Former President Ranil Wickremesinghe criticized the current government for failing to secure Foreign Direct Investments, notably the halted USD 700 million Adani project, which he deems essential for economic recovery. He cautioned that delays in foreign investments could jeopardize Sri Lanka’s relationship with India and stressed the need for immediate reforms to foster a favorable investment climate.
Former President Ranil Wickremesinghe has expressed serious concerns regarding Sri Lanka’s inability to advance significant foreign investments, specifically referencing the halted USD 700 million Adani project as a critical setback for the nation’s economic revival. He emphasized the necessity of such financial influx for recovery, highlighting potential development projects in Trincomalee that could have added another USD 400–500 million. Wickremesinghe noted with regret that over a billion dollars in prospective investments are currently stalled.
During his recent appearance on the television program ‘@Hydepark,’ Wickremesinghe articulated his disappointment with Sri Lanka’s uncertain position on these foreign initiatives, especially regarding commitments under the 2023 Indo-Sri Lanka Vision Document. He conveyed that discussions with Indian counterparts had led to embarrassment due to the unclear status of these projects. Furthermore, he warned that ongoing delays could harm Sri Lanka’s economic relationships with India and hinder future foreign investments.
Wickremesinghe underlined the importance of Indian investments in attracting additional capital from other nations, projecting India’s rapid economic growth by 2050. He affirmed that economic growth is contingent upon collaboration with foreign countries and crafting a favorable investment climate within Sri Lanka. While he recognized that the country has reached a phase of economic stabilization, he stressed the urgency for long-term reforms to unlock further progress.
He noted, “Right now, we are only stabilizing—nothing more. To move ahead, we need major changes. We don’t need to be poor. We can build a trillion-dollar economy, and we must go for it.” He firmly believes that immediate actions are required to facilitate growth and reshape Sri Lanka’s economic landscape as the nation aims for a prosperous future.
In summary, former President Ranil Wickremesinghe’s observations underscore the critical need for Sri Lanka to revitalize its foreign investment climate, especially regarding stalled substantial projects like the Adani initiative. His emphasis on fostering economic relations with India and implementing necessary reforms highlights the imperative for Sri Lanka to create an attractive environment for international investments. The call to action reflects the potential for significant economic growth and stability, which demands immediate attention from policymakers.
Original Source: island.lk
