In a keynote address at the 19th Annual General Meeting of the Inland Revenue Commissioner’s Association, President Ranil Wickremesinghe revealed an ambitious plan aimed at fostering sustainable economic development in Sri Lanka.
Underscoring the necessity of a transformative approach, President Wickremesinghe delineated crucial focal points essential for propelling the nation towards enduring economic prosperity.
Addressing the challenges posed by the balance of trade, President Wickremesinghe emphasized the imperative of cultivating a highly competitive economy. “The government is actively engaged in trade agreements with nations such as India, China, Singapore, and Thailand, with the goal of exploring growth opportunities and strengthening trade relations with the European Union,” stated the President.
In a bid to enhance competitiveness, Sri Lanka is steadfastly committed to digitalization. President Wickremesinghe announced the establishment of the Digital Transformation Agency in collaboration with the Centre for Research on Artificial Intelligence (AI). The initiative aims to formulate a comprehensive plan for digitally transforming the nation within a specified timeframe.
Sri Lanka is aligning itself with global sustainability goals, pledging to evolve into a green economy. The President underscored adherence to the net-zero plan, ensuring environmentally responsible practices.
Identifying immediate areas for economic gains, President Wickremesinghe urged a strategic focus on “low-hanging fruit.” Sectors such as tourism, agriculture, renewable energy, and information technology were singled out for their potential quick returns.
The government’s plans include the modernization of agriculture, leveraging technology for enhanced productivity. Initiatives encompass improving paddy cultivation, releasing unused lands, and promoting small-scale agriculture. President Wickremesinghe anticipates substantial investments in wind and solar energy projects, with the possibility of exporting excess energy, including to India.
A key component of the growth strategy revolves around IT and AI development. The President announced plans to establish more training institutes in collaboration with the private sector and allocate funds for AI research and development. Sri Lanka aspires to become a regional logistics hub, capitalizing on emerging technologies and industries.
President Wickremesinghe highlighted the pivotal role of the Inland Revenue Department and other revenue departments in ensuring financial discipline. Immediate priorities include addressing delays in appeals and enhancing revenue collection mechanisms.
In conclusion, President Wickremesinghe expressed confidence in overcoming economic challenges, urging collective efforts to navigate the complex journey ahead and secure Sri Lanka’s economic prosperity in the next five to six years.
