According to Dr. Hans Wijesuriya, Principal Advisor to the President on the Digital Economy, Sri Lanka has a strong foundation for a digital economy, with 75 percent of the required skills already in place.
However, to fully harness this potential, the country needs to bridge the remaining gap and improve its digital competitiveness.
Currently, Sri Lanka’s digital competitiveness is in the bottom fourth quartile in terms of technology adoption, engagement and inclusion.
Former Axiata Group CEO Dr. Wijesuriya stressed the need to elevate Sri Lanka to the top first quartile within the next three years.
Achieving this ambitious goal requires a multi-pronged approach, he said.
“We need to recalibrate our approach and accelerate the adoption of new ways of working,” Wijesuriya said at the Ignite Growth Forum held at Advocate yesterday.
“Significant efforts will be required in terms of institutional framework, legislation and cultural changes.”
He stressed the importance of establishing a strong institutional framework with a strong top organization and effective implementation units. The evolving digital landscape requires updates and alignment to several key laws, including the Data Protection Act, the Electronic Transactions Act and those within the purview of the Central Bank of Sri Lanka.
Furthermore, it is crucial to develop comprehensive regulations and standards in areas such as API laws and cybersecurity to ensure the provision of high-quality digital services to users and industry stakeholders.
Data governance emerges as an area of critical focus, and Dr. Wijesuriya stressed the need for a well-defined national data governance strategy, emphasizing the potential of data sharing through a national data exchange, ensuring data privacy and security within the confines of the Data Protection Act.
He noted that to drive AI-powered innovation, Sri Lanka must develop a dedicated strategy to meet the energy needs of its infrastructure. Taking inspiration from Singapore’s successful use of subsidized energy from Malaysia to power its data centers, Dr. Wijesuriya suggested exploring similar approaches to support Sri Lanka’s AI hardware and processing needs.
“With the collective efforts of all stakeholders, Sri Lanka has the opportunity to accelerate its digital transformation and usher in a new era of economic growth and development,” said Dr. Wijesuriya.
