lanka’s digital transformation.

“Digital transformation is the key driver for the Sri Lanka industrial growth and higher productivity,” Huawei APAC Director of Industry Ecosystem Engagements, Konesh Kochhal highlighted that advancing Telecom and ICT technologies are key foundation enablers to achieve Digital Aspirations in Sri Lanka.

Whilst Sri Lanka has identified ‘Building a Technology-based society’ as a key national initiative in its National Policy Framework (NPF) named “Vistas of Prosperity and Splendour”, there are wider opportunities and room available in Sri Lanka for improvements even in more digitally mature sectors for digital transformation. A country needs to decode its National Strengths, prioritize digital developments, embark on vertical Industry digitalization, and leverage best practices through measurements, transparency, and collaborations. Kochhal highlighted that focused digital economy driving programmes such as Tech Industry development, Startup Ecosystem Development, Technology Diffusion, Capacity Building, and Regional Cluster Development defined in the ICTA’s Digital Economy Strategy are spot on and will be absolute essential for driving digital transformation of Sri Lanka.

Sri Lanka’s government has pledged to meet the Sustainability Development Goals of the United Nations. A digital economy with efficient digital infrastructure and skilled workforce will attract more investment and broaden trade relationships. Explaining on early 5G experience in several countries and the success of the digital economy, there have been studies showing that a 20% increase in ICT investments will lead to a 1% increase in GDP growth. In terms of investment efficiency, the ROI of ICT investments is 6.7 times higher than that of non-ICT investments. In addition, the global digital economy is growing 2.5 times faster than the global GDP.

In the past 10 years, the proportion of the digital economy in the global GDP has increased from 11% to 15%, according to experts. In the next 10 years, the proportion is expected to reach 24.3%, equivalent to $23 trillion US dollars in value. Thus, ICT technology investment and digital transformation will affect the entire economic and industry aspects. Nowadays, industries are experiencing digital transformation. More than 75% of the top 500 enterprises will transform the traditional business model into ICT digital service provider. Leading enterprises of various industries are already using digital or cloud technology, to innovate business & operating models, improve efficiency and experience, and benefit from digital dividends.

“The digital economy is characterized by fast growth, active innovation, and a wide impact, and it is becoming a key aspect in developing a new structure and mechanism for economic development. Currently, more than 170 countries have digital strategies” he said adding that “5G is not just a faster Internet connection for your smartphone, but that It is the foundation of tomorrow’s digital economy, powering everything from banks to hospitals to civil aviation and the management of cities. If 5G is going to support tomorrow’s complex digital systems, those systems must be made secure”.

Further elaborating on Sri Lanka’s present digital economy strategy, Kochhal highlighted that whilst ICTA’s Digital Economy Strategy includes utilizing existing programs and all relevant ecosystem partners to develop and implement an integrated Digital Economy transformation through higher operational efficiency, lower costs, and better services and outcomes for its citizens, there is still room for improvements even in more digitally mature sectors for digital transformation.

“Digitalization is fundamental to digital economy and it is important to develop infrastructure of telecommunications and ICT. Therefore encouraging the telecommunications and ICT sector development to expand along with inclusive growth will make Sri Lanka Digital. Technology investments could be adapted to address issues of national as well as regional importance and will also help Sri Lanka move up the technological ladder. Given current 4G penetration and experience in Sri Lanka, the immediate priority is to accelerate strengthening of the 4G layer both in terms of adoption, improved experience and ensure a robust foundation. As the local ecosystem gears up to accelerate all industry digitalization, people, industrial and enterprise digital demands will rise multi-fold in no time, we believe in order to address this 5G technology is essential to Sri Lanka” he said.

Sri Lanka has already emerged as the first South Asian nation to demonstrate a 5th generation mobile telephony in recent years. Earlier, Sri Lanka has been successful to become the country with the first operator in South Asia to start commercial operations of 4G-LTE services, after introducing 3G in 2006. Switching to 5G technology will encourage Sri Lankans to collaborate and create next-generation IoT and ICT innovations and serve the country’s digital footprint.

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Business

SLEIS 2026 to examine how Sri Lanka can strengthen its place in Asia’s growth networks

Published

13 hours ago

2026/09/16

Sahan Weerasooriya

Ambassador Akio ISOMATA / Chathuranga Abeysinghe / P.D. Singh

As Asia continues to account for a growing share of global economic activity, Sri Lanka faces an important opportunity to strengthen its links with regional trade networks, supply chains and economic corridors. How the country can make better use of these connections to attract investment, expand trade and strengthen its position in regional value chains will be among the key questions at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.

Titled “Linking Sri Lanka to Asia’s Growth Networks: Trade, Corridors, and Value Chains,” the session will examine the opportunities for Sri Lanka to deepen its integration with the wider Asian economy and build stronger connections with regional and global markets.

The session keynote will be delivered by P.D Singh – Chief Executive Officer, India and South Asia, Standard Chartered Bank. He will be joined for a panel discussion by Chathuranga Abeysinghe – Deputy Minister of Industry and Entrepreneurship Development, Akio ISOMATA – Ambassador of Japan to Sri Lanka, MASAAKI Kawabata – Chairman – Toyota Lanka (Private) Limited, and Ravi Jayawardena – Group Chief Executive Officer-Maliban Biscuits (Private) Limited. The session will be moderated by Ms. Subhashini Abeysinghe – Research Director- Verité Research.

For Sri Lanka, stronger regional integration can open opportunities beyond traditional export markets. Greater participation in regional supply chains, improved trade connectivity and closer links to economic corridors can support investment in areas such as logistics, manufacturing, export services and other sectors connected to international production networks.

The discussion will consider what Sri Lanka needs to do to strengthen its position within these networks, including improving trade connectivity, attracting investment and creating a business environment that enables companies to participate more effectively in regional and global value chains.

It will also look at the experience of businesses and international institutions operating across the region, providing perspectives on how companies assess markets, build supply chains and identify locations for investment. With supply chains and investment flows increasingly shaped by regional connectivity, the session will also consider the partnerships and strategies needed to position Sri Lanka as a more competitive participant in Asia’s growth networks, while creating opportunities for trade, investment, innovation and economic growth.

The session will form part of the second day of SLEIS 2026, held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy.”

The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.

Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).

Business

AAC launches seat belt safety awareness initiative with RDA Colombo

Published

13 hours ago

2026/09/16

Sahan Weerasooriya

The Automobile Association of Ceylon (AAC), in collaboration with the Road Development Authority (RDA) and Police – Traffic Division, will conduct a special Road Safety Awareness Programme to promote the importance of wearing seat belts in vehicles specially on the express highways in order to reduce road fatalities and serious injuries.

The official handing-over ceremony took place at the Chairman’s Office of the Road Development Authority on 14th September 2026, where specially designed Seat Belt Safety Hanging Tags & Stickers prepared by the Automobile Association of Ceylon were handed over to the RDA for distribution to motorists at entry points to the expressways.

The initiative is being conducted in connection with the seat belt law coming into effect on 19th September 2026 and is intended to create greater public awareness of the importance of wearing seat belts in both the front and rear seats of vehicles.

Representing the Automobile Association of Ceylon at the ceremony Dhammika Attygalle, President; Prasanna De Zoysa, Sectional Chairman – Road Safety; and Devapriya Hettiarachchi, Secretary, Senior Superintendent of Police -Traffic Sisira Peththrathanthri, participated in the programme.

The Automobile Association of Ceylon has consistently maintained that road safety is one of its foremost priorities. Through awareness campaigns, educational programmes and collaboration with government authorities and other stakeholders, the Association continues to encourage responsible driving and safer behaviour among all road users.

AAC believes that the proper use of seat belts, including by rear-seat passengers, is a simple but vital safety measure that can help reduce serious injuries and save lives in the event of a road crash.

The programme further strengthens the cooperation between the Automobile Association of Ceylon, the Road Development Authority and the Police in their shared commitment towards safer roads and saving lives in Sri Lanka.

Business

Sanath Jayasuriya as Brand Ambassador

Published

13 hours ago

2026/09/16

Sahan Weerasooriya

Mr. Dasun Wickramarathna, Chairman Global Housing & Real Estate (Pvt) Ltd with Sanath Jayasuriya, World Renown Personality & Brand Ambassador

Global Housing & Real Estate (Pvt) Ltd (GHR) has announced a landmark partnership with Sri Lankan cricket legend Sanath Jayasuriya, as its Brand Ambassador as GHR enters a new chapter in its journey within Sri Lanka’s luxury real estate sector.

The partnership was officially unveiled at a press conference held at Cinnamon Life, Colombo, on 14 September 2026, bringing together industry leaders, investors and members of the media under the theme “Two Gamechangers, A New Beginning.”

The collaboration brings together two names associated with challenging convention in their respective fields: Sanath Jayasuriya, whose fearless approach transformed the dynamics of international cricket, and GHR, which has sought to introduce new approaches to property investment and luxury living in Sri Lanka.

Over the past two decades, GHR has built its presence in Sri Lanka’s real estate sector with a focus on quality, structural integrity and long-term investment value.

A significant milestone in the company’s journey came in 2016, when GHR introduced the hotel residency concept to the Sri Lankan market. The model brought together luxury hospitality and real estate investment, creating opportunities for property ownership with the potential to generate investment returns while contributing to the growth of the country’s high-end tourism offering. GHR has since continued to expand its portfolio across key destinations in Sri Lanka.

Speaking at the announcement, Dasun Wickramarathna, Chairman of Global Housing & Real Estate (Pvt) Ltd, said, “For over twenty years, Global Housing & Real Estate has strived to push the boundaries of what property development can achieve in Sri Lanka. As pioneers who introduced the hotel residency concept back in 2016, our mission has always been clear: to provide high-yield investment opportunities for our clients while taking Sri Lanka’s condominium industry into a new frontier.”

Commenting on the decision to partner with Sanath Jayasuriya, he added, “When looking for a voice to represent GHR’s ethos, Sanath Jayasuriya was the natural choice. Just as Sanath disrupted traditional international cricket and redefined how the world viewed the opening overs, GHR challenged traditional approaches to real estate and established a new benchmark in luxury living. This partnership represents a true convergence; Two Gamechangers, A New Beginning.”