President Ranil Wickremesinghe engaged in a roundtable discussion organized by the Consortium of Indian Industry (CII) and the World Economic Forum. During the event held yesterday (16), the President unveiled an ambitious economic vision for Sri Lanka, focusing on resolving supply bottlenecks, lifting import restrictions, and restoring foreign exchange liquidity as pivotal elements for sustained economic growth.
Key Highlights:
1. Supply Chain Transformation: President Wickremesinghe emphasized the successful resolution of supply bottlenecks, positioning it as a critical step in facilitating a more efficient and responsive economic ecosystem.
2. Trade Agreements: Sri Lanka is actively pursuing expanded trade agreements, recently concluding a comprehensive Free Trade Agreement (FTA) with Singapore. An upcoming FTA with Thailand in February and ongoing discussions with India, China, and Southeast Asian nations underscore Sri Lanka's commitment to global economic integration.
3. Economic Reforms and Investor Opportunities: The President welcomed private investments, particularly in infrastructure development and the divestment of state-owned enterprises. Investors were presented with lucrative opportunities in key sectors such as telecommunications, financial services, and energy.
4. Sustainable Energy Collaboration: Collaborative efforts with India in the renewable energy sector, particularly offshore wind and solar projects, showcased Sri Lanka's dedication to sustainable energy solutions. Plans for a high-capacity power grid and bidirectional electricity trade further emphasized the nation's commitment to energy and power connectivity.
5. Bilateral Trade with India: Bilateral trade and economic engagement were central themes, with plans outlined for liberalizing trade in goods and services, customs cooperation, and trade facilitation with India. The focus on technology cooperation and the use of the Indian rupee for trade settlement highlighted Sri Lanka's commitment to strengthening economic ties.
6. Tourism and People-to-People Connectivity: Sri Lanka's vision extends to tourism and people-to-people connectivity, fostering cultural and educational collaborations. The President emphasized the importance of enhancing bilateral ties beyond economic sectors.
7. CEO Engagement: Engaging with top Indian CEOs across various sectors, President 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.
8. Digital Technologies and Infrastructure Efficiency: Recognizing the importance of digital technologies in logistics, the President highlighted the potential for collaboration to enhance infrastructure efficiency, further modernizing the country's economic landscape.
