R&D Investment Key to Global Market Success - Foreign Minister

COLOMBO (News 1st); Sri Lanka's Minister of Foreign Affairs Vijitha Herath outlined Sri Lanka's ambitious vision for achieving a dynamic growth rate of 5% in 2025 and sustaining this trajectory in the years ahead.

Minister Herath stressed the importance of developing a thriving digital industry and creating an inclusive, robust digital economy to support sustainable development across multiple sectors, including agriculture, manufacturing, tourism, and marine services.

He acknowledged that connectivity remains a key challenge for inclusivity in applying technology and innovation, particularly in rural areas. Both national and international investments are seen as catalysts for progress toward an inclusive, digitalized economy.

Minister Herath also addressed the importance of research and development (R&D) and the need for an intellectual property (IP) framework to protect new innovations. He emphasized that a secure IP framework is crucial for monetizing inventions and fostering innovation across sectors.

The government plans to harness the talent within the country and the innovation capacity of overseas Sri Lankans through a new program. This initiative aims to sustain and enhance Sri Lanka's exports, attract foreign investments, and brand Sri Lanka as an innovation-friendly destination.