Business

Why digital economy is key to Sri Lanka’s economic growth

Published

3 years ago

2023/06/24

By Indika De Zoysa

The global digital economy is poised for significant growth and transformation in the coming years. With technology advancements and increasing connectivity, the digital economy has become a vital driver of global economic activity. Looking ahead, several key trends and outlooks shape the future of the digital economy.

Firstly, the adoption of emerging technologies such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT) will continue to accelerate. These technologies will revolutionize various sectors, including finance, healthcare, transportation, and manufacturing, driving efficiency and innovation.

Secondly, expanding e-commerce and digital platforms will create new business opportunities and reshape traditional industries. Online retail will continue to grow, fueled by changing consumer preferences and increased digital literacy. Additionally, the gig economy and remote work will gain prominence, enabling individuals to work flexibly and access global job markets.

Thirdly, data will play a central role in the digital economy. The collection, analysis, and data monetization will drive personalized services, targeted marketing, and enhanced decision-making. However, data privacy and cybersecurity concerns will require robust regulations and safeguards.

Digital inclusion will also be a critical focus. Efforts will be made to bridge the digital divide, ensuring equitable access to technology, connectivity, and digital skills. This will contribute to economic empowerment and social development on a global scale.

Lastly, collaborations and partnerships between governments, businesses, and international organizations will be vital in shaping the digital economy. Collaboration will drive policy frameworks, foster innovation ecosystems, and address global challenges such as digital taxation, intellectual property rights, and cross-border data flows.

Impact on Sri Lanka

The digital economy’s impact on Asia is transforming various aspects of society, economy, and technology. The region has experienced significant growth in digital infrastructure, internet penetration, and smartphone adoption, leading to the rise of digital platforms, e-commerce, and digital services. This has fueled entrepreneurship, job creation, and economic growth. The digital economy in Sri Lanka has been steadily growing and significantly impacting various sectors of the country’s economy. The Sri Lanka Governmenthas recognized the potential of the digital economy and has been implementing policies and initiatives to promote its development.

One key area of focus has been the expansion of digital infrastructure and connectivity. Efforts have been made to improve internet access and broadband connectivity across the country, enabling more people to participate in the digital economy. This has resulted in increased internet penetration and smartphone adoption.

On the other hand, the e-commerce sector has experienced significant growth in Sri Lanka. Online shopping platforms have gained popularity, and more businesses are establishing digital presence. This has expanded market access for small and medium-sized enterprises (SMEs) and has facilitated cross-border trade.

Digital financial services have also witnessed significant progress. Mobile payment solutions and digital banking services have gained traction, making financial transactions more convenient and accessible for individuals and businesses. This has helped drive financial inclusion and expand access to formal financial services.

Furthermore, the government has been promoting digital skills development and entrepreneurship. Initiatives have been launched to enhance digital literacy and provide training incoding, data analytics, and digital marketing. This has equipped the workforce with the skills needed to participate in the digital economy and has supported the growth of digital startups and innovation.

Tackling the challenges

However, challenges remain in fully harnessing the potential of the digital economy in Sri Lanka. These include addressing regulatory frameworks, ensuring data privacy and cybersecurity, and bridging the digital divide, particularly in rural areas. Continued investment in digital infrastructure, education, and policy reforms will be crucial in furthering the growth and impact of the digital economy in Sri Lanka.

The future of the digital economy is expected to be dynamic and transformative, with several key trends shaping its trajectory.Most importantly, artificial intelligence will enable automation and personalized services, while blockchain will revolutionize supply chains, financial transactions, and digital identities. AR will enhance immersive experiences, and the IoT will connect billions of devices, creating a networked ecosystem.

Data will continue to be a valuable asset, driving innovation, and economic growth. Striking the right balance between data privacy and data utilization will be crucial, and regulations may evolve to protect individuals’ rights while fostering innovation. Traditional industries will undergo digital transformation driven by automation, connectivity, and analytics. Businesses will embrace digital technologies to enhance efficiency, productivity, and customer experience.

Efforts to bridge the digital divide and promote digital inclusion will gain importance. The Government needs to work to ensure equitable access to technology, connectivity, and digital skills. This includes initiatives to provide internet access to rural areas, promote digital literacy, and create opportunities for underrepresented groups in the digital economy.

As the digital economy expands, cybersecurity will be a critical concern. Protecting sensitive data, securing digital infrastructure, and combating cyber threats will be paramount. Strengthening cybersecurity measures and building trust in digital systems will be essential for the sustainable growth of the digital economy. Also, collaboration between the Government and different stakeholders will be vital to address challenges and seize opportunities in the digital economy.

In summary, the future of the digital economy holds tremendous potential for innovation, efficiency, and economic growth. Embracing these trends and navigating the associated challenges will be crucial for Sri Lanka to thrive in the digital age.

(The writer is the Chairman of Federation of Information Technology Industry Sri Lanka (FITIS))

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

Published

1 hour 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

1 hour 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

1 hour 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.”