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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.
Latest News
Vesak week from 27 May to 02 June
In accordance with the guidance of the Most Venerable Mahanayake Theros and the All Ceylon Shasanarakshaka Mandalaya, it has been identified as appropriate to conduct the State Vesak Festival for the year 2026 (Buddhist Era 2570) at the historic Medillawala Purana Viharaya in Thihagoda, Matara District, with the collaboration of the Ministry of Buddhasasana, Religious and Cultural Affairs, the Ministry of Public Administration, Provincial Councils and Local Government, and the Department of Buddhist Affairs.
It has been decided to conduct this year’s State Vesak Festival under the theme “Abhiththaretha Kalyane” (“Let us
hasten towards the common good”). Accordingly, the Cabinet of Ministers has approved the joint resolution furnished by the Hon. Minister of Public Administration, Provincial Councils and Local Government and the. Minister of Buddhasasana, Religious and Cultural Affairs to: conduct the National Vesak Festival
centering the Medillawala Purana Viharaya in Thihagoda, Matara District; to declare the period from 27 May to 02 June 2026 as Vesak Week; and organize and implement various Buddhist religious programmes across the island during that period.
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Free Tourist Visas for Passport Holders of 39 Countries
With the objective of promoting the tourism industry in Sri Lanka, approval was granted at the Cabinet meeting held on 21-07-2025 to implement a programme to issue free tourist visas, for a period of six months, without charging fees, to passport holders of 39 selected countries.
The Cabinet of Ministers has approved the resolution furnished by the Minister of Public Security and Parliamentary Affairs to submit, for the concurrence of the Parliament, the draft regulations prepared by the Legal Draftsman for the issuance
of free tourist visas in terms of the provisions of the Immigrants and Emigrants Act.
News
Implementation of the “Diviyata Saviyak” Housing Programme
In terms of a proposal presented in the 2025 Budget, approval was granted at the Cabinet meeting held on 18-08-2025 to implement the ‘programme to provide financial assistance for securing housing facilities for low-income couples transitioning from institutional care to society’.
Through the 2026 Budget proposals, the said programme has been further strengthened by allocating a sum of LKR 2,000 million to provide financial assistance of up to LKR 2 million per beneficiary who have resided in child development centres at any stage of their lives and have subsequently reintegrated into society, as well as for families with children at risk for purchasing land, purchasing land and constructing a house, constructing a house on owned land, purchasing a house, or renovating an existing house.
Accordingly, based on the formulated eligibility criteria and the
mechanism for disbursement of financial assistance, the Cabinet of Ministers has approved the resolution furnished by the Minister of Women and Child Affairs to provide such financial assistance to the following beneficiary groups:
• Individuals below 45 years of age who have left institutional care upon reaching 18 years of age or earlier, and who do not have access to a stable and secure residence.
• Families with children who are in vulnerable and at-risk situations due to the lack of a proper family background or stable livelihood, resulting in the absence of adequate housing or living in unsafe housing conditions.
• Children aged between 16 and 18 years who are currently under institutional care, and young persons over 18 years of age who continue to remain in child development centres due to their inability to reintegrate into society
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