President Dissanayake outlines three-pronged economic strategy

• Asserts that an economy “that excludes the people” would fail to deliver tangible benefits
• Emphasises the need for a paradigm shift in economic policy
• Identifies tourism and IT as priority sectors for short-term growth

President Anura Kumara Dissanayake yesterday outlined a three-pronged economic strategy aimed at fostering rapid growth, inclusive participation, and equitable wealth distribution to stabilise the country’s economy.

The President stressed the importance of inclusive economic growth, stating that an economy “that excludes the people” would fail to deliver tangible benefits. 

“In every aspect of the economy, people should become active participants according to their abilities,” he said, identifying public integration as a cornerstone of the administration’s economic strategy.

Speaking at the inauguration of the first session of the Tenth Parliament, Dissanayake emphasised the need for a paradigm shift in economic policy. The first is to achieve rapid growth and expansion in the production of goods and services in the country, he said, noting the necessity of broadening economic activity beyond the Western Province.

The final pillar of the strategy, Dissanayake said, focuses on equitable wealth distribution to avoid economic instability caused by concentration of wealth. 

“No matter how much national wealth we produce, if it becomes concentrated in the hands of a few, it will not bring stability to the state or the economy,” he said, while pointing out the risks of inequality.

President Dissanayake identified tourism and information technology as priority sectors for short-term growth. He shared that plans are already developed to attract 4 million tourists and generate a US$8 billion economy through the tourism sector within the next three to four years.

Sri Lanka’s peak tourism year in 2018 saw 2.3 million visitors generating US$4.3 billion in revenue.

In the IT sector, the government aims to triple its workforce to 200,000 professionals over five years, a significant jump from the current 85,000. 

“Our IT export income is around US$ 1.2 billion, which is relatively small. We plan to increase IT exports to US$ 5 billion,” Dissanayake stated. Imperative to achieve this transformation is education, particularly language skills.

Further, while pointing out that Sri Lanka’s strategic location is ideal to make it a global trade and maritime hub, he noted that inefficiencies in management and service delivery remain hurdles.

“We are in a unique position to leverage our location to transform our country into a powerful global trade and maritime centre,” the President said, promising reforms to maximise economic potential.

In closing his address Dissanayake expressed that the nation is at the beginning of a new era of transformation in its economy and society. 

“I am hopeful all members of this Parliament will support making this new era of transformation a success,” he said.