President meets high level Indian CEOs in Davos; briefs on SL’s economic outlook

President Ranil Wickremesinghe on Tuesday met with the cream of the Indian private sector in Davos, Switzerland on the side lines of the World Economic Forum. Several ongoing projects and proposed projects were discussed.

The meeting was organised by the Confederation of Indian Industry (CII). President’s Chief of Staff Sagala Ratnayake and Board of Investment Chairman Dinesh Weerakkody were associated in the discussion.

The CII was represented by its President and TVS Supply Solutions Chairman Ramachrandran Dinesh, CII Director General Chandrajit Banerjee, Apollo Hospitals Enterprises Executive Vice Chairperson Preetha Reddy, Bharti Vice Chairman Rajan Bharti Mittal, Essar Director Prashant Ruia, EY India Region and Emerging Markets Committee Chairman Rajiv Memani, Godrej Industries Chairman and Managing Director Nadir Godrej, Jubilant Bhartia Group Founder and Co-Chairman Hari S Bhartia, ReNew Co-Founder and Chairperson Sustainability Vaishali Nigam Sinha and UPL Chairman and Group CEO Jai Shroff.

Unveiling a comprehensive economic vision for Sri Lanka, the President during the meeting emphasised the successful resolution of supply bottlenecks, the removal of import restrictions and the restoration of foreign exchange liquidity as key factors contributing to sustained economic growth.

He said Sri Lanka is actively expanding its trade agreements, with a recently completed comprehensive Free Trade Agreement (FTA) with Singapore and an upcoming FTA with Thailand in February. Ongoing discussions with India, China, and Southeast Asian nations highlight the nation’s commitment to global economic integration.

Wickremesinghe welcomed private investments, particularly in infrastructure development and the divestment of state-owned enterprises. Lucrative opportunities for potential investors were highlighted in key sectors such as telecommunications, financial services, and energy. He said the collaborative efforts with India on renewable energy projects, focusing on offshore wind and solar sources, underscored the commitment to sustainable energy solutions. He added that plans for a high-capacity power grid and bidirectional electricity trade further showcased the dedication to energy and power connectivity. “Bilateral trade and economic engagement were central themes, with plans outlined for liberalising trade in goods and services, customs cooperation, and trade facilitation with India. The emphasis on technology cooperation and the use of the Indian rupee for trade 

settlement reflects a commitment to strengthening economic ties. Sri Lanka’s vision also extends to tourism and people-to-people connectivity, fostering cultural and educational collaborations,” the President said.

He also discussed opportunities in supply chain efficiency, healthcare, consumer products, telecom, and clean energy.

The President’s Media Division (PMD) said the roundtable positioned Sri Lanka as an attractive destination for diverse investments. Recognising the importance of digital technologies in logistics, the President highlighted the potential for collaboration in enhancing infrastructure efficiency. “President Wickremesinghe’s dynamic vision, shared during the roundtable, underscores Sri Lanka’s commitment to economic prosperity, regional collaboration, and sustainable development. The dialogue with Indian CEOs lays the groundwork for robust partnerships and investments, fostering a new era of economic growth for Sri Lanka,” PMD added.