Former President Ranil Wickremesinghe has criticized the current government’s failure to secure the USD 700 million Adani investment, warning that delays in foreign investments could harm economic recovery and relations with India. He emphasizes the need for substantial reforms and a welcoming environment for foreign investors to achieve economic growth and stability.
Former President Ranil Wickremesinghe has articulated concerns regarding Sri Lanka’s inability to attract significant foreign investments, specifically highlighting the unfulfilled USD 700 million Adani project as a critical setback affecting the nation’s recovery. He underscored that beyond this project, there exist additional potential developments in Trincomalee which could contribute another USD 400 to 500 million to the economy. “Just imagine—over a billion dollars in investments has been stopped,” he remarked, emphasizing the necessity of these funds for recovery.
During a recent appearance on the current affairs program ‘@Hydepark’, Wickremesinghe conveyed dissatisfaction with Sri Lanka’s indecisive position on these projects, mentioning the country’s obligations under the 2023 Indo-Sri Lanka Vision Document. He recalled encounters with Indian investors, expressing embarrassment at the ongoing uncertainty: “I told them these projects were under consideration, but the truth is that I don’t know whether they are still being considered or have been rejected.” He cautioned that such delays could jeopardize economic relations with India and discourage other investors.
Wickremesinghe articulated a broader vision for Sri Lanka, emphasizing the importance of collaboration with countries, notably India, which he predicts will emerge as the world’s second-largest economy by 2050. He stated, “Once India invests in us, others will follow,” advocating for the creation of an inviting environment for foreign investment as essential for economic growth.
He recognized that while Sri Lanka has attained economic stabilization, there remains an urgent need for substantive reforms to progress toward a more prosperous economy. He declared, “Right now, we are only stabilizing—nothing more,” and expressed confidence in the country’s potential to develop a trillion-dollar economy through dedicated efforts and strategic changes.
In summary, former President Ranil Wickremesinghe has expressed significant concerns about Sri Lanka’s inability to secure foreign investments, particularly the vital Adani project. He warns that delays could damage relations with India and deter further investments, which are crucial for economic recovery. Wickremesinghe advocates for long-term reforms while recognizing the importance of strong international collaboration to foster a robust economy.
Original Source: island.lk
