19 January 2024 12:02 am
The Indian CEOs were able to get first-hand insights on the development in Sri Lanka’s economic landscape this week with President Ranil Wickremesinghe taking the centre stage at a recent roundtable discussion organised by the Consortium of Indian Industry (CII) and World Economic Forum.
Unveiling a comprehensive economic vision for Sri Lanka, Wickremesinghe emphasised the successful resolution of supply bottlenecks, removal of import restrictions and restoration of foreign exchange liquidity as key factors contributing to sustained economic growth.
Sri Lanka is actively expanding its trade agreements, with a recently completed comprehensive free trade agreement (FTA) with Singapore and an upcoming FTA with Thailand in February. Ongoing discussions with India, China and Southeast Asian nations highlight the nation’s commitment to global economic integration.
Wickremesinghe welcomed private investments, particularly in infrastructure development and the divestment of state-owned enterprises. Lucrative opportunities for potential investors were highlighted in key sectors such as telecommunications, financial services and energy. The collaborative efforts with India on renewable energy projects, focusing on offshore wind and solar sources, underscored the commitment to sustainable energy solutions. Plans for a high-capacity power grid and bidirectional electricity trade further showcased the dedication to energy and power connectivity.
Bilateral trade and economic engagement were central themes, with plans outlined for liberalising trade in goods and services, customs cooperation and trade facilitation with India. The emphasis on technology cooperation and use of the Indian rupee for trade settlement reflects a commitment to strengthening economic ties. Sri Lanka’s vision also extends to tourism and people-to-people connectivity, fostering cultural and educational collaborations.
Engaging with top Indian CEOs across various sectors, Wickremesinghe discussed opportunities in supply chain efficiency, healthcare, consumer products, telecom and clean energy. The roundtable positioned Sri Lanka as an attractive destination for diverse investments. Recognising the importance of digital technologies in logistics, Wickremesinghe highlighted the potential for collaboration in enhancing infrastructure efficiency.
Wickremesinghe’s vision, shared during the roundtable, underscores Sri Lanka’s commitment to economic prosperity, regional collaboration and sustainable development. The dialogue with the Indian CEOs lays the groundwork for robust partnerships and investments, fostering a new era of economic growth for Sri Lanka.