The Value of Tech Investments in Sri Lanka

"Stunning Night View of Colombo City Skyline" by Thilina Alagiyawanna is marked with CC0 1.0. 

I decided to write an article giving my vision of technology investments in Sri Lanka. I think technology multinationals are companies Sri Lanka should try to attract foreign direct investments (FDIs) from. Sri Lanka can focus on getting these companies to set-up their Sri Lankan operations with modern buildings being constructed. One area getting these companies to focus on is the South Asian region with South Asian headquarters being a possibility. If that’s too difficult an investment to obtain, another option is having a software development centre for South Asia. This includes India which is one of the most populated countries in the world. This would bring a massive number of Sri Lankan jobs.

In my previous article “Five Export Diversification Options for Sri Lanka”, two of the options I mentioned are computers & electronics and visual effects for Hollywood. As part of this, we can get technology companies to set-up manufacturing operations in Sri Lanka and attract global visual effects companies to have Sri Lankan offices.

Technology multinationals can bring advanced technology to Sri Lanka. These companies could offer modern services using this technology to the Sri Lankan market directly and also collaborate with others in Sri Lanka. I envision collaborations using this technology being agreements with Sri Lankan companies in the private sector to sell services through it and secure Sri Lankan government contracts with it. Tech companies could also do work for the Sri Lankan government on digitisation. I see their charitable activities as using their technology and expertise to benefit the poor and rural Sri Lanka.

This is a small selection I gave of the value of tech investments into Sri Lanka. There are many more possibilities I didn’t mention. Professionals involved in Sri Lanka’s technology sector and in obtaining FDI could expand on this with more detailed proposals. I’d be interested to hear if you have any ideas on tech investments in Sri Lanka. As Colombo has new buildings constructed, I am of the view that technology companies are a good sector for us to attract to enhance this contemporary trend.

Sri Lanka's Role in the World's Most Populous Region

Tomas Pueyo recently wrote an article “Why Half of Humanity Lives in This Circle”. The circle he is referring to is known as the Valeriepieris circle as it was posted on the site Reddit by Ken Myers under the username valeriepieris. This circle is in much of Asia. I found it interesting as Sri Lanka is part of this circle. Sri Lanka is also part of the world’s most populated continent, Asia. I decided to write an article about Sri Lanka’s role in the circle which can also extend to Sri Lanka’s role in Asia. I’m presenting a positive fact about Sri Lanka with suggestions on how Sri Lanka can take advantage of this, especially during its current economic crisis.

Ken Myers’ Valeriepieris Circle from Reddit

Exports

This is a region that Sri Lanka can work on increasing its exports. Exporters of food should look for countries in this region who have a demand for agricultural items and packaged goods. Some packaged goods can be popular in regions nearby due to similarities in culture with Sri Lanka including neighbour India that is one of the world’s most populous countries. Items can be produced in Sri Lanka to support products manufactured in this region e.g. car parts. In the process of our export diversification, it’s important to look at how it can support this region.

FDI & Business Collaboration

Sri Lanka should try to seek foreign direct investment (FDI) from this region. We need to attract investment from successful industries in these countries to improve their counterparts in Sri Lanka. Companies from these countries can open offices in Sri Lanka to provide jobs with higher salaries than average. Sri Lankan businesses can seek business projects servicing clients in this region to cater to the majority of the world’s population.

Two years ago on this blog, I had mentioned an agreement signed between Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) and the European Association for Trade - Crafts - Industries (EIVHGI) in Vienna. Similar agreements can be signed with business organisations in this region.

Learn from Countries’ Successes

Countries in this circle have successes they are highly regarded for which Sri Lanka can learn from. I’ll give two countries’ successes. The South Korean economy went from an agricultural economy like Sri Lanka to one of the world’s leading economies. South Korea initiated policy reforms that led to significant growth in exports. Two important factors are the improvements they made in performing business and policies in support of innovation.

Singapore has taken strides in the fight against corruption. Their government agency responsible for investigating bribery and corruption is the Corrupt Practices Investigation Bureau (CPIB). When Singapore received self-governance in 1959, corruption was very prevalent in the government. Years later, following Singapore’s independence, laws were updated to strengthen the powers of CPIB officers and increase penalties for those guilty of corruption. It’s important to note that the CPIB’s powers to investigate corruption includes the private sector. These are a few positive changes initiated in these countries with many more successes to learn from. We can invite professionals from these countries to bring their expertise to help improve Sri Lanka.

Movement

This idea goes beyond Sri Lanka with the potential for a movement that can invite people from all these countries to have a voice on the world stage. This should be carried out by ordinary people and not involve politicians due to issues of bribery, corruption and bad character being unfortunately present among politicians in Asia. A focus on this movement should be on common improvements people in this circle wish to see.

This was a simple exercise I carried out. Sri Lanka being part of the world’s most populous region is a little-known positive fact for Sri Lankans to enjoy. I invite others to contribute on this topic. I’m keen to see what others can come up with using an in-depth analysis for Sri Lanka and other countries in the Valeriepieris circle. If you enjoyed reading this, you may be interested in my blog posts “Virtually Exploring Five Asian Cities” or “Sri Lankan Private Sector Development Proposal”.

The Majesty of Sri Lanka

This blog post features a collection of photos of Sri Lanka I selected from the internet. I chose photos that depict the majesty of Sri Lanka. I give the relevant credit below the photos.

I’m starting off with an International Space Station photo from NASA showing Sri Lanka & India from space. This is an impressive view of Sri Lanka you don’t usually see.

"The island nation of Sri Lanka and the brightly-lit southern tip of India" by NASA Johnson is licensed under CC BY-NC-ND 2.0.

A view of the Bible Rock mountain.

"Bible Rock, Sri Lanka" by ubuddhika88 is licensed under CC BY-SA 2.0.

A colourful Sri Lankan beach.

"Beachscape - Southern Coast, Sri Lanka" by whl.travel is licensed under CC BY-NC-SA 2.0.

A look at the sea.

1392428 © Natalia Pavlova | Dreamstime.com

The Madu Ganga river. It has a strikingly good mix of blue and green.

Photo by Ravi Teja

Green Palm Trees.

ID 173278934 © Andrii Brodiahin | Dreamstime.com

The Royal Botanic Gardens, Peradeniya in Kandy.

"The Royal Botanical Garden Peradeniya Kandy Sri Lanka" by Mal B is licensed under CC BY-ND 2.0.

A view of Sri Lanka’s coast from above.

ID 40137647 © Digitalfestival | Dreamstime.com

Colombo’s buildings and trees by the Beira Lake.

ID 37716292 © Saman527 | Dreamstime.com

The Colombo buildings near the sea.

"Srilanka (colombo)" by kakeyzz---- is licensed under CC BY-NC-SA 2.0.

The lighting effects of Colombo at night.

"Colombo Light Trails" by Nazly is licensed under CC BY-NC-SA 2.0.

This is a colourful collection of photos featuring trees, mountains, beaches, rivers, gardens and buildings that give a glimpse into what Sri Lanka is like. If you enjoyed this, you might be interested in my previous blog post “Diverse Views of Sri Lanka” featuring photos I took of Sri Lanka.