Home » Sri Lanka’s digital economy expansion to add US$ 15billion to GDP

Sri Lanka’s digital economy expansion to add US$ 15billion to GDP


By: Staff Writer

Colombo (LNW): The expansion of Sri Lanka’s digital economy will help boost the country’s Gross Domestic Product (GDP) by US$ 15 billion in the coming years, if development efforts in this regard are consistent, said the Federation of Information Technology Sri Lanka (FITIS).

Currently, the digital economy contributes US$ 3.7 billion to the GDP.FITIS Chairman Indika De Soysa pointed out that the IT industry is working towards elevating the current contribution by 20 percent and increasing the current contribution to the GDP by about fourfold by 2030.

De Soysa made these remarks at a press conference held this week at the Presidential Media Centre (PMC) where he discussed the ‘DIGIECON Sri Lanka 2030’ programme. The programme aligns with President Ranil Wickremesinghe’s vision, he stressed.

Taking into account the global context, especially that of developed countries, digital economy contributes approximately 40 percent to their GDP. In Sri Lanka, it is a mere 5 percent contribution.

To speed up efforts in this regard, a comprehensive set of guidelines for the next seven years is being developed by the relevant stakeholders, in collaboration with the DIGIECON 2030 government programme, to enhance technological knowledge among Sri Lankans.

Furthermore, the conference will introduce a digital economy master plan and regulatory policy framework by 2030, aiming to accelerate the country’s digital economy.

The event will feature over thirty expert speakers, both local and international, addressing key areas such as financial technology, education technology, tourism technology, information security, agricultural technology, and electronic health services.

Notably, the conference will include a digital investment component, seeking to attract potential investors for established IT companies in Sri Lanka and achieve a target of US$ 3 billion in IT exports.

The support extended by the Sri Lanka Information and Communication Technology Agency for this endeavour was acknowledged.

The conference enjoys the patronage of President Ranil Wickremesinghe and is supported by State Minister of Technology, Kanaka Herath, the Ministry of Technology, and the Information and Communication Technology Agency of Sri Lanka.

Meanwhile, the 41st National Information Technology Conference scheduled to be held in October will unveil a comprehensive set of guidelines for the next seven years.

DIGIECON 2030 program aims to accelerate Sri Lanka’s economy towards an inclusive digital economy by leveraging advanced technology-based solutions State Minister of Technology Kanaka Herath said.

As the first milestone, ‘DIGIECON 2023’, will take place from October to November 2023, which will unveil digital master plan and regulatory policy framework for the country up until 2030 in conjunction with a series of international conferences, symposiums, and exhibitions accelerating digital transformation and fueling ‘Digital Economy 2030’.

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