Govt. to ease barriers for green energy products, support AI innovation
January 12, 2025 11:07 am
Minister of Industry and Entrepreneurship Development Sunil Handunnetti says that the government will take measures to introduce a range of environmentally friendly products rooted in green energy principles, while preserving local identity, within the next two years.
The Minister made this remark during his visit to the VEGA Innovations production facility in Maradana, where he inspected groundbreaking products developed by the company, including the VEGA electric car—hailed as the world’s third-fastest electric car—the 100% locally manufactured electric three-wheeler, and other AI-powered innovations.
During the visit, Minister Handunnetti emphasized the government’s commitment to fostering a favorable environment for sustainable technologies, noting that the current administration will not hesitate to implement policy changes to eliminate barriers to the promotion of environmentally friendly products in both local and international markets.
CEO of VEGA Innovations Dr. Harsha Subasinghe highlighted the potential of artificial intelligence (AI) in the global market. He projected that by 2030, the AI industry would grow to a staggering $1.5 trillion, presenting Sri Lanka with the opportunity to capture at least 1%, or $150 billion, of this market.
He also pointed out the growing global demand for electric three-wheelers, currently valued at $30 billion, suggesting that Sri Lanka could secure a 10%-15% share in this sector.
