Speaking at the 36th Annual Conference of the Organization of Professional Associations (OPA) in Colombo’s Kingsbury Hotel, President Ranil Wickremesinghe emphasized the critical importance of capital, both financial and human, as the driving force behind economic growth. He underscored the historical challenges faced by Sri Lanka in capital formation and stressed the need for reorganizing and restructuring the financial system to revitalize the nation’s economic prospects.
President Wickremesinghe acknowledged that Sri Lanka had accumulated capital up to 2019, but subsequent events such as the COVID-19 pandemic and economic downturn had eroded its financial strength. He drew parallels with other nations that had experienced significant growth due to capital influx and urged the country to focus on similar strategies.
Addressing the attendees, President Wickremesinghe commended the collective efforts of the nation in overcoming challenging circumstances, comparing the present to the previous year and expressing optimism for the future. He highlighted the importance of constructive solutions over political distractions and cautioned against the negative impact of agitation without viable remedies. He emphasized the need for consistent leadership to address pressing issues and praised those who stepped up to contribute to the country’s stability.
Turning to economic challenges, the President discussed the need for domestic debt optimization and the potential risks of failure. He warned of the severe consequences such failure could have on the banking sector and the economy as a whole.
President Wickremesinghe also addressed the issue of human capital, emphasizing the significance of education and training. He expressed concern over the departure of skilled professionals from the country and stressed the urgent need for vocational training centers and universities to bridge the skills gap and meet the demands of a competitive economy. He outlined plans to collaborate with the private sector to establish a robust framework for education and training.
Highlighting the importance of attracting foreign investment, President Wickremesinghe emphasized the need for a competitive economy. He underscored the role of foreign investments and the Colombo financial zone in securing necessary funds. He called for streamlined investment procedures and a more appealing investment environment to compete with neighboring countries.
The President also discussed proposed legislative changes, including devolution of powers to Provincial Councils and streamlined procedures for new universities. He highlighted plans to establish institutions to cater to evolving demands and stressed the importance of human resource development, especially in universities.
In conclusion, President Wickremesinghe emphasized the strategic management of financial and human capital as the key to Sri Lanka’s future success, highlighting their pivotal role in fostering a thriving and competitive economy for the nation’s development.
