Low investment in technology, holding Lanka down

By Mario Andree

Sri Lanka’s contribution to the global GDP is very low compared to its potential. The country can develop in a significant manner, and the main reason against it is the unawareness and low funding towards technology, to increase the contribution. The country should focus on technology development, as today’s industries are facing difficulties with low quality technology there by reducing its profits, says Minister of Science and Technology, Prof. Tissa Vitarana.

He expressed the opinion that to gain development goals it is essential to develop the technology base of the country helping save foreign exchange.

"It has been understood by many economies that lack of technology is one of the main reasons behind low profits, which could be turned around with proper application and machinery.

"We have missed many technology opportunities and it is high time now that we should get into the trend to help drive our businesses to the maximum potential," Prof. Vitarana said.

The country has much potential to develop in the technology sector, and it would help other sectors to grow with it. The main focus to gain the development goals should be by improving the technology within the country to assist other sectors.

"The country has wasted raw materials in the past years exporting them to various other countries for a meagre sum, on the other hand we pay more to import the value added product to manufacture other products," he said.

Developing technology could help Sri Lanka save import expenses and also benefit from high value added products to develop the country’s foreign exchange earnings.

Many foreign investors are using top class technologies to better their business, which has also assisted the development of capacity and profits, he said.

Foreign investors in the country have been seen as a threat to the local businesses.

A businessman said that the only way for Sri Lanka to gain its per-capita income doubled and increase the contribution to the global GDP could be to achieve it by promoting foreign investment.

He expressed that it will take a long period for Sri Lanka to adapt to new technology and trends.

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