Sunny skies, pristine beaches and fantastic wildlife are all part of the Sri Lankan holiday experience, no wonder the tourism industry is booming on the island as holiday makers arrive for two weeks of great weather and care free cocktails. However, there is a lot more to the island that is attracting business from across the globe, it has a vast array of untapped talent, encouraging innovation and disruption across the economy and nurturing the growth of a tech eco-system.
Sri Lanka has watched its neighbour India become the home of global business process outsourcing thanks to its vast pool of human capital and cheap operating centres. However, in the digital age, Sri Lanka has spied an opportunity to gain a march on its rival. As the digital economy grows, the focus of business is focused on creating technology hubs, inspiring innovative firms by supporting new business and encouraging growth. Sri Lanka has a fantastic start in creating a digital based economy thanks to government support of skills programmes, bringing computing skills into the classroom and building an economic base on IT skills. The Sri Lanka Institute of Information Technology is one of the great technology based centers for learning in the emerging world, inspiring graduates in computer based subjects.
The results of government support and skilled individuals are starting to emerge. Huawei, a leading global information and communications technology company unveiled their brand-new office in Colombo in June. The establishment of CSIC is one of Huawei further contributions to support Sri Lanka’s digital economy. “The Huawei Customer Solutions Innovation and Integration Experience Center (CSIC) in Colombo is a great platform where we can develop innovative ICT solutions. I wish more youth and students can visit the center and witness how a global ICT company innovates” said Minister of Telecommunication and Digital Infrastructure, Harin Fernando.
The Global Innovation Index report of 2017 places Sri Lanka ahead of its peers in the South Asian region apart from India. The report in particular highlights the infrastructure in the country which has helped the country rise up the rankings from 2016. The output pillars from the report are really promising for Sri Lanka, acting as a good indication that the nation is building an efficient ICT sector with good growth potential.
A lot of the success in Sri Lanka comes from good foundations for a modern economy, such as good health care, strong enrolment rates in education for children and longer life expectancy than many other emerging economies. Building an advanced, technology based economy is a long journey, but it is easier if you have a stable environment to build upon. The Sri Lankan innovation economy will continue to improve with government support and investment from global business. Expect the island to focus upon tackling the digital economy head on and compete as the Asian nation of the digital age.
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