President briefs Indian CEOs on economic outlook

President Ranil Wickremesinghe took center stage in a recent roundtable discussion organized by the Consortium of Indian Industries (CII) and the World Economic Forum, unveiling a comprehensive economic vision for Sri Lanka.

The President emphasized the successful resolution of supply bottlenecks, removing import restrictions, and restoring foreign exchange liquidity as critical factors contributing to sustained economic growth.

Sri Lanka is expanding its trade agreements, with a recently completed comprehensive Free Trade Agreement (FTA) with Singapore and an upcoming FTA with Thailand in February. Ongoing discussions with India, China, and Southeast Asian nations highlight the nation’s commitment to global economic integration.

President Wickremesinghe welcomed private investments, particularly in infrastructure development and the divestment of state-owned enterprises.

Key sectors such as telecommunications, financial services, and energy highlighted lucrative opportunities for potential investors.

The collaborative efforts with India on renewable energy projects, focusing on offshore wind and solar sources, underscored the commitment to sustainable energy solutions. Plans for a high-capacity power grid and bidirectional electricity trade further showcased energy and power connectivity dedication.

Bilateral trade and economic engagement were central themes, with plans for liberalizing trade in goods and services, customs cooperation, and trade facilitation with India.

The emphasis on technology cooperation and using the Indian rupee for trade settlement reflects a commitment to strengthening economic ties.

Sri Lanka’s vision extends to tourism and people-to-people connectivity, fostering cultural and educational collaborations.