SL small businesses, women entrepreneurs encouraged in AI strategy
Special attention will be given to Sri Lanka’s small and medium enterprises and women entrepreneurs, providing them with dedicated support and incentives to embrace AI technologies through the country’s AI strategy.
Acknowledging that the private sector plays a crucial role in driving innovation and economic growth in the country, Digital Ministry officials emphasised the importance of artificial intelligence for small and medium-sized enterprises in achieving financial empowerment. “It is crucial to create a surrounding that encourages collaboration, investment, and skills development. In this regard there are initiatives to boost SMEs and women entrepreneurs include facilitating global start-up exchange programmes, increasing financial support, and continuous mentoring for early-stage AI start-ups,” a ministry official said. He added that the AI strategy formulated by the ministry aims to engage industry associations and business networks to promote best practices and knowledge sharing, and also develop practical guidelines for professionals to integrate AI responsibly into their businesses.
Policy changes, co-funding mechanisms, and tax incentives will be implemented to attract both local and international AI companies, boosting the AI investment ecosystem, he added. In a bid to assist small and medium-sized enterprises in innovating responsibly and complying with regulations, the ministry will set up support mechanisms, he explained further.
“By harnessing the agility, resources, and innovation capacity of businesses, we can spur the widespread production of AI across our economy and society. A private sector that actively embraces AI is essential for absorbing the skilled workforce that foundational activities, such as skill development, will produce. By stimulating AI adoption in the private sector, we can create a strong demand for AI talent, ensuring that the skilled individuals we cultivate have many opportunities within the country, thereby reducing the risk of brain drain,” he highlighted the national AI strategy for the country.
The ministry also aims to foster a business-friendly regulatory environment that promotes AI innovation while mitigating potential harm to catalyse private sector AI adoption further. “To highlight the potential of the local AI start-up ecosystem, we will promote it in related international publications and further strengthen local and international promotions. We will also engage closely with industry associations, chambers, and other business networks,” the official said. He added that clear, practical guidelines will be developed for professionals, empowering them to effectively harness the potential of AI, enhance productivity, improve work quality, and drive innovation in their respective fields.
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