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Artificial Intelligence (AI) is quickly emerging as the most transformative technology of the 21st century. It is revolutionising industries, enhancing economic growth, and holds the potential to transform societies, globally. With AI expected to contribute up to $15.7 trillion to the global economy by 2030, according to PwC, the technology’s potential for reshaping industries like healthcare, manufacturing, finance, and others, is undeniable.
Amidst the emerging global AI revolution, offshore centres like Sri Lanka’s Port City Colombo are in the spotlight as key hubs for investment in the IT/IT-es sector that specially facilitates the growth of AI technology. With the Sri Lankan Government in the process of adopting a National AI Policy and having already begun introducing AI into the education system, the Island stands as a tech-savvy nation ready for the future of AI.
Furthermore, with its strategic location, advanced infrastructure, and investor-friendly policies, Port City Colombo is set to become the premier destination for global investors seeking to unlock new opportunities in South Asia. This is especially true for AI and tech-driven startups, as Port City Colombo presents an ideal venue for such businesses, supported by a skilled workforce.
AI’s roots can be traced back to the mid-20th century, but it has evolved rapidly in recent decades due to breakthroughs in machine learning, neural networks, and big data. Since the end of 2022 and the advent of AI tech like ChatGPT and other LLMs, AI has truly arrived as a force for transformation across industries.
Therefore, AI’s impact on the future of work is already significant, with automation and generative AI-based systems increasingly taking over routine tasks across sectors. In Sri Lanka, according to SLASSCOM, the IT industry is prioritising data science and artificial intelligence to upskill workers and drive AI adoption. This is significant as Sri Lanka’s IT sector is set to become a $3 billion export revenue generator by 2024 and a $15 billion contributor to the digital economy by 2030.
AI is also fostering human-AI collaboration, where humans work alongside machines to enhance productivity. While this shift raises concerns about job displacement, experts generally agree that AI will create new jobs that require specialised skills in AI system management, data science, and machine learning.
A number of key industries in Sri Lanka and elsewhere are witnessing the adoption of, or are at least ready to, adopt AI technology, making it a huge investment opportunity – and these trends are emerging globally.
AI’s integration into healthcare is already visible in diagnostic tools, personalised medicine, and administrative efficiency. Healthcare AI systems are showing promise in diagnostics, and machine learning algorithms are able to analyse vast amounts of patient data, aiding doctors in delivering more precise and timely treatments. In fact, the Government has encouraged the sector to drive further AI implementation in the sector.
AI is transforming learning experiences. In Sri Lanka, AI is being integrated into the national education strategy, with a view to improving learning outcomes and enabling educators to focus on more interactive teaching methods. In fact, the Government has partnered with Microsoft to drive this initiative.
In finance, AI is streamlining investment decisions by offering real-time insights, predictive analytics, and risk assessment models. Sri Lankan banks are beginning to adopt AI-driven tools, enhancing the country’s attractiveness to foreign investors. A News Survey from the Central Bank of Sri Lanka also highlighted the pace of implementation of AI technology into the sector, noting that “Banks are expanding their use of AI to improve customer experiences and back-office processes.”
Sri Lanka’s renowned hospitality industry, which is currently booming with the influx of tourists to the Island, is also undergoing AI-driven transformations. AI-powered booking systems, personalised guest experiences, and virtual concierge services are already enhancing customer satisfaction.
As AI grows in everyday use, questions about ethical and social impacts are growing, both positively and negatively. AI has the potential to transform decision-making processes, from autonomous vehicles to smart cities, but it may also disrupt job markets. In Sri Lanka, AI is being leveraged to solve complex societal problems, such as urban planning, traffic management, and even disaster responses. Meanwhile, the Government’s National Strategy on AI is helping to mitigate negative effects.
Port City Colombo is poised to be an emerging tech hub in the South Asian region. As a strategic location, it offers a favourable environment for global investors seeking to capitalise on AI advancements. With a focus on fintech, ICT, and sustainable development, Port City Colombo provides cutting-edge infrastructure, access to affordable talent, and business-friendly policies that make it an ideal location for AI and tech-driven businesses.
Investing in AI at Port City Colombo offers numerous advantages. The development’s state-of-the-art infrastructure is designed to support AI development, offering high-speed internet, data centres, and access to top-tier talent from Sri Lanka’s growing tech ecosystem.
Port City Colombo is an ambitious master-planned city development, which is also the nation’s first multi services Special Economic Zone (SEZ), and is ready to deliver the benefits of regional financial centres like Singapore and Dubai. As a result, it offers a unique proposition for global investors, presenting an array of investment opportunities within the SEZ. These include extensive benefits such as 0% personal income tax, corporate income tax exemptions for up to 25 years, streamlined regulations and processes, a single-window investment facilitator and governing authority, and world-class amenities.
As artificial intelligence continues to transform industries and societies, it presents immense opportunities for investors looking to get ahead in the digital age. Across industries, AI is shaping the future of how we live and work. With its strategic position in South Asia, and a strong commitment to AI-driven growth, Port City Colombo is perfectly placed to be at the heart of this technological revolution. Investing in Sri Lanka, particularly in AI-related ventures, is thus a forward-thinking decision that will yield healthy returns in the years to come.
Leverage personalised support and learn more about investing in the AI Future in South Asia, and the plethora of investment opportunities and incentives available at Port City Colombo – Reach out to us today!
