Connect with us

Business

5G to accelerate digital economy development in Sri Lanka

Published

on

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.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

CSE Director Board appoints new chairman

Published

on

The Chairman of the Colombo Stock Exchange (CSE) Dumith Fernando who has served in this role since July 01, 2020, has informed the Board of his intention to retire by rotation on June 23, 2022 at the conclusion of his current term as a Director. Subsequently, at its regular monthly board meeting held on May 19th, 2022, the Board of the CSE has elected Director Dilshan Wirasekara to succeed Fernando as Chairman with effect from June 24th, 2022. Wirasekara is currently Director and Chief Executive Officer of First Capital Holdings PLC.According to the Articles of Association of the CSE, it’s Chair is chosen from among the five Directors elected by the members of the CSE. The appointment of Wirasekara is in line with the CSE’s normal board succession practice.

The outgoing Chairman Fernando said that “We are very pleased with the advancement of the CSE in the last 2 years. The market has set records across capital raising, trading volumes and participation alongside significant wealth creation for investors. The CSE is also financially stronger than it has ever been, and I am pleased to hand over my role following the institution’s highest-ever profitability and capital reserves position. Credit for this is due to my fellow board members, management and staff as well as all those stakeholders who collaborated with us including our regulator the Securities & Exchange Commission of Sri Lanka and the stock broking and investor communities.”

Commenting on the appointment of his successor, he further stated “I have had the pleasure of serving as a Director with Dilshan for five years where he has been a critical and energetic member of the board. The board and I have full confidence that he will continue to work with all stakeholders to build on our recent efforts to transform into a modern-day multi-product exchange. I look forward to supporting Dilshan over the next few weeks to ensure a smooth transition.”Wirasekara thanked both the outgoing chairman for his leadership of the CSE over the last 2 years and the CSE Board for the confidence placed in him. He further stated, “I hope to continue the good progress at the CSE and look forward to working with the Board and the CSE team together with the regulator and the industry to advance our ambitious capital market development plans.”

Continue Reading

Business

Bank of Ceylon sponsors Annual Sand Paving Ceremony at Jaya Sri Maha Bodhi Temple Anuradhapura

Published

on

Invoking the blessings of the sacred “Jaya Sri Maha Bodhi” situated in the historic city of Anuradhapura, on the country and on all its citizens, for peace, harmony and prosperity, the Bank of Ceylon conducted its annual ceremony of strewing fresh sand which is known as “weli Athirime Pinkama” in “Uda Maluwa” recently.

The ceremony took place with the participation of the Bank’s General Manager K.E.D. Sumanasiri, DGM Corporate and Offshore Banking Priyal Silva, DGM Human Resource Dhamma Wijeyawardhene, DGM Branch operations and Development Banking Nilantha Meneripitiyage, AGM North Central Province Mahinda Bandara, AGM Marketing Aruna Hettiarachchi, AGM North Western Mrs.Ruchindra Perera and other staff members. The event was organized by the Bank’s Assistant General Manager North Central Province (NCP) G.K.G. Mahinda Bandara and staff members of the NCP province with the guidance of the Atamasthanadipathi of Anuradhapura, the Most Venerable Dr. Pallegama Siriniwasa Thero.

Continue Reading

Business

SLIM Research Bureau embarks on a mission to promote fair trade in Sri Lanka

Published

on

As corporates and consumers globally are shifting towards best practices such as sustainability, inclusivity, and most importantly, equality to all, “fairness” has become a significant part of how business and buyer decisions are made.With this in mind, SLIM Research Bureau, the research arm associated with the Sri Lanka Institute of Marketing (SLIM), recently signed an agreement with Fairtrade NAPP at SLIM Home, in aspiration of promoting fair trade and consumption of fairly traded products in the local market of Sri Lanka.Through this collaboration, SLIM Research Bureau and Fairtrade intends to launch a project – named “SRI-PROM” funded by AICS, the Italian Agency for Development Co-operation, and supported by Fairtrade Italy – that aims to contribute to the social and economic strengthening of rural areas in Sri Lanka, through the development of much more profitable eco-sustainable supply chains for small farmers.

Commenting on the partnership, SLIM President Mr. Nuwan Gamage stated: “SLIM is thrilled to enter into this milestone partnership with Fairtrade NAPP to instil globally accepted best practices within the corporate circle that help achieve fair, equitable trade relationships. The project will be the first step in inviting businesses across industries to become a trailblazer that sets an example both in Sri Lanka and around the world. We look forward to expand these efforts further in the days to come.”The modern concept of fair trade refers to the ethical and sustainable sourcing of products, where workers and farmers at the foundational level of supply and value chains are treated fairly. This, in turn, offers consumers a powerful opportunity to reduce poverty through their purchases.

Fairtrade International Programme Consultant for Sri Lanka, Standards Committee Chair, and Oversight Committee Asia-Pacific Representative Mrs. Iresha Sanjeewanie noted: “Fairtrade takes a 360-degree approach to address a number of different issues and developmental challenges faced by small-scale producers and workers. Though Fairtrade Standards are a glum eye-opener into the implications of unfair trade, in a broader sense, it advocates reform-oriented research and pushes to raise the bar in trade.”

Continue Reading

Trending