Sri Lanka to start a national AI fund

Sri Lanka is starting a National AI Fund with an initial investment of Rs 100 million (US$ 333,000) aimed at nurturing local innovation and adding significantly to the US$15 billion digital economy targeted by 2030.

Sri Lanka is aiming for a fivefold growth in its digital economy over the next five years, with a strong emphasis on artificial intelligence (AI) as an essential element of its growth strategy.

AI is projected to generate between US$1.5 to US$1.8 billion, representing 10-12 percent of the digital economy, Dr. Mothilal de Silva, Chairman of Sri Lanka Telecom (SLT) said at the launch of Sri Lanka’s first AI Expo & Conference 2025 in Colombo, organized in partnership with the Ministry of Digital Economy and Huawei. The event is designed to position Sri Lanka as a leader in the global AI landscape.

Dr. de Silva noted that SLT-Mobitel’s shift from a traditional telecommunications provider to a technology enabler, leveraging its wide infrastructure. This infrastructure, which includes a nationwide fiber network and a 5G-ready Mobitel network, is critical for the implementation of real-time AI applications and supports scalable development through AI-upgradable data centers and cloud solutions.

“The question is not whether AI will transform the world, but if Sri Lanka will lead or follow,” said Dr. de Silva.

The AI Expo, scheduled for September 29th and 30th, will feature international experts from major tech companies and stage live demonstrations of AI applications across various sectors, including healthcare, education, and agriculture. To endorse accessibility, mini expos will also be held in several cities, including Jaffna, Anuradhapura, Galle, and Kandy.

Dr. de Silva called for partnerships among the government, private sector, and academia to collectively change Sri Lanka into an innovative and responsible AI leader.

Dr. Hans Wijayasuriya, the Chief Advisor to the President on Digital Economy, told Biometric Update in June that a national AI policy draft is in the works, and that an advisory committee on AI is currently focusing both on future direction and strategy, infrastructure regulation, policy, guardrails and protection, along with the rights of citizens in an AI era.

“When harnessed alongside guardrails which give primacy for inclusion and responsible application, AI has the potential to deliver profound and transformational outcomes for Digital Economy acceleration and Public Service delivery,” Dr. Wijayasuriya said.

Article Topics

AI  |  digital economy  |  research and development  |  Sri Lanka