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Ministry of Digital Economy Partners with PayPal; Sri Lanka Eyes ...
COLOMBO (News 1st): The Ministry of Digital Economy says that under the government's program to transform Sri Lanka into a leading hub on the global digital map, the preliminary work and technical discussions to introduce PayPal services to the country are currently proceeding at a very successful level.According to a statement released by the Ministry, the service will open many new doors for the Sri Lankan digital entrepreneurs and the information technology sector. The Ministry stated that through this, freelancers will be empowered, and the barriers for the talented young generation selling their services in the global market to bring their income directly and securely to this country will be removed.According to the Ministry, through the generation of foreign exchange, a direct contribution will be made to increase the amount of foreign exchange received by the country through the information technology export sector.The Ministry of Digital Economy stated that another objective of this service will be to provide the opportunity for small and medium-scale digital entrepreneurs to easily sell their products to consumers in any country in the world, while also contributing to popularize cashless transactions in Sri Lanka and encouraging innovations in the financial technology sector.The Ministry's goal, as confirmed by the statement, is to create a "Digitally Empowered Sri Lanka" that can transact with the international community without technical barriers.
Sri Lanka's 2025 Budget: Driving a Digital Economy Revolution with SME ...
FITIS Welcomes Budget 2025President Anura Kumara Dissanayake’s 2025 budget marks a transformative step in Sri Lanka’s economic recovery, placing the digital economy at the core of the nation’s growth strategy. The Hon. President, in his budget speech, affirmed that the growth of the digital economy by 2030 will reach a value of $15 billion or increase to 12% of GDP. Recognizing the potential of digitalization to drive economic resilience and global competitiveness, the government has allocated significant resources to accelerate technological adoption, enhance digital infrastructure, and support businesses in transitioning to a fully digital environment.A key highlight of the budget is the government’s commitment to investing into local companies, particularly in the technology sector, to position Sri Lanka as a regional leader in digital services. This includes initiatives to enhance broadband connectivity, expand e-governance services, and create a regulatory framework that fosters innovation. By prioritizing digital transformation, the government aims to modernize industries, improve efficiency, and attract foreign investment in Sri Lanka’s growing tech sector.Alongside broader digitalization efforts, MSMEs remain a vital pillar of the government’s strategy. Representing over 75% of businesses and contributing approximately 52% of GDP, MSMEs play a crucial role in economic stability and job creation. The budget introduces targeted support programs to help MSMEs integrate digital tools, access new markets, and improve operational efficiency through technology. Incentives such as tax breaks for digital adoption, subsidized software solutions, and e-commerce training programs have been introduced to bridge the digital divide and ensure smaller businesses are not left behind.The promotion of digital payments stands as the next major focus in the 2025 budget, aiming to create a cashless economy that is more efficient, secure, and transparent. To accelerate this shift, the government has introduced incentives for businesses to adopt digital payment systems, including lower transaction fees, tax benefits, and improved financial access for MSMEs. The expansion of mobile banking, fintech solutions, and QR code-based transactions is expected to bring millions into the formal financial sector while reducing reliance on cash-based transactions. The Central Bank has pledged to strengthen digital payment security and introduce new regulations to build consumer trust ...
Beyond Red Tape: How Digitalization Can Save Sri Lanka's Economy
Let's commit to a digital revolution in customs and logistics, ensuring a prosperous and competitive Sri Lanka for generations to come. The call to action is clear: support digitalization efforts, advocate for transparency, and work collaboratively to create a thriving trade ecosystem. The future of Sri Lanka's economy depends on it. Photo ...
Sajith Premadasa Calls for Stronger India-Sri Lanka Partnership for ...
Opposition Leader Sajith Premadasa today called for stronger cooperation between India and Sri Lanka to drive economic transformation, regional stability, and future growth. Addressing the ZEE Media WION Global Innovation and Leadership Summit in Colombo, Premadasa said Sri Lanka has moved beyond recovery and is now entering a phase of accelerated, inclusive, and sustainable growth on a ...
