Speaking in Parliamen, President Ranil Wickremesinghe emphasized the importance of fostering growth in Sri Lanka's Information Technology (IT) sector. The President underscored the potential for expansion in Artificial Intelligence (AI) and the necessity to remain competitive in the global market.

Addressing concerns raised by some within the IT service industry, President Wickremesinghe acknowledged varied opinions on the matter. He highlighted the willingness of certain segments in the IT sector to progress with their services, contingent upon specific assistance. However, he also acknowledged the perpetual nature of complaints from some quarters.

One key revelation made by the President is the exemption from income tax for IT services rendered to individuals or entities outside Sri Lanka, where payments are received in foreign currency. This exemption is anticipated to incentivize and support Sri Lankan IT service providers engaged in international transactions.

Drawing attention to the evolving global landscape, President Wickremesinghe expressed the need to intensify efforts in AI development. He cautioned against the risk of competing solely on low-wage manufacturing, referencing Myanmar as an example. The President's statement signals a strategic shift towards technological advancements and innovation in the IT sector.

In outlining the government's approach, President Wickremesinghe introduced the concept of the Digital Transformation Agency. Notably, he clarified that this new agency would refrain from involvement in project management, distinguishing it from the Information and Communication Technology Agency (ICTA).