India and SL must forge together long term: President

 President Ranil Wickremesinghe receives a memento from India CEO Forum President T. S. Prakash as Indian High Commissioner Gopal Bagley and ICF Vice President Kishore Reddy look on

• In keynote at Indian CEO Forum’s annual fellowship banquet Wickremesinghe says together, India and Sri Lanka possess immense potential
• Ahead of visit to India and meeting with Modi next week President moots long-term relationship between the two nations must transcend individual leaders or political parties 
• Stresses relationship between India and SL not solely driven by governments but by people who are moving forward at a rapid pace

President Ranil Wickremesinghe on Thursday said both India and Sri Lanka should forge together with a long term common plan to effectively harness the great potential for a shared future rather than on a piecemeal or issues-basis.

He made this observation during his keynote at the Indian CEO Forum’s annual fellowship banquet at the Taj Samudra, Colombo. Scheduled to make his first visit to India and hold bilateral talks with Premier Narendra Modi since assuming Presidency, Wickremesinghe, said his primary objective is to enhance “connectivity” at all levels between the two countries. 

“We need to determine our long-term objectives and aspirations for the next 10 to 15 years. This marks the beginning of a new era, and we must forge ahead together. I hope to discuss this with Prime Minister Modi,” Wickremesinghe said. 

“It’s crucial to recognise that the relationship between our countries is not solely driven by governments but by our people, who are moving forward at a rapid pace. We must adapt to the changing world, avoiding the pitfalls that come with government intransigence. Hence, we must foster a long-term relationship between our two nations, transcending individual leaders or political parties. Together, India and Sri Lanka possess immense potential, and it is our path forward,” the President stressed. 

To put in context the need for a long-term plan, the President traced the history of relations between India and Sri Lanka. “Trade between Sri Lanka and India began 700 years ago. We have a remarkable history of Kerala merchants venturing to Sri Lanka and establishing businesses, ultimately integrating into our local system. This cultural amalgamation is evident in landmarks like the Pattini Devalaya in Navagamuwa, which reflects the influence of Kerala on Sri Lankan culture.”

“By the late 19th century, India accounted for only 1% of the world’s GDP. However, with the shift of economic power towards Asia, India has once again risen to prominence. Just as East Asia, including countries like Japan, Korea, and China, witnessed significant growth 75 years ago, it is now India’s turn, along with the Indian Ocean region. It’s important to note that India is not the sole nation rising in this context; the oil countries in West Asia are also on the ascent. Positioned strategically in the middle, Sri Lanka benefits from its proximity to India, coupled with a rich history, cultural heritage, and longstanding trading relationships spanning 2,500 years,” he said. 

The world is evolving, and India is undergoing rapid development, particularly under Prime Minister Modi’s leadership. We, too, have experienced our own economic challenges, but we are a resilient nation, not destined for a Greek tragedy. As our economy recovers, we must prioritise economic restructuring. We initially made progress, but our pace has slowed. Once we complete the debt restructuring process, our focus will shift towards a comprehensive growth agenda. This entails a massive overhaul of our economy, legal framework, and systems, aligning our path with that of India.

“Our goal is to establish a highly competitive economy that can stand on par with the rest of the world, encompassing green and digital sectors. India and Sri Lanka should embark on this transformative journey together, as we have for the past 2,500 years. Regardless of political dynamics, our cultural and economic ties have remained steadfast,” the President added.

India CEO Forum President T. S. Prakash in his remarks called for greater use of Indian Rupee in the Lankan economy. In response the President said the Sri Lankan Government would want to see the Indian rupee used as much as the dollar. 

“It makes no difference to us if India becomes a common currency. We’ll have to figure out how to go about it. So that is what we must do. We must become more open to the outside world. We must be competitive not just for Sri Lanka, but also for the rest of Southeast Asia, East Asia, and Australia. We must negotiate a more comprehensive trade agreement with the EU. If you want to, you can dominate the entire world. You will fail if you do not want to accomplish it,” Wickremesinghe said. 

The President said he is interested in exposing Sri Lanka to the world for economic development promptly as possible and to implement related legal reforms.

Madam Maithree Wickramasinghe, Ports and Maritime Affairs Minister Nimal Siripala de Silva, Housing and Urban Development Minister Prasanna Ranatunga, Health Minister Keheliya Rambukwella, State Ministers Shehan Semasinghe, Dilum Amunugama, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayake, Governor of the Eastern Province Senthil Thondaman, Chief of Staff of the Tri-Forces General Shavendra Silva, Members of the Indian Business community and other dignitaries were present on this occasion.