October 27, Colombo (LNW): Former President Ranil Wickremesinghe has called on Sri Lanka to accelerate economic reform, embrace technological innovation and strengthen its strategic partnerships, warning that the country risks losing its international relevance if it fails to respond to the rapidly changing global landscape.
Speaking at the 50th webinar organised by ICC Sri Lanka on Monday (26), Wickremesinghe argued that the country needed to move beyond traditional economic approaches and build a modern, competitive economy capable of capitalising on developments in technology, trade and regional cooperation.
He said Sri Lanka should pursue technology-driven economic and social reforms while establishing itself as a leading maritime logistics centre in the Indian Ocean. Given its strategic location along major international shipping routes, he maintained that the island had considerable potential to become an important link in global commerce.
“We in Sri Lanka must adapt to these changes, or we will be swallowed up by bigger fish. We need economic and social transformation based on technology-oriented modernisation,” he said.
Wickremesinghe stressed that the country’s future would depend partly on its ability to deepen regional economic ties. He identified closer cooperation with India, stronger engagement with countries bordering the Bay of Bengal and expanded links with Southeast Asian economies as important elements of a broader development strategy.
He also advocated eventual regional economic integration, arguing that closer commercial relationships could help Sri Lankan businesses access larger markets, attract investment and participate more effectively in regional supply chains.
On the diplomatic front, the former President proposed that Sri Lanka pursue membership of BRICS while maintaining constructive relations with major global powers, including the United States, China, Russia and Japan. He called for a pragmatic approach to foreign policy, with international partnerships assessed in terms of their economic, technological and strategic benefits to the country.
Wickremesinghe also questioned whether existing regional cooperation mechanisms were delivering their full potential. He called for a review of the effectiveness of the Indian Ocean Rim Association (IORA) and BIMSTEC, alongside faster progress in strengthening the Colombo Security Conclave.
Maritime security, he argued, must form another central pillar of Sri Lanka’s national strategy. He proposed developing a technologically sophisticated navy, equipped with small and medium-sized vessels capable of responding to emerging security requirements across the surrounding waters.
The former President placed particular emphasis on the country’s dependence on uninterrupted maritime trade. He described the Suez Canal and the Gulf as two critical economic lifelines for Sri Lanka, warning that disruption along these routes could have serious consequences for shipping, energy supplies and the wider economy.
He also highlighted the growing influence of artificial intelligence, advanced computing and other emerging technologies in determining the economic strength and strategic standing of nations.
According to Wickremesinghe, technological leadership is increasingly intertwined with national sovereignty, as countries that control or develop critical technologies gain advantages in productivity, security and international influence. He pointed to the United States and China as major forces in artificial intelligence and computing, while noting the progress being made by India, Japan and several European countries.
Sri Lanka, he suggested, would need to strengthen its own technological capabilities rather than remain dependent on developments elsewhere. This would require modernisation across the economy and a willingness to adapt to changing patterns of global investment and competition.
The Bay of Bengal was another area he identified as having substantial untapped economic and strategic importance. Its growing significance in regional commerce makes maritime cooperation, secure shipping routes and the protection of undersea communications infrastructure increasingly important.
Wickremesinghe warned that undersea cables, which carry much of the world’s international digital communications, must receive greater attention as part of a broader effort to protect maritime infrastructure and national economic interests.
He argued that Sri Lanka’s geographical advantages alone would not guarantee prosperity. The country would need a clear long-term strategy that combines technological development, economic competitiveness, diplomatic engagement and stronger maritime capabilities.
Emphasising the consequences of failing to adapt, he said Sri Lanka could not afford to remain on the sidelines while the balance of global economic and political power continued to shift.
“Either we go this way, or we fade into insignificance, like one of the small Pacific islands,” he cautioned.
