President stresses Sri Lanka must capitalise on strategic location to boost economic prosperity
„Says more must be done to use SL’S strategic location in its favour „Points out no real action been taken place to tap this potential „Says SL must make better use of its ports, which are the biggest asset of the country
Sri Lanka has to be more accommodating to opening up the country, and according to President Ranil Wickremesinghe, one such avenue that is yet to be effectively tapped to boost economic opportunities is the strategic location of the island nation.
Capitalising on Sri Lanka’s strategic location was the center of discussion a few years ago, but as of late it has not received much emphasis.
President Wickremesinghe, addressing a post-budget forum organised by the Colombo University MBA Alumni Association last week, drew attention to the fact that a lot can be achieved by the national economy with the country’s location in the world map.
He pointed out that for years, governments have merely been ‘thinking’ about it and have taken no real action.
“Our strategic location is also a means of enhancing our economic prospects. Firstly, our location says we should be a logistics centre with three good harbours and a small one in Kankasanthurai. We are not talking about it. We are just thinking about it. Last time when I was Prime Minister, I wanted to push it forward,” said Wickremesinghe.
An agreement on the East Terminal was sealed with Japan and India but later it was canceled. Today, the port makes no money and is unable to function in its true capacity, he pointed out.
“As you know, our shipping trade is under threat. However, let us open up there, and let’s go all out, finish the East Terminal and promote ourselves as a logistics centre where we can expand next from there to the North Port, which will be from Mutwal up to Ja-ela,” he said.
The President noted that Sri Lanka’s location can be used to be a feeder port for Pakistan, India, and Bangladesh.
With the completion of the Belt and Road, the Hambantota port will link to several Chinese ports, which have been built by Chinese companies in Africa, and other ports as well.
“Look at the opportunities we have. And now we are looking at the Trincomalee Port to work with India, which will service the Bay of Bengal. Those are new opportunities,” asserted the President.
He stressed the need to understand and acknowledge that the population of these regions will increase, where from Pakistan onwards to Indonesia, by about 400 or 500 million by 2050.
Asia, the Middle East, and Africa will have an even larger growth. Wickremesinghe reiterated that Sri Lanka must make better use of its ports as it is the biggest asset of the country from the time of the Anuradhapura Kingdom. “From Manthai to Trincomalee, these are the ports we had. Then the Galle Port, the Colombo Port. We have forgotten all about it. We looked inward and we forgot our ports,” he said.