TL;DR:
- Sri Lanka has allocated Rs 1 billion for AI initiatives in 2023.
- At the Business Today Top 40 Awards Ceremony, President Ranil Wickremesinghe emphasized the need for a strong and export-driven economy and the importance of modernizing traditional sectors such as agriculture, fisheries, logistics, and tourism.
- President also addressed the challenges of increasing revenue and debt restructuring and called for private sector involvement.
- President’s vision is to transform Sri Lanka into a dynamic and export-oriented economy by removing barriers and modernizing traditional industries, focusing on green energy and AI, and requiring a skilled workforce.
- President emphasized the need for a balanced budget, retirement benefits, and loans from time to time.
- Government plans to enter into a comprehensive economic and technological partnership with India and join the RCEP and, eventually, the CPTPP.
- President called for the private sector to be the driving force behind the growth and expressed intent to engage with the business community to determine their contributions and roles.
Main AI News:
Revitalizing Traditional Sectors Key to Sri Lanka’s Progress – President’s Remarks at Business Today Top 40 Awards Ceremony At the prestigious Business Today Top 40 Awards Ceremony held at the Presidential Secretariat in Colombo on 20th, President Ranil Wickremesinghe emphasized the importance of a strong and export-driven economy. He called for comprehensive economic and technological collaborations with India, as well as entry into the Regional Comprehensive Economic Partnership (RCEP) while maintaining high standards and remaining open to opportunities.
To drive Sri Lanka’s economic growth, the President also stressed the need to modernize traditional sectors such as agriculture, fisheries, logistics, and tourism. He urged the private sector to come forward with proposals for leading this modernization effort. The President also addressed the challenges that Sri Lanka faced in the coming year and called for private sector involvement in overcoming them.
He announced the government’s allocation of a billion rupees towards Artificial Intelligence (AI) with a focus on green energy technologies and renewable energy. He also outlined the government’s plans to pursue the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) after RCEP, for which criteria have already been established.
At the Business Today Top 40 Awards Ceremony, President Ranil Wickremesinghe reflected on the past two years and the progress made towards a stable and fast-growing economy. He acknowledged the support from multinational organizations but emphasized the need to fulfill the agreement with the IMF. The President also mentioned his recent Zoom meeting with the Japanese Minister of Finance, India’s Minister of Finance, and the Head of the Paris Club, who encouraged Sri Lanka to move forward and are in talks with China to join in resolving the issue.
The President emphasized that tough decisions were necessary for the betterment of the country and highlighted the two main challenges: increasing revenue and debt restructuring. He acknowledged that personal and company taxes were raised as a solution but expressed hope for a better revenue collection system and tax structure in the future.
On debt restructuring, the President noted that it is not something to fear but acknowledged the need to address the salaries of the government’s 1.7 million employees and the expenditure on the armed forces. He estimated that by 2028, the situation would be under control but expressed concern about the money needed for salaries and pensions for those who will retire in the coming years, as estimated by the Treasury.
President Ranil Wickremesinghe outlined his vision for Sri Lanka’s future, focusing on the restructuring and reforms necessary to create opportunities for growth. He presented the IMF arrangement to Parliament and is working towards a growth agenda with the support of the Economic Stabilization Committee and other stakeholders. The President’s long-term vision is to transform Sri Lanka into a dynamic and export-oriented economy by removing barriers and modernizing traditional industries such as agriculture and fisheries, tourism and logistics, and focusing on green energy and artificial intelligence.
He emphasized the need for a skilled workforce and called for the private sector’s participation in the development of a new future for the country. The President acknowledged the need for loans from time to time and emphasized the need for a balanced budget and retirement benefits for current employees. He also outlined the government’s plans to enter into a comprehensive economic and technological partnership with India and join the RCEP and, eventually, the CPTPP.
The President called for the private sector to be the driving force behind the growth and expressed his intent to engage with the business community in the coming months to determine their contributions and roles in the new economy. He acknowledged the queries regarding the growth agenda and other issues and emphasized his readiness to move forward and consult with the private sector in the next few months.
Conlcusion:
The speech made by President Ranil Wickremesinghe highlights the government’s commitment to modernizing traditional sectors and driving economic growth in Sri Lanka. The allocation of Rs 1 billion towards AI initiatives and the focus on green energy technologies demonstrate the government’s drive towards innovation and sustainability. The government’s plans to enter into comprehensive economic and technological partnerships with India and join the RCEP and, eventually the CPTPP highlight the potential for increased trade and investment opportunities in the market.
The President’s call for the private sector to be the driving force behind growth presents opportunities for businesses to take a proactive role in shaping the future of the economy. Overall, these initiatives and plans present positive prospects for the market and business community in Sri Lanka.