Innovation a top priority to make economy more competitive: Malik tells Dutta

From left: Ministry of Development Strategies and International Trade Advisor Anushka Wijesinha, SLASSCOM Chairman Ruwindhu Peiris, Cornell University Senior Lecturer Dr. Lourdes Casanova, Cornell University Professor Prof. Soumitra Dutta, Minister of Development Strategies and International Trade Malik Samarawickrama and Auxenta Chairman and 

CEO Prasath Nanayakkara

Global Innovation Index Founder and Cornell University’s SC Johnson Business School Dean Professor Soumitra Dutta in a discussion with Minister of Development Strategies and International Trade Malik Samarawickrama together with SLASSCOM and Ministry officials

Sri Lanka is placing new focus on driving innovation to improve enterprise competitiveness and create better jobs, emphasised Minister of Development Strategies and International Trade Malik Samarawickrama during a meeting with global innovation expert Professor Soumitra Dutta recently. 

They met alongside the visit of Prof. Dutta for the ‘SLASSCOM Innovation Summit and Awards 2018’. During the discussion, Minister Samarawickrama invited Dutta to provide input to the ‘Innovation and Entrepreneurship Strategy’ currently being finalised. 

The Minister also agreed with Prof. Dutta that the innovation agenda needs to have support at the highest level, and said the Government would look to set up a suitable coordination mechanism to drive forward the changes needed to make Sri Lanka a more innovative economy. 

Dutta is the founder of the ‘Global Innovation Index’, widely regarded as the foremost measure of countries’ innovation performance. He is a Professor at the Cornell University SC Johnson School of Business and was formerly attached to the INSEAD Business School.  During the discussions, the Minister remarked that Sri Lankan companies need to become more innovative to compete in a dynamic global landscape, especially as the Sri Lankan economy opens up more to the world. 

He noted that as technological changes are occurring very rapidly it equalises countries and Sri Lanka has an opportunity to latch on to this new wave and can gain from the shifts taking place. He acknowledged the contribution made by the country’s IT sector in driving forward innovation in the country. The IT-BPM sector has been identified as a ‘Priority Sector’ in the National Export Strategy (2018-2022) of Sri Lanka. 

The Ministry of Development Strategies and International Trade is leading the formulation of the ‘Innovation and Entrepreneurship Strategy 2018-2022’, together with the Ministry of Science, Technology and Research, and the Ministry of Industry and Commerce. It has been formulated with the guidance of a private and public sector Working Group appointed by the Cabinet of Ministers, with the technical inputs of the World Bank and has undergone several rounds of stakeholder consultations. 

The Strategy is to be submitted to Cabinet for approval soon, together with a request for funding to implement several high priority action items contained in it.