By: Staff Writer
August 19, Colombo (LNW): President Ranil Wickremesinghe of Sri Lanka has underscored the necessity of enhancing economic cooperation and regional integration across Asia, particularly from Japan to India, with a focus on strengthening ties with India.
His remarks were made during the Head of State Session at the 3rd Voice of Global South Summit, which was themed “An Empowered Global South for a Sustainable Future.”
During his virtual address from the President’s House in Anuradhapura, Wickremesinghe highlighted Sri Lanka’s strategic intent to expand its economic partnerships throughout Asia, with special attention on the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
He pointed out that as the Bay of Bengal region is becoming an economic growth hub, BIMSTEC’s importance is also increasing.
Sri Lanka, being a member of this regional organization, is seeking to deepen its economic integration with India and is exploring potential economic cooperation agreements spanning from Japan to India.
The summit, led by Indian Prime Minister Narendra Modi, saw participation from various heads of state. Wickremesinghe praised India’s leadership in strengthening the Global South, acknowledging that Western dominance in global leadership is declining.
He commended the Voice of the Global South Summit as a critical platform for achieving consensus on the challenges faced by developing nations.
President Wickremesinghe also expressed his deep appreciation to Prime Minister Modi and the Indian people for their support during Sri Lanka’s recent economic crisis.
He credited India’s assistance as crucial in helping Sri Lanka navigate the challenges of the past two years and recover from bankruptcy.
In his address, Wickremesinghe mentioned that Sri Lanka has reached agreements with various international financial institutions and creditor countries to overcome its economic difficulties.
He specifically acknowledged the role of India’s support in enabling Sri Lanka to survive the challenging period of bankruptcy, which had imposed significant hardships on its population.
The President reiterated that the Vision Statement agreed upon by Sri Lanka and India would facilitate closer relations, emphasizing their long history of cooperation.
He also highlighted ongoing initiatives, such as the finalization of the Comprehensive Economic and Technological
Agreement, and projects like the development of Trincomalee Harbour, which would help Sri Lanka advance towards a digital economy. Additionally,
Wickremesinghe noted that Sri Lanka, as a member of BIMSTEC, aims to establish economic cooperation agreements extending from Japan to India, recognizing the Bay of Bengal as a critical area for economic development.
Finally, he reflected on the shifting global order, noting that the dominance of the Western system, which began after the collapse of the Soviet Union, is coming to an end.
He expressed hope that summits like this, along with the expansion of groups such as BRICS and the G20, would pave the way for a new global order led by the Global South.
