Game-changing role of a digital economy strategy in Sri Lanka’s 2024 Presidential election

A comprehensive digital economy strategy could encompass initiatives aimed at enhancing digital infrastructure, fostering innovation, and supporting startups

As Sri Lanka approaches the 2024 Presidential election, the digital economy is poised to be a critical issue that could sway voters and shape the country’s future. A clear and well-communicated digital economy strategy offers the promise of economic revitalisation, youth engagement, digital inclusion, better governance, and foreign investment. Candidates who prioritise this issue will likely find themselves resonating with a wide range of voters, from young entrepreneurs to rural residents seeking better opportunities

As Sri Lanka gears up for the 2024 Presidential election, the nation’s future hangs in the balance, with multiple critical issues vying for attention. Among these, the digital economy stands out as a key area that could shape not just the election’s outcome but the country’s trajectory in the years to come. A clear and well-articulated digital economy strategy has the potential to be a game-changer, influencing voter sentiment and driving substantial policy debates.

Digital economy: Path to economic revitalisation

Sri Lanka, like many other developing nations, has faced economic challenges, exacerbated by recent global events, including the COVID-19 pandemic and economic downturns. Amidst these challenges, the digital economy emerges as a beacon of hope, a sector that promises innovation, economic growth, and employment opportunities.

A comprehensive digital economy strategy could encompass initiatives aimed at enhancing digital infrastructure, fostering innovation, and supporting startups. For example, by investing in high-speed internet access across the island, Sri Lanka can empower small and medium-sized enterprises (SMEs) to compete in global markets. Additionally, a focus on digital skills training can prepare the workforce for jobs in the tech sector, which is expected to be a significant growth area in the coming years.

Take the success story of India’s digital transformation as an example. With the introduction of the Digital India initiative in 2015, the country witnessed rapid growth in its tech sector, leading to the creation of millions of jobs and the emergence of a vibrant startup ecosystem. Sri Lanka can take inspiration from this and tailor a similar strategy to its unique context.

Engaging the youth: A vote of confidence in the future

One of the most significant impacts of a digital economy strategy could be its appeal to the younger generation. Sri Lanka has a large youth population that is increasingly connected and digitally savvy. For many young voters, the promise of a digital economy represents not just economic opportunity but also a modern, forward-looking vision for the country.

Consider the example of Estonia, a small European nation that has become a global leader in digital governance and innovation. Estonia’s focus on digitalisation has made it an attractive destination for young entrepreneurs and tech enthusiasts. By implementing policies that encourage digital entrepreneurship and innovation, Sri Lanka could similarly position itself as a hub for tech talent in South Asia.

In the context of the 2024 election, candidates who prioritise digital economy strategies could gain significant traction among young voters. This demographic is likely to view such policies as a commitment to their future, making it a powerful tool for political engagement.

Bridging the digital divide: Inclusivity as a key message

While the digital economy offers numerous opportunities, it also presents challenges, particularly in terms of digital inclusion. In Sri Lanka, there are still significant disparities in access to digital technologies between urban and rural areas, as well as among different socio-economic groups. A well-crafted digital economy strategy must address these disparities to ensure that all citizens can benefit from the digital revolution.

For instance, a policy initiative aimed at expanding internet connectivity to rural areas could transform these regions by providing access to online education, telemedicine, and e-commerce. This would not only improve the quality of life for rural populations but also stimulate local economies.

Take the example of Rwanda, a country that has made significant strides in digital inclusion. Through initiatives like the “Digital Ambassadors Program,” Rwanda has trained thousands of citizens in digital skills, ensuring that even those in remote areas can participate in the digital economy. Such efforts have not only improved access to digital services but also fostered a sense of inclusion and empowerment.

In the Sri Lankan context, candidates who prioritise digital inclusion could resonate with voters who feel left behind by the rapid pace of technological change. By emphasising policies that ensure equitable access to digital tools and resources, these candidates can build a broader coalition of support.

Transparency and good governance: The digital promise

A key component of any digital economy strategy is the potential for improved governance through digital tools. In a country where corruption and inefficiency have long been concerns, the promise of digital governance can be a powerful message.

E-government services, for example, can streamline processes, reduce bureaucratic red tape, and increase transparency. By moving government services online, Sri Lanka could reduce opportunities for corruption and make it easier for citizens to access essential services. The introduction of blockchain technology for public records could further enhance transparency and trust in Government institutions.

Consider the case of Georgia, a country that has implemented a robust e-government system. Through the introduction of digital platforms for everything from tax payments to property registration, Georgia has significantly improved government efficiency and reduced corruption. This has not only bolstered public trust but also attracted foreign investment.

For Sri Lanka, adopting similar measures could be a winning strategy in the 2024 election. Voters who are frustrated with the status quo may be drawn to candidates who offer a vision of cleaner, more efficient governance through digital tools.

Attracting foreign investment: Positioning Sri Lanka as a digital hub

A clear digital economy strategy could also have significant implications for Sri Lanka’s position on the global stage. By presenting itself as a country committed to digital transformation, Sri Lanka could attract foreign investment and partnerships in the tech sector.

For instance, countries like Singapore have successfully positioned themselves as digital hubs by creating favourable environments for tech companies to thrive. Through policies that support innovation, protect intellectual property, and offer incentives for tech investments, Singapore has attracted some of the world’s leading tech firms.

Sri Lanka, with its strategic location and educated workforce, has the potential to become a similar hub in South Asia. By articulating a clear vision for its digital economy, the country could attract investments in areas such as fintech, artificial intelligence, and digital health, driving economic growth and creating high-paying jobs.

In the 2024 election, candidates who emphasise the importance of foreign investment in the digital sector could appeal to voters who are concerned about economic stability and job creation. By positioning Sri Lanka as a forward-looking, digitally savvy nation, these candidates can make a compelling case for why they are best suited to lead the country into the future.

Challenges and risks: The need for a balanced approach

While the potential benefits of a digital economy strategy are clear, it is also important to acknowledge the challenges and risks. Rapid digitalisation can exacerbate existing inequalities if not managed carefully. For instance, while urban areas may benefit quickly from digital initiatives, rural areas could be left behind if infrastructure investments are not evenly distributed.

Moreover, the shift to a digital economy also raises concerns about data privacy and cybersecurity. As more services move online, the risks of cyberattacks and data breaches increase. A responsible digital economy strategy must therefore include robust measures to protect citizens’ data and ensure that cybersecurity frameworks are in place.

In countries like Estonia, where digital services are widely used, the government has invested heavily in cybersecurity to protect its digital infrastructure. Sri Lanka must take similar precautions to ensure that the benefits of digitalisation are not overshadowed by security concerns.

Candidates in the 2024 election must address these challenges head-on, offering voters a balanced approach that maximises the benefits of the digital economy while mitigating potential risks. By doing so, they can build trust and demonstrate that they have a comprehensive understanding of the complexities involved in digital transformation.

Conclusion: The digital economy as a decisive factor in 2024

As Sri Lanka approaches the 2024 Presidential election, the digital economy is poised to be a critical issue that could sway voters and shape the country’s future. A clear and well-communicated digital economy strategy offers the promise of economic revitalisation, youth engagement, digital inclusion, better governance, and foreign investment.

Candidates who prioritise this issue will likely find themselves resonating with a wide range of voters, from young entrepreneurs to rural residents seeking better opportunities. However, to truly capitalise on this potential, it is essential that these strategies are not just aspirational but are backed by concrete plans and policies that address the challenges and risks involved.

In the end, the digital economy may well be the key that unlocks Sri Lanka’s future, determining not just the outcome of the 2024 election but the country’s place in the global digital landscape.

(The writer is a seasoned, vibrant and result oriented professional with 30 years of rich experience covering digital, ICT solutions, marketing, innovation, development, integration and market development with global prestigious organisations.)