INSUBCONTINENT EXCLUSIVE:
industrial sector.He stated that these plans feature the creation of a new commercial bank, an economic commission and an institute called
creditor nations within the next few weeks.Wickremesinghe announced the establishment of a new development bank aimed at providing financial
support to industrialists in Sri Lanka
This initiative will offer industrialists the opportunity to obtain loans at low interest rates.Additionally, the President revealed plans
to set up an Economic Commission to oversee these activities
Wickremesinghe made this announcement during the inauguration of the International Industry Expo 2024, the first event of its kind in Sri
Lanka.Organized by the Industrial Development Board under the guidance of the Ministry of Industry, and with the support of Industries and
Ramesh Pathirana, the exhibition will run from today until June 23 at the BMICH.Over a thousand international industrial entrepreneurs from
various countries, along with local large-scale and medium-scale industrialists, are participating in this event
The expo features 1,307 exhibition booths, with the special inclusion of a separate green industrial zone for the first time
Additionally, an experimental academic conference on green industrialization will be held during the exhibition.President Ranil
Wickremesinghe inaugurated the International Industry Expo 2024 by cutting the ribbon and the President engaged in a tour of the
exhibition.In his address, the President remarked that some individuals have become accustomed to taking every development initiative to
He emphasized that such actions hinder progress and stressed that the country can only be developed through a consistent national
spearheading the development of the industrial sector in the country, with the industry exhibition being a significant initiative under his
It stands as the largest exhibition in the country.We were once a bankrupt nation
However, in the coming weeks, we anticipate shedding this label entirely
Negotiations for the related agreement are also slated for completion in the near future, facilitating smoother dealings with private
These achievements have been realized over the past two years.Yet, we must not rest on these achievements
Our focus must now shift to debt repayment strategies, as we aim to settle outstanding loans over an extended period, ideally extending
until 2042.Given that we are primarily an import-based economy, we continually need foreign exchange to cover these imports
Without sufficient foreign exchange reserves, we are compelled to resort to taking loans
However, this practice can potentially lead to another economic crisis within the next 15-20 years
Hence, our current focus is on transitioning to an export-oriented economy.In this shift towards an export-oriented economy, the
manufacturing sector plays a pivotal role
This sector needs to evolve into a competitive and digital economy, aligned with our goal of achieving zero carbon emissions and fostering a
These initiatives must guide our efforts moving forward.Our immediate priority is to enhance the competitiveness of existing industries
Achieving competitiveness cannot happen overnight; neighbouring countries like India, particularly in states such as Tamil Nadu, Telangana,
and Andhra Pradesh, have made significant strides in industrial development
It is crucial for us to align and collaborate with these developments
Furthermore, we aim to engage with other global partners to advance these objectives.Therefore, our primary objective is to ensure our
industries attain competitive capabilities
The government is committed to providing all necessary support to facilitate this transformation.We are currently exploring the
establishment of a development bank to facilitate the required funding for this initiative
Back in 1960, we established the DFCC Bank, followed by the founding of the NDB Bank in 1980
Post-privatization, both banks have evolved into major commercial entities in our country
Hence, there is a strong need to initiate a new bank.This new bank aims to maintain low interest rates
Additionally, an economic commission will be instituted to advance these initiatives
Furthermore, we plan to introduce a new entity called Enterprise Sri Lanka to support small and medium-scale entrepreneurs
This institutional framework is designed to assist all industrialists across the country
We aim to progress steadily along this path over the next 5-10 years.Furthermore, our policy aims to explore opportunities for production in
countries like Bangladesh and Myanmar in the future
Concurrently, we are actively collaborating with India on these endeavours
I have already discussed this with Prime Minister Narendra Modi and anticipate further discussions with the Indian Foreign Minister tomorrow
Our cooperation with India will focus on solar and wind power, as well as acquiring green hydrogen
We aim to leverage these advantages, potentially even in the North Sea
As the first step Adani Company has initiated its presence in Sri Lanka
issue, primarily benefiting lawyers
I have instructed the Minister of Industries to initiate discussions and formulate a new program to advance industrial growth
