President calls on Lankan biz to invest in neighbouring countries

President sharing his views at the YPO conference

• Proposes a model where selective integration in certain sectors could pave way for effective collaboration
• Proposes the idea of a unified tourist area involving Sri Lanka, India, and the Maldives

 President Ranil Wickremesinghe this week called on Sri Lankan businesses to play an active role in the development of the South Asian region, by expanding their footprint in the economies of regional peers.
As efforts are underway to create a major economic center in the South Asia region, particularly in the potential industrialisation of Tamil Nadu and neighbouring regions, the President asserted the need for Sri Lankan businesses to be more involved in the endeavours.

Speaking at the YPO ‘Colombo Experience: Rediscover the Pearl’ conference this Saturday (18), he encouraged Sri Lankan entrepreneurs to invest in neighbouring countries, emphasising the country’s role in the development of Bangladesh and the exploration of opportunities in Myanmar, Cambodia, Laos, and East and West Africa.
Wickremesinghe went on to assert the need for South Asian nations to work together to harness the growing economic power in the region. While acknowledging the individualistic nature of South Asian countries, he proposed a model where selective integration in certain sectors could pave the way for effective collaboration.
In the context of tourism, the President proposed the idea of a unified tourist area involving Sri Lanka, India, and the Maldives, expanding the scope to include Nepal. He also stressed plans for a Bay of Bengal cruise area, positioning it as a larger alternative to the Caribbean. 

During the YPO address, the President unveiled a series of proposals focused on restructuring and modernisation. The key objectives include establishing a competitive economy, embracing digital transformation, energy transition, and fostering a green economy. He emphasised the importance of becoming a regional logistic hub and outlined plans for promoting upmarket tourism, modernising agriculture, and introducing reforms in land ownership.
While pointing out the decision to grant freehold rights to farmers holding approximately 2 million acres of land, marking a significant step towards agricultural reform, the President also disclosed plans for large-scale modern agricultural enterprises, combining government and private sector efforts to drive economic growth.

Furthermore, the President also highlighted ongoing trade negotiations and agreements, including Sri Lanka’s application to enter the Regional Comprehensive Economic Partnership (RCEP) and the pursuit of comprehensive economic partnerships with India and Bangladesh. Wickremesinghe expressed optimism about the region’s economic potential and urged young entrepreneurs to actively contribute to the envisioned regional economy.