Ranil Wickremesinghe Advocates for a $1 Trillion Economy in Sri Lanka by 2055

Former President Ranil Wickremesinghe proposed an ambitious goal for Sri Lanka to achieve a US $1 trillion economy by 2055, emphasizing the necessity of collaboration with India and adherence to previous agreements. He raised concerns about the current government’s actions affecting future investments and highlighted the dependence on an IMF program for debt restructuring.

Former President Ranil Wickremesinghe has set an ambitious goal for Sri Lanka to achieve a US $1 trillion economy by 2055. In a recent television interview, he emphasized the shifting global power towards Asia, particularly in the Indian Ocean, urging Sri Lanka to capitalize on this trend.

To meet this target, Sri Lanka would need to achieve a ten-fold increase in its economy over the next three decades, a similar goal to that set by India. Wickremesinghe expressed optimism about this potential if strategic actions are taken.

Collaboration with the Indian economy was highlighted as essential for Sri Lanka’s growth beyond its current fragile state. He noted that during his presidency from 2022 to 2024, several avenues for economic cooperation with India, particularly in renewable energy and agriculture, were explored.

Wickremesinghe criticized the incumbent government for its inaction on the Adani Group’s renewable energy project in Mannar, questioning the rationale behind renegotiating an already established agreement with Indian investors. He warned that such actions could deter future large-scale investments and urged adherence to previous policies.

When addressing whether the IMF program was Sri Lanka’s only option, he explained that restructuring the country’s debt depended on receiving an IMF certification. He recognized the ongoing economic challenges faced by citizens and asserted that completing the IMF program was crucial to prevent further hardships.

In conclusion, former President Ranil Wickremesinghe has articulated a vision for a US $1 trillion economy for Sri Lanka by 2055, highlighting the need for significant economic growth and collaboration with India. He identified the importance of adhering to established agreements for national projects and underscored the necessity of IMF engagement for debt restructuring. His insights emphasize the strategic direction and unity needed for Sri Lanka’s economic development.

Original Source: www.newswire.lk