Labour Minister and Economic Development Deputy Minister Dr. Anil Jayantha Fernandoyesterday said that irresponsible borrowings following the end of the war in 2009 had prevented Sri Lanka from achieving sustained economic growth, as much of the borrowed funds had not been directed into productive economic channels.
Speaking at the Voyage Sri Lanka 2025 International Maritime Summit, which brought together global experts, investors, policymakers, and industry leaders to shape the country’s blue economy, Dr. Fernando noted that while some economic growth was visible in 2010, it was not sustainable due to poor investment decisions.
“You may see some growth in economic development in 2010, but it was not sustainable, because most of the borrowing had not gone into productive economic channels,” he said.
Dr. Fernando emphasized that Sri Lankans are capable of contributing meaningfully to development, but structural missteps and poor financial decisions had hindered progress. “Opportunities alone don’t bring change. What we need is action — and that includes committed Government intervention,” he added.
Highlighting the Government’s proactive role in economic facilitation, he said, “Our mandate is to look at everything carefully and support investors. This is not politicisation – it’s facilitation.”
He further clarified that while political engagement is necessary to support investment, politicisation — or intervening to maximize private interests — will not be tolerated.
The Voyage Sri Lanka 2025 Summit aims to foster collaboration and unlock new opportunities for development in key sectors such as ship repair, shipbuilding and boatbuilding, offshore services and energy, and marine tourism — all identified as critical drivers of export growth and technological advancement in the maritime domain.
