Why Unleashing the Digital Economy Should Be Sri Lanka’s Top Priority
Why Unleashing the Digital Economy Should Be Sri Lanka’s Top Priority
Sri Lanka is at the cusp of a digital revolution. Across the globe, countries are leveraging the digital economy to transform their industries, create jobs, and improve public services. It’s no longer a question of whether Sri Lanka should embrace this shift but how quickly and effectively it can adapt.
In a recent public lecture, Dr. Sanjiva Weerawarana, CEO of WSO2, laid out a compelling vision for the country’s digital transformation. His message was clear: the digital economy is not just a technological shift—it’s an opportunity to reimagine how we work, govern, and live.
The Promise of the Digital Economy
Imagine a Sri Lanka where paying for goods, accessing government services, or running a business is as simple as tapping your phone. That’s the potential of the digital economy. It uses tools like the internet, artificial intelligence (AI), and digital payment systems to make everyday tasks faster, easier, and more efficient.
Countries like Singapore have shown that embracing the digital economy can attract foreign investments, create high-paying jobs, and raise living standards. With its educated workforce and strategic location, Sri Lanka has all the ingredients to follow suit. But time is of the essence—every delay means lost opportunities.
A Vision for Sri Lanka’s Digital Future
Sri Lanka needs a clear, actionable roadmap to unleash its digital potential. This roadmap should:
- Adapt to global trends: Technology evolves rapidly; our strategy must keep pace.
- Be led by top-level leadership: The President, with support from experts, must guide this transformation.
- Position Sri Lanka as a digital innovation hub in Asia.
This vision isn’t just about adopting new technologies. It’s about creating opportunities for people and businesses and positioning Sri Lanka as a competitive player on the global stage.
Five Steps to Transforming Sri Lanka’s Economy
Dr. Weerawarana emphasized several foundational elements critical to unleashing the digital economy:
- Digital Identity for All
A unique digital identity for every citizen and business is essential. This will simplify access to services like opening bank accounts, applying for licenses, and filing taxes.- Use existing systems like national IDs and business registration numbers.
- Allow simple verification methods, such as video calls, to ensure inclusivity.
- Make Digital Payments Mainstream
Sri Lanka still relies heavily on cash, which is costly and inefficient.- Phase out Rs. 5000 notes to encourage digital transactions.
- Make it mandatory to pay digitally for transactions above Rs. 25,000.
- Improve banking apps and reduce fees to make digital payments accessible to all.
- Simplify Regulations
Many rules and procedures are outdated, slowing down progress.- Replace manual approvals and paperwork with automated systems.
- Write clear, practical rules that balance security and convenience.
- Build Strong Digital Infrastructure
A robust digital backbone is critical for seamless interactions between citizens, businesses, and government.- Create secure, real-time systems for data sharing and services.
- Ensure essential services, like renewing a license, are available online 24/7.
- Ensure No One is Left Behind
Inclusivity is key to a successful digital economy.
- Set up community centers where people without internet access can get help.
- Provide affordable internet and digital literacy programs.
- Support small businesses and rural communities in going digital.
Challenges and Opportunities
Transforming Sri Lanka’s economy won’t be easy. Many government departments lack the digital capacity to implement changes. Frequent political shifts disrupt long-term plans, and resistance to change remains a barrier.
However, these challenges can be overcome with:
- Training for government staff to adopt and use digital tools effectively.
- Consistent leadership to ensure continuity of the digital strategy.
- Incentives for businesses and individuals to embrace digital systems.
Sri Lanka’s Chance to Lead
Sri Lanka has the potential to become a digital innovation hub in South Asia. By focusing on emerging sectors like artificial intelligence, fintech, and digital health, the country can attract global investments and create high-paying jobs.
Singapore offers a blueprint for success. Through policies that encourage startups, protect intellectual property, and incentivize tech companies, it has become a global digital powerhouse. Sri Lanka can replicate this success by articulating a clear, actionable vision for its digital economy.
Leadership is the Key to Success
Strong leadership is essential to drive this transformation. The President, supported by a team of experts, must:
- Set clear goals and hold departments accountable for progress.
- Recognize and reward government and private sector initiatives that excel in digital transformation.
- Build trust through transparency and regular updates on progress.
The Road Ahead
As Dr. Weerawarana rightly pointed out, technology alone cannot drive change. It requires systemic reforms, inclusive policies, and collective effort from all sectors.
The digital economy has the potential to create jobs, improve services, and elevate Sri Lanka’s global standing. But the window of opportunity is narrowing. With strong leadership, clear policies, and collaboration between public and private sectors, Sri Lanka can unlock the full potential of its digital economy.
Conclusion
The time to act is now. By embracing the digital economy, Sri Lanka can secure its future as a competitive, innovative, and inclusive nation. Let’s seize this moment and pave the way for a brighter, digital tomorrow.
