Former President Ranil Wickremesinghe has called on Sri Lanka to adopt an ambitious target of achieving a US $1 trillion-dollar economy by 2055.
Speaking during a recent television interview, the former President outlined the fact that the world was witnessing a global power shift towards Asia, with a focus on the Indian Ocean, and as such Sri Lanka must look to capitalise on this.
Commenting on Sri Lanka adopting this ambitious target, the former President stated that to achieve this target the country would need to record a ten-fold growth in its economy over the next 30 years.
However, the possibility of doing so remains high, as this is a similar target that India has set for itself in the same period.
The Former President further stated that for Sri Lanka’s economy to move beyond its current fragile state, integration and cooperation with the Indian economy must be a priority.
He explained that during his tenure in 2022-24 the country explored several avenues of economic cooperation with India including in the fields of renewable energy, agriculture and connectivity with an emphasis on Southern India.
Former President Wickremesinghe criticised the government’s failure to proceed with the Adani Groups renewable energy project in Mannar.
Highlighting the process undertaken by the Sri Lankan government, including the relevant stakeholders, and the Indian investors, he questioned the rationale behind the NPP government’s attempts to re-negotiate an already agreed upon project.
Raising concerns that this would deter any future large scale investment projects, the former President urged the government to continue with the policies introduced by his government.
When questioned over whether the IMF program was the only option for Sri Lanka, President Wickremesinghe highlighted that the ability to successfully restructure the debt with the international bondholders and bilateral creditors was reliant on an IMF certification.
Acknowledging that the citizens were still reeling from the economic crisis, the President stated that unless the program was completed further hardship awaited the country down the line.
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