Brain drain in IT industry a threat: State Minister Kanaka Herath

• Govt. kicks off initiative to empower 1000 IT entrepreneurs
• 100 companies in IT industry will have opportunity to enter international markets

The State Minister of Technology Kanaka Herath recently highlighted that the loss of skilled IT professionals, also known as brain drain, is a challenge faced in the country.

He suggested that the IT education curriculum be amended and aligned with current job market demands as a solution, and mentioned that preparations have commenced.

He made these comments at the Global Outreach Summit organised by the Information and Communication Technology Agency of Sri Lanka (ICTA).

Minister Herath noted that the country can reap a great number of benefits by supporting local IT entrepreneurs who could set out to the international market through proper guidance. He added that this will have a positive impact on job creation and the generation of foreign currency into the country.

The Summit aimed at supporting the local IT sector SMEs in expanding into the global market.

One goal of the Summit was to equip participants with the most current and accurate information and guidance on accessing global advancements through digital technology.

Delegates from international IT companies, representatives from international agencies, local IT businesses, and industry experts shared their knowledge and expertise with the ICT SMEs who attended the conference.

IT mainly involves exporting services, which typically have fewer barriers compared to exporting goods. Therefore, IT entrepreneurs have the potential to swiftly enter the international market with proper networking and market understanding.

State Minister Kanaka Herath also stated that academic gatherings such as this can contribute to the success of President Ranil Wickremesinghe’s goal to establish a digital economy.

He emphasised that the world is progressing with advanced technologies, and Sri Lanka must not be left behind. Despite the economic challenges, the country has made significant achievements in the information technology sector. In 2021, the country generated $ 1.5 billion in foreign exchange and aims to increase it to $ 3 billion by 2024. The earning potential in the IT industry has surpassed that of the plantation sector, he added.

ICTA Associate Chief Digital Economy Officer Sachindra Samararatne stated that the IT industry in Sri Lanka could generate $ 10 billion in foreign exchange earnings by 2030.

ICTA Technology Industry Development Director Chiranthi Balapatabendi, mentioned that the agency aims to assist over 100 IT SMEs in Sri Lanka to enhance their capacity and network for international market access. The goal is to also create a thousand new IT entrepreneurs by 2024 and empower the people in this sector.

Several esteemed scholars including the ICTA Chairman Prof. Malik Ranasinghe, ICTA Board Member Vishaka Nanayakkara, seasoned banker Rajendra Theagarajah, Sri Lankan-American Technology Consultant Sidath Perera, and Finance Ministry Economic Advisor Deshal De Mel were a part of the panel at the conference who shared their knowledge and expertise.