Former President Ranil Wickremesinghe has proposed a bold economic target for Sri Lanka, aiming for a $1 trillion economy by 2055. In a recent television interview, he outlined that achieving this goal would require the economy to grow tenfold over the next 30 years.
He emphasized that Sri Lanka’s ambitions must align with Asia’s growing global influence, particularly in the Indian Ocean region. Wickremesinghe noted that India has set a similar economic target for the same period, making collaboration essential.
Stressing the importance of economic integration with India, Wickremesinghe pointed out that strengthening ties with the neighboring giant is crucial for Sri Lanka to overcome its current economic challenges. During his presidency from 2022 to 2024, his administration explored partnerships with India in renewable energy, agriculture, and connectivity, especially focusing on South India.
Wickremesinghe criticized the National People’s Power (NPP) government for suspending the proposed renewable energy project with the Adani Group in Mannar, which was initiated under his tenure. He warned that the suspension of this project, which involved collaboration between Sri Lankan stakeholders and Indian investors, could discourage future large-scale investments.
He further elaborated on the importance of the International Monetary Fund (IMF) program in Sri Lanka’s economic recovery. According to Wickremesinghe, successful debt restructuring with international bondholders and bilateral creditors depends heavily on IMF guarantees.
The former president cautioned that if the program is abandoned due to the ongoing crisis, it could lead to even greater economic difficulties.
Wickremesinghe’s remarks highlight his belief that Sri Lanka’s economic future is intertwined with India’s growth and regional influence. He urged the current government to strengthen cooperation with India rather than jeopardize critical partnerships.
