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

Sri Lanka's economy is set to undergo significant changes through entrepreneurship powered by Artificial Intelligence (AI), according to Deputy Minister of Digital Economy, Eng. Eranga Weeraratne. He spoke as the Chief Guest at the ITAM–32 International Conference hosted by the University of Vavuniya. The Deputy Minister pointed out that the world economy is currently experiencing a major shift focused on AI technology. During the conference themed “Technology-Based Entrepreneurship for Inclusive Growth in the AI Era,” Deputy Minister Weeraratne stressed that in today's digital economy, data acts like capital, and innovation is the key currency. He highlighted the importance of supporting startups that use advanced technologies like cloud computing and data analytics, moving beyond traditional small and medium enterprises to ensure national development. He explained that AI is not just a passing trend but a powerful force that can change productivity in all areas, much like electricity or the internet. The Deputy Minister illustrated how AI improves medical diagnostics in healthcare, enhances precision farming in agriculture, facilitates digital payments in finance, and increases efficiency in public services. He noted that as a developing nation, Sri Lanka has a unique chance to advance quickly by embracing these technologies. Addressing the impact of technology on jobs, Deputy Minister Eranga Weeraratne acknowledged concerns about automation potentially causing job losses. He stated that the key is to provide the workforce with new skills. The government is dedicated to improving digital literacy and creating lifelong learning opportunities. He also pointed out that just as roads and ports are essential for economic development, so too is data infrastructure. The Deputy Minister highlighted the importance of responsible data governance, cybersecurity, and establishing an ethical framework for AI as national priorities. He emphasized that the advantages of technology should be accessible to everyone in society.