Former President Ranil Wickremesinghe criticizes the NPP government for failing to secure vital foreign investments, particularly the USD 700 million Adani project, which he cites as essential for Sri Lanka’s economic recovery. He emphasizes the potential losses from halted investments and warns of possible negative effects on relations with India and future foreign investor confidence. He advocates for significant reforms to drive economic growth.
Former President Ranil Wickremesinghe has expressed concern regarding the inability of Sri Lanka to secure substantial foreign investments, specifically highlighting the halted USD 700 million Adani project. He emphasized that this cessation of projected investments represents a significant obstacle in the country’s journey toward economic recovery, stating, “Adani’s project is about USD 700 million. That’s no joke. We need that money to recover.” Furthermore, he noted the potential for additional investments worth USD 400-500 million linked to projects in Trincomalee, indicating that over a billion dollars in foreign investments remains unutilized.
In a recent appearance on Ada Derana’s program ‘@Hydepark,’ Wickremesinghe lamented the prevailing uncertainty in Sri Lanka’s stance towards these investment opportunities, which may undermine the nation’s commitments under the 2023 Indo-Sri Lanka Vision Document. He recounted an embarrassing encounter with Indian officials, stating, “Most of the Indians I met recently—it was embarrassing for me. I told them these projects were under consideration, but the truth is that I don’t know whether they are still being considered or have been rejected.”
He cautioned that the delays in these significant investments could adversely affect Sri Lanka’s economic ties with India and discourage other foreign investors. Wickremesinghe posited that India’s investment could catalyze further international engagement, arguing, “Once India invests in us, others will follow. By 2050, India will be the world’s second-largest economy. We need growth, and the only way to achieve it is by working with other countries and creating an attractive environment for foreign investment.”
While acknowledging the attained level of economic stabilization within the country, Wickremesinghe insisted on the necessity for extensive reforms moving forward. He declared that merely stabilizing the economy is insufficient, proclaiming, “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.”
In summary, former President Ranil Wickremesinghe underscores the critical need for foreign investment in Sri Lanka, specifically concerning the stalled Adani project, which he identifies as detrimental to the nation’s economic prospects. He warns of the risks tied to delays and uncertainty surrounding these investments, particularly in relation to maintaining robust ties with India. Wickremesinghe advocates for profound reforms to truly stabilize and enhance the economy, with aspirations of building a substantial trillion-dollar economy.
Original Source: island.lk
