AI-driven entrepreneurship will transform Sri Lanka’s economy: Dy Minister

A new transformation of Sri Lanka’s economy will be driven through entrepreneurship based on Artificial Intelligence (AI) technology, the Deputy Minister of Digital Economy, Eng. Eranga Weeraratne stated.

Speaking as the Chief Guest at the ITAM–32 International Conference organized by the University of Vavuniya, the Deputy Minister noted that the current global economy is undergoing a massive transformation centered on Artificial Intelligence (AI).

Addressing the conference held under the theme “Technology-Based Entrepreneurship for Inclusive Growth in the AI Era,” Deputy Minister Weeraratne emphasized that in the modern digital economy, data functions as capital, while innovation serves as the primary currency. 

He pointed out that encouraging startups that utilize modern technologies such as cloud computing and data analytics beyond traditional small and medium-scale enterprises is essential for national progress.

The Deputy Minister further stated that Artificial Intelligence is not merely a technological trend, but a transformative force comparable to electricity or the internet, capable of reshaping productivity across all sectors. 

He explained how AI directly contributes to medical diagnostics in the healthcare sector, precision farming methods in agriculture, digital payments in the financial sector, and improved efficiency in public services. As a developing economy, Sri Lanka has a valuable opportunity to leapfrog stages of development and move forward rapidly by embracing this technology, the Deputy Minister said.

Commenting on changes in the job market resulting from technological advancement, Deputy Minister Eranga Weeraratne addressed concerns that automation may lead to job losses. He stated that the solution lies in equipping the workforce with new skills. The government, he said, is committed to enhancing digital literacy and promoting lifelong learning opportunities. 

He also emphasized that just as roads and ports are critical infrastructure for economic growth, data infrastructure is equally vital. Responsible data governance, cybersecurity, and the establishment of an ethical AI framework were highlighted as national priorities.

The Deputy Minister further stressed that the benefits of technology must flow equally to all segments of society. 

“Reducing the digital divide between urban and rural areas and ensuring equal opportunities for rural entrepreneurs, women entrepreneurs, and young innovators are key objectives of the government. By providing affordable broadband access and establishing reliable digital financial systems, the foundation is being laid for an inclusive economy where no one is left behind,” the Deputy Minister of Digital Economy added.

Deputy Minister of Digital Economy Eng. Eranga Weeraratne concluded by stating that national progress should not be measured solely by GDP growth, but also by the extent to which technology improves the quality of life of the people.