Sri Lanka to build technology driven economy, President tells entrepreneurs

Sri Lanka aims to build a technology-driven economy with support from the business community, President Anura Kumara Dissanayake said while addressing the Chamber of Lankan Entrepreneurs (COYLE) 2026 Annual General Meeting in Colombo yesterday (March 10).

The President invited the entire business community to join in strengthening the national economy by making full use of new economic opportunities created by advancements in science and technology.

He said the government is ready to provide all necessary facilities for this purpose and aims to bring back to the country the economic opportunities that Sri Lanka had missed by failing to move forward in line with the modern world.

President Anura Kumara Dissanayake said the government has prepared a comprehensive plan to achieve this goal, with digitalisation identified as a key component. He noted that attention has also been given to emerging economic opportunities such as artificial intelligence and data centres.

He further stated that nearly Rs. 6.5 billion has been allocated in this year’s budget for digitalisation and that the government expects to issue the Digital Identity Card before the end of this year.

This year’s COYLE Annual General Meeting was held under the theme “Bridging Generations, Building Futures”.

The President said that confidence is essential for the progress of any economy and that entrepreneurs, financial sector professionals and the general public must all have confidence in the economy. He added that a lack of trust can lead to the collapse of economies.

He stated that the country now needs a stable and resilient economy capable of withstanding both internal and external shocks and noted that the government is currently working to build such an economy.

The President said that while internal shocks have largely been managed, the country is currently facing an external shock due to the war situation in the Middle East, which has disrupted global supply chains.

He noted that since the beginning of March the price of a barrel of crude oil has increased from around USD 70 to about USD 100, creating significant uncertainty in the global market.

President Dissanayake also said that uncertainty could be seen in consumer behaviour in Sri Lanka, citing diesel sales increasing from about 4,500 kilolitres on March 1 to 10,500 kilolitres by March 3. Petrol sales also rose from around 4,000 kilolitres to approximately 9,000 kilolitres before declining again.

He explained that the economic crisis in 2022 was caused by a shortage of US dollars to purchase fuel, whereas the current challenge is mainly a supply-related issue due to disruptions in global supply chains.

The President said the government has established an Economic Monitoring Committee to address the situation and is holding discussions with friendly countries to maintain supply routes and ensure uninterrupted energy supply.

He also noted that Sri Lanka currently holds foreign reserves of about USD 7.2 billion, which is different from the situation during the 2022 crisis.

President Dissanayake said the government has taken steps to ensure energy supply for the coming months, although prices may fluctuate depending on global conditions.

He emphasised that collective responsibility and careful economic behaviour by all citizens are necessary to overcome current challenges.

The President also commended the Chamber of Lankan Entrepreneurs for representing emerging entrepreneurial leadership in Sri Lanka and congratulated its newly appointed Chairman Suren Chandraratne and members.

The new Chairman of COYLE, Suren Chandraratne, said his aim is to help create new opportunities for emerging entrepreneurs in the country.

The event was attended by several ministers including Energy Minister Kumara Jayakody, as well as members of the Chamber of Lankan Entrepreneurs including outgoing Chairman Manjula Wijesundara and Senior Vice Chairman Dan de Silva.