In the middle of December 2017, the Ministry of Telecommunication and Digital Infrastructure with the support of McKinsey and Company embarked on the process of developing Sri Lanka’s Digital Economy Strategy.
The initiative will enable Sri Lanka to scientifically identify appropriate opportunities for promoting Sri Lanka’s Digital Economy and the key enablers to promote the Digital Economy as well as initiate three flagship programs that would promote Sri Lanka’s Digital Economy Strategy.
According to a press release issued by the Policy Development Office of the Prime Minister’s office, the current consultancy with McKinsey & Company is a short term eleven-week assignment which will be conducted in three phases.
The first phase will focus on the diagnostics to develop an understanding of Sri Lanka’s readiness to move into the Digital Economy. The second phase will concentrate on designing three flagship programs to kick-start the Digital Economy and ten projects to establish key enablers to support the Digital Economy. The final phase will focus on launching the identified programs and projects.
This initiative will strategize the promotion of the Digital Economy through the lens of three economic development thrust sectors, namely, agriculture sector, tourism sector and the manufacturing sector. It is expected that each of the sectors identified above will could develop at least one flagship programs to support this initial stage of Sri Lanka’s Digital Economy Strategy.
At a meeting of the steering committee held on 4th January held at the Policy Development Office in the Temple Trees where the inception report was presented, it was decided the diagnostics phase of the assignment will commence by 15th January and last a period of two weeks. This would be followed by a five-week design phase, during which it is expected to have the relevant programs and projects identified and ready to be launched by early April, 2018.
McKinsey & Company while presenting their inception report confirmed that the proposed Digital Economy for Sri Lanka could uplift Sri Lanka’s GDP by 1% – 3% in 2019.