Moving towards becoming a technology hub in the region, Sri Lanka has inaugurated the first phase of the Techno City; a step towards strategic development and promotion.

Techno City is one of the main parts of the Western Megapolis Development plan, a main focus area for the current government which will cover a wide variety of strategic development plans. An initiative at the Sri Lanka Institute of Nano Technology , will help develop the science and technology streams in an attempt to develop the Sri Lankan society.

The main aims of the Techno City include;

• Uplift living standards of people in Colombo and suburbs
•  Help attract new foreign investments
• Encourage Sri Lankan academics residing overseas to return to the country to help develop the nation

As Colombo is driven towards becoming the technological hub, it also has plans for transforming into a knowledge hub. As an important step towards this goal the University of Colombo recently set the foundation stone for a new Faculty of Technology Complex within the proposed ‘Techno City’ which hopes to attract its first batch of 150 students in 2017.

University of Colombo along with University of Moratuwa and University of Sri Jayawardenapura have been granted land in this zone to commence their projects. Technical Institutes such as Arthur C Clarke Institute for Modern Technologies and National Science Centre will also be affiliated with this task. The entire project will consist of 1200 acres of land.

Through this set up the government hopes to address issues such as unemployment, poverty and lack of opportunities for the youth.

For more information on recent market developments and market insight please contact Chamath Peiris – Manager Higher Education and Education Services.