Former President Ranil Wickremesinghe stressed that it is the responsibility of the current government to ensure that Sri Lanka fully recovers from the economic crisis.
He acknowledged that the previous government had made some progress towards economic recovery, but he stressed that the task of bringing the country out of the crisis now rests with the current administration.
Speaking at the launch of the book The Panchayudha of Sri Lanka’s Economy by former Minister Dr. Bandula Gunawardena, Wickremesinghe urged the government to honour agreements made with investors during the previous regime rather than introducing new proposals that could erode investor confidence.
He warned that such measures could erode investor confidence and damage Sri Lanka’s reputation as a reliable destination for investment.
Mr. Wickremesinghe likened the Sri Lankan economy to a patient who was on life support and has now been weaned but is still in the intensive care unit. He stressed the importance of the government’s role in ensuring a full recovery for the economy, comparing the task to properly caring for a patient in the intensive care unit.
“We need both capital and technology to grow the economy. However, we do not have enough capital to carry out these initiatives, and we do not have the necessary technology. Therefore, we must seek these resources from external sources, as China and India have done,” he said.
He expressed concern about recent government decisions, especially the announcement that all companies in the energy sector must submit new proposals. Wickremesinghe warned that this could create uncertainty among investors and cause them to see Sri Lanka as an unreliable place for investment.
“We need to build trust among investors and avoid taking steps that could undermine that trust by reverting to outdated practices. That is why I have been concerned in recent days. The government has announced that all companies involved in the energy sector must submit new proposals. This decision may create uncertainty among investors, and they may believe that Sri Lanka is not a reliable place to invest. As a result, they may hesitate to come here.”
“With great difficulty, we have managed to attract a few investors, and their trust must be protected at all costs. The government should reconsider this decision and continue with the established approach,” he added.
Mr. Wickremesinghe also stressed the importance of the agreement with India’s Adani Group, urging the government to continue with the Adani project, which he believes could be crucial to boosting Sri Lanka’s economy. He referred to discussions with Indian Prime Minister Narendra Modi, during which Modi expressed his interest in buying power from Sri Lanka.
“The agreement with India’s Adani Group has become a significant factor. We should bring the Adani project to Sri Lanka. When I discussed this with Indian Prime Minister Narendra Modi, he expressed his interest in buying power from Sri Lanka.”
He said that Sri Lanka could provide between 25 and 50 gigawatts of power, which could bring in significant investment.
“I mentioned that although I am not fully aware of our power generation capacity, I could provide between 25 and 50 gigawatts. If we can achieve this, imagine the level of investment that would flow into the country.”
Further emphasizing Sri Lanka’s relationship with India, Mr. Wickremesinghe noted that India is an essential ally and it is important not to give the impression of an anti-India stance.
He recalled his visit to Delhi, where Indian officials expressed concerns about Sri Lanka’s stance towards India and urged the two countries to strengthen ties and move forward together.
“We should not create such an impression. Instead, we should strengthen our relationship and move forward together,” Mr. Wickremesinghe stated.
