Thursday, April 25, 2024

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New economic reform program on the cards for Sri Lanka’s economic recovery: President 

By: Staff Writer

March 25, Colombo (LNW): President Ranil Wickremesinghe underscored the necessity of a new economic reform program for the country’s economic recovery. 

He made a clarion call from from all citizens to extend collective support to prevent the next generation from inheriting the hardships of past economic crises

The President reminisced about inheriting a country others were reluctant to lead, highlighting that while some focused on their political aspirations, his concerns were committed towards the welfare of the nation’s future.

President Ranil Wickremesinghe made these observations while participating in a friendly discussion organized by the ‘United Youth Union’ on the theme ‘Future of our Youth’. The event took place yesterday in Polonnaruwa recenty.

Additionally, the government is dedicated to rural development through an agricultural modernization initiative.

This initiative aims to facilitate agricultural exports by enhancing rural infrastructure. The Agriculture ministry will be introducing new crop varieties and collaborating with the Thai government to explore ‘Durian’ cultivation opportunities.

By increasing crop productivity, we envisage substantial improvements in the rural economy hs said.

With abundant solar and wind resources in our country, transitioning to wind and solar energy production could yield tenfold the required energy, with surplus electricity exportable to India.

Moreover, a thousand-acre investment zone in Trincomalee is underway, supported by India. Plans also include the development of the Mahaweli A and B zones to establish modern agricultural practices.

Efforts have been underway to establish new investment zones in Bingiriya and the North, with the requisite land already earmarked for this purpose. These initiatives are slated for implementation within the next five years

President Ranil Wickremesinghe engaged in discussions with the youth, focusing on the future and vision of the country. The President addressed various issues raised by the youth and provided solutions during the session.

During the event, President Ranil Wickramasinghe asserted that the populace would reap the rewards of the government’s on-going economic reform endeavours within a few years.

Urgent economic restructuring is imperative, transitioning from an import-dependent to an export-driven economy. This requires comprehensive economic development across urban and rural areas alike, coupled with stringent budgetary controls.

By implementing these governmental reforms, we can envisage a shift to an export-oriented economy by 2035, paving the way for sustained economic growth thereafter.

Furthermore, the government aims to double the annual tourist arrivals to Sri Lanka from 2.5 million to 5 million. Efforts will also be made to attract high-spending tourists to the country.

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