SL software industry becomes a significant player in the global market
January 13, Colombo (LNW): Sri Lanka’s software industry dates back to the early 1980s and has become a significant player in the global market, attracting both local and international companies.
Sri Lanka’s tech ecosystem thrives on a blend of talented professionals, somewhat supportive of governmental policies, and a burgeoning start-up culture.
These may not be sufficient, but are the necessary conditions at the starting point of a vibrant AI industry. IT experts claimed.
According to Export Development Board (EDB) The Sri Lankan ICT sector serves a number of industry verticals with over 500 companies at present. T
These include communication, apparel and textiles, banking, financial services and insurance (BFSI), healthcare, manufacturing, media, retailing, transportation, travel and leisure and many more.
Sri Lanka’s success in ICT exports are chartered through an impressive upward trend in annual figures.
The export revenue of this sector grew from $ 166 million in 2006 to reach $ 1.2 billion in 2021 with a workforce of over 120,000.
With over 90% value addition and high paying jobs, it has made a significant impact on the growth of the Sri Lankan economy.
Sri Lankan ICT companies export software products and services to regions such as North America, EU, Australia, East Asia, the Middle East, Africa and the Nordic region.
It says further, h their core competencies covers automated application testing, infrastructure outsourcing, high-end R & D, enterprise resource planning (ERP), cloud technology, mobile applications and many other business solutions.
Sri Lanka also acts as an offshore development centre for several fortune 500 companies from the USA, Ireland, UK, Australasia, Sweden and joint venture development companies from Sweden, Norway, USA, Japan, etc.
One of Sri Lanka’s key opportunities is its proximity to India. Whether we like it or not, in the near future, India is projected to emerge as a leading developer and consumer of AI.
Establishing and maintaining robust trade connections with India would prove invaluable.
Notably, Sri Lanka’s capital, Colombo is a mere one-hour flight from Bangalore, India’s prominent ICT hub.
This proximity surpasses the distances to India’s other major metropolitan areas, such as New Delhi, Mumbai, and Kolkata. It would be remiss not to recognise and earnestly consider the potential of this opportunity.