Sri Lanka eyes 7-8% growth with support from IT, electronics sectors

Sri Lanka
By Editor_1
President Anura Kumara Dissanayake addressing a discussion with leading investors and industrialists from the information technology, electrical and electronics sectors, at the Presidential Secretariat, Colombo, on Wednesday (July 1, 2026) - PMD

COLOMBO – Sri Lanka aims to raise its economic growth to 7-8% in the coming years, with the information technology, electrical and electronics sectors expected to play a key role, President Anura Kumara Dissanayake said on Wednesday (July 1).

Dissanayake made the remarks during a discussion with leading investors and industrialists from the information technology, electrical and electronics sectors at the Presidential Secretariat, the President’s Media Division (PMD) said.

The president said the government plans to allocate 2 trillion Sri Lankan rupees (about 6 billion US dollars) for capital expenditure in 2027 to accelerate economic growth.

The information technology sector, currently Sri Lanka’s third-largest export revenue earner, has the potential to generate 5 billion US dollars in annual export earnings, according to the statement.

The electrical and electronics sector, which currently earns about 500 million dollars in export revenue, has the potential to increase annual earnings to 2 billion dollars, it said.

Deputy Minister of Digital Economy Eranga Weeraratne said the government plans to establish a Virtual Special Economic Zone and a data centre, introduce a Green Channel mechanism to ease customs-related barriers to importing electronic equipment for research and development, and address banking and credit card limitations affecting overseas payments for services such as cloud computing and Software as a Service.

He said the government is also considering alternative incentive schemes to retain skilled professionals and reduce the migration of talent overseas

– Xinhua

President Anura Kumara Dissanayake addressing a discussion with leading investors and industrialists from the information technology, electrical and electronics sectors, at the Presidential Secretariat, Colombo, on Wednesday (July 1, 2026) – PMD

Editor_1
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