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Sri Lanka’s ICT agenda will be key in its growth story: Huawei Lanka

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‘ICT needs to be integrated with every sector of the economy to be competitive globally’

by Sanath Nanayakkare

Sri Lanka’s ICT agenda will form a significant part of its growth story in the years to come, Indika De Zoysa, Vice President, Huawei Technologies Lanka told The Island yesterday.

“It is therefore imperative that ICT be integrated with every sector of the economy of Sri Lanka for the country to be competitive globally”, he said.

“Building a thriving ICT ecosystem across the country will help boost development in the far-flung villages. However, one of the priorities in doing so, is to make connectivity affordable and remove coverage barriers through innovations in connectivity, AI, cloud, and mobile devices,” he said.

“Tech for All is Huawei‘s long-term digital inclusion initiative across the world including Sri Lanka and we are committed to bringing digital to every person, home and organisation for a fully connected, intelligent world boosting the economic growth of the country as well as the standards of education, health, environment and development,” he said.

“Applications are key to create digital ecosystems and help developers build applications for different requirements of communities and industries. With the use of right skilled ICT personnel and platforms, Sri Lanka can ensure fair treatment to everyone in providing quality education throughout the country”.

“ICT has a key role to play in our effort to mitigate the effects of climate change and enable nature conservation. Sri Lanka can take the cue from China as to how they monitor the activity and the living environment of the tiger and leopard in real time for biodiversity protection, and use that experience to help mitigate the human-elephant conflict in Sri Lanka”.

Digitally Inclusive Sri Lanka will facilitate the country’s vision to drive innovation, IT Entrepreneurship and citizen centric digital government. 2021-2030 is introduced as the Decade of Skills Development, and so, we should strive to position Sri Lanka as the epicentre of human resource development in Asia”.

“We must connect rural areas to the digital world using cost-effective ICT solutions to boost their agriculture and development in productive and sustainable ways. Huawei Lanka will support Sri Lanka in every step of the way to boosting its digital economy and living standards”, Indika De Zoysa said.

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realme dares to leap into Sri Lankan youth market with cutting edge devices

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realme, the world’s fastest-growing smartphone brand, launched its products in Sri Lanka on the November 23. The virtual launch event took place with the participation of Chanux bro and realme Sri Lanka team where benchmark, trendsetting realme products were introduced to the Sri Lankan market.

The launch expands the reach of the fastest smartphone brand to reach 50 million product sales worldwide, to a brand new market with young users looking for the very best in technology and smart devices. Ranked among the Top 5 brands in over 13 markets globally in just two years of operation, realme is ranked seventh globally. Proclaiming it will ‘dare to leap’, realme identifies with young people who are willing to take a risk, and has launched four cutting edge products to the Sri Lanka market, set to exceed expectations.

realme 7 – sharper captures and cooler gaming with faster charges

realme 7 grabs the imagination of the youth with a 64MP Quad Camera with Sony IMX682 sensor for sharper captures, the World’s First MediaTek Helio G95 Gaming Processor for cool gaming and a 30W Dart Charge, taking just 26 mins to get 5000mAh battery 50% Charged. The sleek smartphone comes with a 6.5-inch 90Hz Ultra Smooth Display with a 16MP In-display Selfie Camera and Starry Mode.

The first smartphone to have passed TÜV Rheinland Smartphone Reliability, realme 7 is the first in segment smartphone with the Sony 64MP Quad Camera.

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President to inaugurate CCC Sri Lanka Economic Summit

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Sri Lanka’s foremost economic summit will be inaugurated by Chief Guest Gotabaya Rajapaksa, President of the Democratic Socialist Republic of Sri Lanka on December 1. The summit is themed “Roadmap for Take-off: Driving a People Centric Economic Revival”. The President will also deliver the inaugural address.

Mahinda Rajapaksa, Prime Minister of the Democratic Socialist Republic of Sri Lanka, will launch the second phase of the summit on December 2 and participate in the VVIP session focused on “Empowering Take-off: Efficient Government and Progressive State Enterprises.”

The Inaugural session on December 1, commencing at 8.30am will feature addresses by keynote speaker Nirmala Sitharaman, Minister of Finance and Corporate Affairs of the Republic of India and Guest of Honour Ajith Nivard Cabraal, State Minister of Money and Capital Markets and State Enterprise Reforms. Dr. Hans Wijayasuriya – chairman of the Ceylon Chamber of Commerce will deliver the welcome address.

The flagship summit will be held on a virtual format in compliance with health guidelines and will bring together key policymakers, business leaders as well as the input of top international thought leaders will come together to identify the steps in developing the pathway towards the accelerated and people centric revival of the country’s economy.

Participants may register for the entire two-day virtual summit, or pick the sessions of their choice, an opportunity offered for the first time. Registrations for the event are now open. For further information, please contact Niroshini on niroshini@chamber.lk or 0115588852; or Alikie on alikie@chamber.lk or 0115588805. (CCC)

 

 

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Central Bank’s policy rates decision to be driven by two options

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by Sanath Nanayakkare

The Central Bank will be reviewing its monetary policy stance on November 26. In this context, First Capital Research has put forward strong arguments both for and against an interest rate cut, in its Pre-Policy Analysis.

Making their argument against further relaxation in monetary policy First Capital said, “As a response to the measures taken by the government, private sector credit has improved to Rs. 87.4Bn in September while market liquidity reached Rs. 140 bn by 13th Nov indicating that there is surplus liquidity in the system. Moreover, the unemployment rate, which was at 5.7% in the 1Q2020 has declined to 5.4% in the second quarter. These indicators suggest that economic activity has remained steady without much deterioration in the 2Q. Except the GDP growth numbers, where the 2Q2020 figures are yet to be seen, other indicators are signifying a recovery, inquiring the need of further policy easing at the upcoming review”.

“In response to previous monetary easing measures implemented by CBSL, to bring down costs of borrowing of businesses and households, both market deposit and lending rates adjusted notably so far during the year. AWPR declined to historic lows in recent weeks, while banks’ lending rates also witnessed a downward adjustment in line with CBSL’s expectations. We believe that considering the recovery in the private credit and historic low levels in AWPR, there is no vital requirement for CBSL to provide a rate cut and to further bring down the market lending rates drastically”.

Their arguments for further relaxation in monetary policy was: “A thrust for development is the need of the current government. We estimate that Sri Lanka’s GDP would see its steepest contraction in history of -5.8% in 2020 following the unexpected contraction in 1Q GDP growth of -1.6% while 2Q GDP figures are yet to be seen. However, the government’s key drive is the development oriented economic growth which was spelt out through the budget 2021 as well. Accordingly, the government plans to reach 6% and above GDP growth during the next 5 years commencing from 2021. As we believe, a development-oriented budget coupled with further low interest rate environment can support the government’s medium-term goals. Therefore, the need to accelerate the GDP growth can be considered as a major factor favouring further policy easing at the upcoming review.”

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