Sri Lanka will increase funding for research and development and invest strategically in higher education, Prime Minister Dr. Harini Amarasuriya said today, citing the need for innovation to drive economic recovery and growth.
Speaking at the Asian Development Bank’s (ADB) “Serendipity Knowledge Program: Innovation for Economic Transformation” at the Cinnamon Grand in Colombo, the Prime Minister said the government is committed to setting policy direction, partnering with the private sector, and strengthening the national innovation ecosystem.
Despite having a foundation for innovation, Sri Lanka ranks 89th out of 113 countries in the Global Innovation Index 2024. Dr. Amarasuriya attributed this to decades of underinvestment in research and education, noting that the country’s gross expenditure on research and development stands at just 0.1% of GDP.
“Our government is committed to reversing this trajectory,” she said, emphasizing innovation as key to overcoming the economic crisis and avoiding the middle-income trap.
The forum was attended by ADB Sri Lanka Resident Mission Country Director Takafumi Kadono, Secretary to the Prime Minister G. Pradeep Saputhanthri, Secretary to the Ministry of Higher Education, Education and Vocational Education Nalaka Kaluwewe, and academic representatives from across the country. (Newswire)