President urges private sector to become engines of growth

President Ranil Wickremesinghe on Thursday urged the private sector to become engines of strong and export-oriented economy.

He made this observation during his address at the Business Today Top 40 Awards Ceremony at the Presidential Secretariat.

Wickremesinghe emphasised the importance of engaging in comprehensive economic and technological collaborations with India and negotiating entry into the Regional Comprehensive Economic Partnership (RCEP), while maintaining RCEP standards and remaining open to possibilities.

Furthermore, the President emphasised the need for modernising and updating traditional sectors such as agriculture, fisheries, logistics, and tourism. He also urged the private sector to submit proposals for becoming the engines of Sri Lanka’s economic growth.

President Wickremesinghe also discussed the challenges that Sri Lanka faces this year and called for private sector involvement in tackling these challenges. He revealed that the Government has set aside a billion rupees for Artificial Intelligence (AI) next year, with a focus on green energy technologies and renewable energy. The President also outlined the Government’s plans to pursue the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) after RCEP, for which the Government has already established criteria.