Sri Lanka (Commonwealth Union)_ President Ranil Wickremesinghe has urged Sri Lankan businesses to take an active role in the economic development of the South Asian region. Emphasizing the ongoing efforts to establish a major economic center in South Asia, particularly focusing on the potential industrialization of Tamil Nadu and neighboring regions, the President stressed the importance of increased involvement of Sri Lankan businesses in these endeavors.
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Addressing the YPO ‘Colombo Experience: Rediscover the Pearl’ conference on Saturday, the President encouraged Sri Lankan entrepreneurs to expand their investments in neighboring countries. He specifically highlighted the role Sri Lanka could play in the development of Bangladesh and urged exploration of opportunities in Myanmar, Cambodia, Laos, as well as East and West Africa. President Wickremesinghe underscored the necessity for South Asian nations to collaborate in order to harness the growing economic power in the region. Recognizing the individualistic nature of South Asian countries, he proposed a model of selective integration in specific sectors as a means to foster effective collaboration.
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In the realm of tourism, the President proposed the concept of a unified tourist area involving Sri Lanka, India, and the Maldives, with the potential inclusion of Nepal. Additionally, he outlined plans for a Bay of Bengal cruise area, positioning it as a substantial alternative to the Caribbean. During his address at the YPO conference, the President announced several proposals centered on restructuring and modernization. Major objectives included establishing a competitive economy, embracing digital transformation, transitioning to sustainable energy, and promoting a green economy. President Wickremesinghe stressed the importance of positioning Sri Lanka as a regional logistic hub and outlined plans for promoting upmarket tourism, modernizing agriculture, and implementing reforms in land ownership.
Highlighting a significant step toward agricultural reform, the President mentioned the decision to grant freehold rights to farmers holding approximately 2 million acres of land. He also revealed plans for large-scale modern agricultural enterprises, involving collaboration between the government and the private sector to boost economic growth. Additionally, the President drew attention to ongoing trade negotiations and agreements, including Sri Lanka’s application to join the Regional Comprehensive Economic Partnership (RCEP), as well as the pursuit of comprehensive economic partnerships with India and Bangladesh. President Wickremesinghe expressed optimism about the economic potential of the region and encouraged young entrepreneurs to actively contribute to the envisioned regional economy.
