By: Staff Writer
March 11, Colombo (LNW): Sri Lanka is embracing digital transformation to rejuvenate its industries and drive economic growth. With advancements in technology, businesses across various sectors are adopting digital tools to enhance efficiency, improve productivity, and create new opportunities.
The government and private sector are working together to integrate smart solutions, ensuring a competitive edge in the global market. This shift towards digitization is expected to not only modernize industries but also create employment and attract foreign investment.
In recent years, Sri Lanka has taken significant steps to strengthen its industrial sector. With a focus on sustainability and innovation, businesses are adopting modern technologies and streamlined processes to enhance efficiency.
The government has also implemented policies aimed at improving infrastructure, reducing regulatory hurdles, and promoting foreign direct investment.
The government called on the industrialists to embrace digital supply networks under a unified industrial strategy or risk being left behind in an increasingly interconnected global economy.
Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe asserted that the traditional linear supply chain model—raw materials, transportation, manufacturing and distribution—is no longer viable in a world dominated by digital supply networks.
“The world has moved on. Supply chains are no longer linear; they are interconnected ecosystems driven by data,” he said.
He made these comments while addressing the TWENTY 30 and BEYOND forum and award ceremony, organised by COYLE in Colombo last week. The event celebrated Sri Lanka’s entrepreneurial excellence, bringing together industry leaders and entrepreneurs to discuss the future of the country’s industrial landscape.
Abeysinghe highlighted how modern supply chains operate on real-time data, with demand signals sent directly to farmers, suppliers and manufacturers. He argued that this transparency is dismantling inefficiencies and profit accumulations that have long plagued the traditional value chains.
A key factor in this revival is the emphasis on value addition. Instead of relying solely on raw material exports, industries are investing in processing and manufacturing to produce higher-value goods. This approach not only increases revenue but also creates job opportunities and strengthens the local economy.
Furthermore, strategic partnerships with international organizations and investors are playing a crucial role in advancing Sri Lanka’s industrial capabilities. Collaboration with global experts facilitates knowledge transfer and access to new markets, positioning the country as a competitive player in various industries.
Despite these positive developments, challenges such as fluctuating global demand, environmental concerns, and economic uncertainties remain. However, with a strong commitment to modernization, innovation, and sustainable practices, Sri Lanka is well-positioned to overcome these obstacles and continue its industrial resurgence.
