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 on recently.
This will enable better cooperation between the two organizations 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 the youth of Sri Lanka in coming years with its high growth rate, and is able add up to 95 percent 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 promotes 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.
“The MoU between Fitis and Slasscom will be a milestone that will be remembered in the times to come. This is the first step towards elevating the ICT industry of Sri Lanka towards much higher levels of success while contributing to the transformation of Sri Lankan economy through digitization” commented Fitis Chairman Dr. Kithsiri Manchanayakke.
Slasscom Chairman Ruwindhu Peiris added that “Slasscom can boast of many members who are globally renowned for their product innovations and services. It is encouraging that the technical skills and best practices which have designed and built innovative, disruptive products for global clients can now be harnessed to do the same in local implementations for similar businesses.”
Dr. Manchanayakke, Chairman of Fitis noted that the MoU will be a natural progression for companies that are a part of Fitis currently. He added “Fitis has many companies that have established themselves locally and has the potential to expand to overseas markets. To this end we feel Slasscom will be a huge asset as they have years of experience operating in overseas markets and export Sri Lankan technological solutions.”
Through the MoU, Fitis and Slasscom will collaborate in hosting events, contribute to add value to events held by each organization and to work towards presenting a unified voice representing the ICT, knowledge services and innovation sector.
The MoU will be the first of many initiatives by both organizations in the effort to contribute towards digitization of Sri Lankan economy. Fitis and Slasscom also expect to bring the world’s top most renowned companies to Sri Lanka, in an effort to garner more recognition towards the ICT industry of Sri Lanka and to use the presence of such companies to add momentum to an industry emerging as a key pillar in Sri Lankan economy.