Unemployment and low income are major problems: President

Sri Lanka is slowly coming out from the severe challenges it faced since 2020, however President Ranil

Wickremesinghe stressed unemployment has become a significant problem, along with many people still earning low income. 

Due to the Covid pandemic and the economic crisis, new job opportunities have not emerged in recent years, leading to four years of persistent unemployment.

“As a result, we are now facing the dual challenge of reducing unemployment and alleviating the financial burden on our citizens,” he said while addressing the inauguration ceremony of the Cephalosporin Injectable Plant and the unveiling of the “Meldol” Reliable Relief Manufacturing Facility in Ekala.
Analysis by the Department of Statistics in 2019 show Sri Lanka’s multidimensional poverty rate was 15 percent, which later increased to 25 percent. 

Wickremesinghe cautioned that if this trend continues, the youth of this country will face a 
bleak future. 
“Our primary task is to build a better future for our youth, which requires fostering rapid development in the country,” he said.

“Unemployment in the country must be reduced to 5 percent by 2025,” President Wickremesinghe stressed.
To help address some of the issues revolving around unemployment, by 2040 the government aims to establish an export-driven economy, he said.
He reiterated that Sri Lanka has reached an agreement with the IMF that these objectives are achievable and will advance the country’s economy and efforts are underway to enshrine this 
agreement into law. 

“It is imperative that whichever government comes to power, whichever leader assumes responsibility for this country, should continue to uphold these agreements.
“We have taken the first step towards rectifying Sri Lanka’s economy and in the next two or three years, concrete action must be taken to instill new hope in young people for a brighter future,” he asserted.

Currently, around 23,000 individuals with information technology knowledge are entering the workforce annually and this number should be increased to 50,000, he said.
Wickremesinghe asserted the need for new factories to be established, and to encourage foreign investments. To facilitate this, investment zones spanning 10,000 acres have been created, with a separate authority overseeing them. 

These investment zones include 3,000 acres in the Hambanthota district, 1,500 acres in the Jaffna district, and 4,000 acres in Trincomalee. Establishing trade zones of this scale will drive significant economic development in the country.
“As a nation, we cannot continue relying on external support indefinitely. It’s crucial to prepare a bright future for our youth by fostering self-reliance and standing on our own as a country,” 
asserted Wickremesinghe.