LNP – Boost for digital economy with Rs.3bn budget allocation

The government has allocated Rs.3 billion for its digital transformation strategies this year, as part of its efforts to generate US $ 15 billion in revenue through the digital economy by 2030.

“Our aim is to elevate the digital economy to over US $ 15 billion or 12 percent of the national economy, over the next five years. We also seek to increase the ICT industry’s annual export revenue to US $ 5 billion,” President Anura Kumara Dissanayake said while presenting Budget 2025 yesterday.

To support the initiative, he announced the establishment of a new apex Digital Economic Authority, which will oversee the country’s transition toward a cashless economy.

A key component of this transformation will be the Sri Lanka Unique Identity Project (Digital ID), identified as a foundational element of the country’s digital public infrastructure (DPI).

“To accelerate this, we will strengthen legislation and institutions related to cybersecurity, data privacy and data protection,” Dissanayake noted.The DPI was also identified as another critical pillar of the digital economy framework, where the accelerated adoption of digital payments among the government, businesses and citizens will be a key driver of digital economic growth.

“We will facilitate a conducive investment environment to attract private capital and partnerships across all segments of the digital economy,” Dissanayake said.

The government’s investment this year is a component of the road map developed by the newly established Digital Economic Affairs Ministry, to achieve Sri Lanka’s digital economy revenue targets over the next five years.Â

The ministry’s plan includes expanding the digital workforce to 200,000 skilled professionals and digitising all sectors across the country within the period.

The road map has also been endorsed by Chief Advisor to President on Digital Economy Dr. Hans Wijayasuriya, who noted that Sri Lanka could see an additional 1-2 percent increase in its compound annual growth rate, if the island fully harnesses its digital potential..