Sri Lanka innovation economy needs stronger research funding, intellectual property commercialisation and access to competitive global markets.
The Sri Lanka innovation economy must convert research, technology and creative ideas into successful global businesses to secure the country’s future growth, experts have warned.
Sri Lanka possesses highly skilled people and significant creative potential. However, the institutions and systems needed to transform innovation into sustainable economic value remain inadequate.
Experts said the country must create an environment where researchers, investors, businesses and regulators can work together. Without that support, promising ideas may remain inside universities and laboratories instead of reaching consumers and international markets.
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Colombo alumni seminar highlights innovation gap
Leading economists, scientists and legal specialists raised these concerns at the inaugural “Global Hybrid Alumni Knowledge-Sharing Seminar”.
The University of Colombo Alumni Association organised the event, which focused on Sri Lanka’s ability to compete through knowledge, research and technology.
Speakers called for a stronger national innovation ecosystem.
They said research, capital investment, international trade opportunities, digital infrastructure and reliable legal institutions must operate within one coordinated framework.
A successful modern economy cannot depend on isolated projects. Instead, researchers need access to finance, professional support, intellectual property protection and pathways into domestic and international markets.
Talent must connect with global markets
Professor N.S. Kure of the International University of Japan said national wealth should not be measured only through physical infrastructure.
He argued that genuine prosperity also depends on a country’s ability to transform people, knowledge and new ideas into economic value.
World Bank Lead Economist Dr. Harsha Athurupana highlighted the importance of international market access.
He said local businesses and industries must face global competition if they are to grow, improve productivity and become internationally competitive.
However, Sri Lanka continues to face major obstacles.
These include rising production costs and difficulties connecting directly with Global Value Chains.
Such barriers can prevent innovative local companies from expanding beyond the domestic market, even when they possess competitive products or valuable expertise.
Sri Lanka innovation economy needs commercialisation
The seminar also examined the limited commercial use of intellectual property created within Sri Lanka.
Experts noted that the country has world-class researchers and valuable human and natural resources.
However, only a small proportion of locally produced intellectual property becomes commercially successful goods or services.
The speakers concluded that innovation cannot remain only an academic exercise or a well-intentioned idea.
Sri Lanka must develop practical systems that help researchers protect discoveries, attract capital, establish businesses and enter global markets.
They said innovation should become a central driver of the country’s broader economic transformation.
Building the Sri Lanka innovation economy will therefore require urgent coordination between universities, businesses, investors, policymakers and legal institutions.
Without such action, the country risks allowing valuable knowledge and talent to remain commercially unused while faster-moving economies capture emerging global opportunities.
