Tuesday Nov 05, 2024
FT
Tuesday Nov 05, 2024
Tuesday, 5 November 2024 00:55 - - {{hitsCtrl.values.hits}}
The National Innovation Agency of Sri Lanka, in collaboration with the World Intellectual Property Organization (WIPO), will today launch the Global Innovation Index (GII) 2024 at the Saman Kelegama Auditorium, Institute of Policy Studies, Independence Avenue, Colombo 7, from 2 p.m. to 4 p.m.
Held under the theme “Prioritising innovation in Sri Lanka’s economic recovery”, this event will bring together Government leaders, industry experts, and academics to explore how innovation can drive sustainable growth, economic resilience, and global competitiveness for Sri Lanka.
The event will feature Central Bank of Sri Lanka Governor Dr. Nandalal Weerasinghe, and Ministry of Education, Science, and Technology Secretary Thilaka Jayasundara, as Guests of Honour. Secretary to the President Dr. Nandika Sanath Kumanayake who is also the Chairman of the Board of Management of NIA is expected as the Chief Guest. The key message of the event is the strategic role of innovation in Sri Lanka’s recovery and future growth, highlighting the importance of cross-sectoral collaboration in building a robust innovation ecosystem.
In the 2024 GII, Sri Lanka ranks 89th, reflecting consistent performance in key areas. Despite recent economic challenges, the country has shown notable strengths in innovation outputs (82nd) and ranks an impressive 14th globally in ICT services exports. This demonstrates Sri Lanka’s capability to leverage innovation effectively. GII Editor Sacha Wunsch-Vincent stated, “Sri Lanka is emerging as a key player in the global innovation arena, with our tech sector leading the way in ICT services exports. Our focus on sustainability and building a strong knowledge base positions us for growth in the industries of the future. The innovation momentum is clear—Sri Lanka is ready to embrace the next phase of digital transformation.”
Sri Lanka’s ICT sector, powered by leading entities like Sri Lanka Telecom and Dialog Axiata, has been instrumental in expanding digital services and infrastructure, establishing the country as a regional telecommunications and ICT export leader. Additionally, Sri Lanka ranks 30th globally in ecological sustainability and an impressive 6th in GDP per unit of energy use, reflecting a commitment to optimising energy consumption as part of broader sustainability initiatives.
The GII also identifies areas for improvement, particularly in human capital and research (110th) and market sophistication (109th). Low levels of education expenditure (127th) and venture capital investment (101st), along with limited university-industry collaboration, underscore areas for further development to strengthen the country’s innovation potential.
As a valuable tool for policymakers, the GII provides crucial insights to build resilient innovation ecosystems. By highlighting Sri Lanka’s innovation strengths and areas for growth, the GII helps guide policy decisions and resource allocation, supporting the nation’s journey toward economic recovery and enhanced global competitiveness.
The launch event will provide a unique platform for discussions on Sri Lanka’s innovation priorities and strategies for leveraging innovation in economic recovery.
