• Prez says aim of this process is to collaboratively resolve any roadblocks hindering the roll-out of investments and projects by listening carefully to private sector

Sri Lanka will introduce a new system called ‘Lab methodology’ to promote investments ensuring effective implementation of business proposals, President Ranil Wickremesinghe said in his televised address to the nation yesterday.

“Under the Lab approach, we will bring together Government Ministers, government officials, subject matter experts, and key representatives from the private sector to collaboratively engage in detailed discussions over a period of six weeks,” he said.

Wickremesinghe noted that the aim of this process is to collaboratively resolve any roadblocks hindering the roll-out of investments and projects by listening carefully to the private sector. 

During these discussions, comprehensive implementation plans will be developed, and the necessary facilities to support the implementation of these projects will be organised. Government stakeholders involved in the Labs will dedicate their full-time efforts to ensure the successful execution of these projects,” he said.

“As President, I, along with the Cabinet Ministers, will actively participate in this event to demonstrate the government’s commitment to ensuring success of the Lab process,” he added.

Over the next few months, the government will make a special invitation to the private sector to submit their own business proposals that align with its vision of modernisation and sustainability. 

“We will ensure transparency and openness by publicising this call for proposals through mass media in a formal manner. We believe that a collaborative partnership between the public and private sectors will drive the engine to accelerate Sri Lanka’s economic growth and revival,” the President said.

Selection of proposals will be based on the size of private investment, job creation, export contribution, and economic contribution.

Through the Lab methodology, the government plans to achieve three main objectives. They are; to accelerate the economic recovery through approved business proposals and projects; create new employment opportunities, and to streamline the government machinery to facilitate the implementation of future projects by removing obstacles through transparent procedures. “In order to foster a conducive environment for investment, we also need to reform Sri Lanka’s trade practices, which have been structured under strict protectionist policies. It is time to remove these barriers that have discouraged investors and to promote a more open and welcoming approach,” President said.

Meanwhile, he said his government’s goal is to transform Sri Lanka into an export-oriented economy that is globally recognised, following the successful models of countries like South Korea and Singapore.
President Wickremesinghe also stressed the government’s objective is to guarantee the complete development of Sri Lanka as a thriving nation by 2048.