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MoU Between FITIS and SLASSCOM to use ICT, Knowledge Services and Innovation as Enabler for Growth

Friday, August 04, 2017

The MoU is signed between FITIS and SLASSCOM to achieve collaborative efforts in developing the information and communication (ICT), knowledge services and innovation sectors of Sri Lanka recently. This will enable better cooperation between the two organisations that combined represent Sri Lanka’s domestic ICT industry and the export ICT industry. 

The MoU will ensure an environment where sustainable and rapid development of the ICT, knowledge services and innovation will be the primary focus. It is an industry that cuts across traditional industry verticals with the ability to transform businesses models, challenging the productivity, efficiency and margins enjoyed. This has the potential to add tremendous value to the Sri Lankan economy, and become core to Sri Lanka’s economic transformation.

The ICT industry also has the potential to provide the highest employment to youth of Sri Lanka in the coming years with its high growth rate, and is able add up to 95% direct value additions in foreign earnings back to Sri Lanka. This revenue is easily retained in Sri Lanka as the industry itself does not incur material import costs or high capital expenses. It is also one of the key industries that promote entrepreneurship as it provides an opportunity for anyone with a brilliant idea and perseverance to create a solution, and achieve financial success with limited capital.

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