If Sri Lanka desired a competitive economy, it must embrace competition, Sri Lanka’s President has said, adding that he has faith in the country’s businesses.
“We must understand how to influence market forces, perhaps even manipulate or direct them,” President Ranil Wickremesinghe said.
“I can only envision a market economy where market forces will determine the course. Within that framework, we can establish policy guidelines, outline three or four-year programs, and adapt as needed,” Wickremesinghe said at the International Rotary District Conference 2023/24 of the District 3220 Club for Sri Lanka and Maldives.
“I have faith in Sri Lankan businesses; we can overcome challenges,” he told those at the event held at the Bandaranaike Memorial International Conference Hall on Friday.
If Sri Lanka aims to progress, it must first decide on the economic system it desires, Wickremesinghe said. “Do we want a government-led approach, following a five-year plan? We’ve tried numerous plans in the past, yet remained impoverished. Vietnam, once poorer than us, changed its course after the war.”
Sri Lankans often aspire to emulate countries like Malaysia or Singapore, yet hesitate to make the necessary decisions, he said.
“It’s time to confront our reality. We must decide on the type of economy we want. For me, only one model is viable: a highly competitive, export-oriented economy. Despite lacking the vast markets or mineral wealth of other nations, we’re strategically positioned in the Indian Ocean, regaining significance as an economic hub.
