MoU between FITIS and SLASSCOM to use ICT, knowledge services and innovation as enabler for economic

The MoU is signed between FITIS and SLASSCOM to achieve collaborative efforts in developing the information and communication (ICT), knowledge services and innovation sectors of Sri Lanka recently. This will enable better cooperation between the two organisations that combined represent Sri Lanka’s domestic ICT industry and the export ICT industry. 

The MoU will ensure an environment where sustainable and rapid development of the ICT, knowledge services and innovation will be the primary focus. It is an industry that cuts across traditional industry verticals with the ability to transform businesses models, challenging the productivity, efficiency and margins enjoyed. This has the potential to add tremendous value to the Sri Lankan economy, and become core to Sri Lanka’s economic transformation.

The ICT industry also has the potential to provide the highest employment to youth of Sri Lanka in the coming years with its high growth rate, and is able add up to 95% direct value additions in foreign earnings back to Sri Lanka. This revenue is easily retained in Sri Lanka as the industry itself does not incur material import costs or high capital expenses. It is also one of the key industries that promote entrepreneurship as it provides an opportunity for anyone with a brilliant idea and perseverance to create a solution, and achieve financial success with limited capital.

“The MoU between FITIS and SLASSCOM will be a milestone that will be remembered in the times to come. This is the first step towards elevating the ICT industry of Sri Lanka towards much higher levels of success while contributing to the transformation of Sri Lankan economy through digitisation” commented Dr. Kithsiri Manchanayakke, Chairman FITIS.

SLASSCOM Chairman Ruwindhu Peiris added that, “SLASSCOM can boast of many members who are globally renowned for their product innovations and services. It is encouraging that the technical skills and best practices which have designed and built innovative, disruptive products for global clients can now be harnessed to do the same in local implementations for similar businesses.”

FITIS Chairman Dr. Kithsiri Manchanayake noted that the MoU will be a natural progression for companies that are a part of FITIS currently. He added, “FITIS has many companies that have established themselves locally and has the potential to expand to overseas markets. To this end we feel SLASSCOM will be a huge asset as they have years of experience operating in overseas markets and export Sri Lankan technological solutions.”

Through the MoU, FITIS and SLASSCOM will collaborate in hosting events, contribute to add value to events held by each organisation and to work towards presenting a unified voice representing the ICT, knowledge services and innovation sector. The MoU will be the first of many initiatives by both organisations in the effort to contribute towards digitisation of Sri Lankan economy. FITIS and SLASSCOM also expects to bring the world’s top most renowned companies to Sri Lanka, in an effort to garner more recognition towards the ICT industry of Sri Lanka and to use the presence of such companies to add momentum to an industry emerging as a key pillar in Sri Lankan economy.

FITIS Vice Chairman Abbas Kamrudeen said, “The MoU represents a truly unique opportunity for Sri Lankan ICT companies to capitalise on and expand their presence both across domestic and international arena. This comes also at an opportune time where Sri Lanka is looking towards the ICT industry as a key growth industry within the next few years.”