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Sri Lanka to reach economic comfort zone by 2025: PM

After settling Rajapaksa regime debts  

Prime Minister Ranil Wickremesinghe said that Sri Lanka will be converted to a hub of Indian Ocean through developing economically important sectors including industry, naval and air transportation.

The Prime Minister said through these fruitful initiatives taken by the Government, Sri Lanka will reach an economic comfort zone by 2025 after settling all the debts and liabilities of the Rajapaksa regime.

“The country’s economy is being strengthened with the moves taken by this government,” he noted.

The Prime Minister was speaking at an event organised to mark the keel laying ceremony of a cable laying vessel at the Colombo Dockyard Limited yesterday.

Prime Minister Wickremesinghe said the biggest ever loan installment of the mountain of loans obtained during the Rajapaksa regime is to be paid in 2018. However, the country is all set to achieve an stable economic position by 2025 after settling all its dues.

The Prime Minister said that another ship building institute will be established to boost the economy.

The Prime Minister appreciated the assistance of Japanese Government highlighting that the Japanese assistance is a huge strength to the country.

Speaking the gathering he added that Japanese investors will come to the country by January.

“This event can be considered as a move to strengthen the country’s economy. The economy of a country should not only focus on one sector but should incorporate a number of sectors. Sri Lanka’s export economy is mainly focused on a few products such as tea, rubber,coconut and garments. However, the time is ripe to focus on many other sectors such as ship building, where technology is used,” he added.

“With the receiving of the GSP Plus concession, Sri Lanka is benefited by being granted permission to send over 6,000 products to the European market. It is needed to increase the exports aiming to receive more foreign reserves,” the Prime Minister said. Prime Minister Wickremesinghe said that measures have been taken to develop the fisheries industry aiming to get the maximum benefits from the GSP Plus concession.

“We should increase exports to achieve better economic prosperity. This should be the country’s main objective,” the Premier said. The Prime Minister added that the country’s economy was affected by a mountain of loans which prompted the previous government to go for an early election.

He said the country has been subjected to rapid economic development programme. A few industrial zones will be established in several parts of the country so as to attract foreign and local investors. Under this programme, Kandy city is going to be developed with the assistance of the Japanese Government. Besides, tourist zones will be established in the Galle district.

“The country needs to attract foreign investments and introduce the latest technology to achieve economic prosperity.

However, when we try to do so,certain people who were not able to build a paper boat are casting aspersions and shedding crocodile tears that the Government is selling country’s resources. The Prime Minister said that our harbours should be developed to cater to the world.