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For a country to develop economically, it must be open to the world – President

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President Ranil Wickremesinghe stated that he is interested in exposing Sri Lanka to the world for economic development promptly as possible and to implement related legal reforms.

The President expressed these views while participating as the chief guest at the “Indian CEO Forum” held yesterday (13) at the Taj Samudra Hotel in Colombo.

President Ranil Wickremesinghe further commented:

Trade between Sri Lanka and India began 700 years ago. We have a remarkable history of Kerala merchants venturing to Sri Lanka and establishing businesses, ultimately integrating into our local system. This cultural amalgamation is evident in landmarks like the Pattini Devalaya in Navagamuwa, which reflects the influence of Kerala on Sri Lankan culture.

By the late 19th century, India accounted for only 1% of the world’s GDP. However, with the shift of economic power towards Asia, India has once again risen to prominence. Just as East Asia, including countries like Japan, Korea, and China, witnessed significant growth 75 years ago, it is now India’s turn, along with the Indian Ocean region. It’s important to note that India is not the sole nation rising in this context; the oil countries in West Asia are also on the ascent. Positioned strategically in the middle, Sri Lanka benefits from its proximity to India, coupled with a rich history, cultural heritage, and longstanding trading relationships spanning 2,500 years.

The world is evolving, and India is undergoing rapid development, particularly under Prime Minister Modi’s leadership. We, too, have experienced our own economic challenges, but we are a resilient nation, not destined for a Greek tragedy. As our economy recovers, we must prioritize economic restructuring. We initially made progress, but our pace has slowed. Once we complete the debt restructuring process, our focus will shift towards a comprehensive growth agenda. This entails a massive overhaul of our economy, legal framework, and systems, aligning our path with that of India.

Our goal is to establish a highly competitive economy that can stand on par with the rest of the world, encompassing green and digital sectors. India and Sri Lanka should embark on this transformative journey together, as we have for the past 2,500 years. Regardless of political dynamics, our cultural and economic ties have remained steadfast.

During my visit to India, my primary objective will be to explore connectivity, as High Commissioner Gopal Bagley aptly stated. We need to determine our long-term objectives and aspirations for the next 10 to 15 years. This marks the beginning of a new era, and we must forge ahead together.

It’s essential to remember that development doesn’t halt in India. In the next 50 years, it will extend to Africa and beyond. Therefore, the vision we discussed with Prime Minister Modi should guide our immediate actions. Ultimately, it’s crucial to recognize that the relationship between our countries is not solely driven by governments but by our people, who are moving forward at a rapid pace. We must adapt to the changing world, avoiding the pitfalls that come with government intransigence. Hence, we must foster a long-term relationship between our two nations, transcending individual leaders or political parties. Together, India and Sri Lanka possess immense potential, and it is our path forward.

Responding to a point addressed by Mr. T. S. Prakash, President of the Indian CEO Forum, on the circulation of Indian currency in Sri Lanka, President Wickremesinghe stated that the Sri Lankan government would want to see the Indian rupee used as much as the dollar. It makes no difference to us if India becomes a common currency. We’ll have to figure out how to go about it. So that is what we must do. We must become more open to the outside world. We must be competitive not just for Sri Lanka, but also for the rest of Southeast Asia, East Asia, and Australia. We must negotiate a more comprehensive trade agreement with the EU. If you want to, you can dominate the entire world. You will fail if you do not want to accomplish it.

Meanwhile The High Commissioner of India in Sri Lanka, Gopal Bagle said:

For a long time, Indians have conducted business in Sri Lanka. We were able to build a bridge of friendship between the two countries by launching this business. I feel it will have a positive impact on the people of Sri Lanka. When the people of this country were oppressed, India stood by them. During last year’s financial crisis, India and the Indian business community helped Sri Lanka’s economy recover. Sri Lanka is now recuperating from the financial crisis, it should be noted. The Government of India and the Indian business community both supported it in this regard. Even during the initial crisis, Indian businessmen began doing business in Sri Lanka to demonstrate to the rest of the world that the country’s financial status is stable. For the past 40 years, the leaders of this country have promoted Indian business people doing business in Sri Lanka. I’d want to point out to you that the present President, Mr. Ranil Wickremesinghe, has also expressed his support. It is recalled here that the Indian government and business community will support Sri Lanka’s economic and physical development. It is an Indian promise.

A commemorative gift was presented to President Ranil Wickremesinghe by the Indian business community, and the President also took a group photo with the business community.

Madam Maithree Wickramasinghe, Minister of Ports and Maritime Affairs Nimal Siripala de Silva, Minister of Housing and Urban Development Prasanna Ranatunga, Minister of Health Keheliya Rambukwella, State Ministers Shehan Semasinghe, Dilum Amunugama, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayake, Governor of the Eastern Province Senthil Thondaman Chief of Staff of the Tri-Forces General Shavendra Silva, Members of the Indian Business community and other dignitaries were present on this occasion.

(President’s Media Division)

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Qatar, Kuwait, Bahrain close airspaces

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Iran has launched missiles at a US airbase in Qatar in response to strikes on its nuclear sites on Saturday.

Qatar confirms the attack on the US-run Al Udeid base, calling it a “flagrant violation” and says it reserves the right to respond directly.

The country has temporarily closed its airspace and US and UK citizens have been advised to shelter in place.

Meanwhile, Kuwait and Bahrain have also closed their respective airspaces.

(Agencies)

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China offers openness to all South Asian countries – Kusal Perera (Video)

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The 9th China-South Asia Expo, which opened on June 19 in Kunming, China, will conclude tomorrow (June 24).

This year’s event held under the theme “Solidarity and Coordination for Common Development, has attracted over 1,400 companies from 54 countries and regions, with Sri Lanka as the Guest of Honour country and Thailand as the special partner nation.

China-Sri Lanka bilateral trade reached a record high of USD 5.36 billion in 2024, representing a 13.4% year-on-year increase. This makes Sri Lanka China’s fastest-growing trade partner in South Asia.

The Sri Lankan pavilion was officially declared open by Sri Lanka’s Minister of Trade and Commerce – Wasantha Samarasinghe and Deputy Minister of Foreign Affairs and Foreign Employment – Arun Hemachandra, who jointly led the country’s high-level delegation to the prestigious regional event.

CGTN’s Ms. Li Qiuyuan spoke with Mr. Kusal Perera, a political analyst and writer for ‘Sri Lanka Mirror’, about his expectations for the expo.

Speaking, Mr. Perera said that Sri Lanka needs to see how the ‘export basket’ can be diversified from the traditional export goods such as tea, in order to make the most of this platform to boost bilateral trade and engagement with China.

When asked which emerging areas such as energy transformation, digital economy and low carbon development seem to be the most promising for the island nation, Mr. Perera highlighted the importance of a combination of energy, technology and environment. “But in the process, we also have to have our national economy planned to accommodate all that,” he emphasised, adding that it will be a long process for Sri Lanka.

He further commented : “I see China opening up instead of getting into protectionism like Europe. It’s basically the second largest economy in the world… still expanding… still improving… still developing…”

China’s economic openness for all South Asian countries is a huge opportunity in a global economy that now retreats with regulated and protected markets. Protectionism would not be a catalyst for economic growth. We in South Asia have to be open too. China is already open and its economy is growing on global trade. It’s their openness that has taken them everywhere” he adds.

(Video : CGTN)

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Fresh probe into Shiranthi’s bank account

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Deputy Minister of Public Security and Parliamentary Affairs – Attorney-at-Law Sunil Watagala has informed Parliament that a renewed investigation is underway into a fraudulent bank account allegedly maintained by Shiranthi Rajapaksa, wife of former President Mahinda Rajapaksa.

He stated that a fake account titled ‘Siriliya Saviya’ had been opened in her name and that the mandate form related to the ‘Siriliya’ Organization’s bank accounts had been fraudulently removed from the bank.

The Minister further revealed : 

The account, now suspended, was opened on November 14, 2006, at the People’s Bank, Suduwella Branch, Darley Road, Colombo 10, under account number 143/1/001/4/6235069. Shiranthi Rajapaksa is listed as the chairperson of the account, with Kalyani Dissanayake as secretary and Nirosha Jeevani as treasurer.

The account currently holds a balance of Rs.43 million. Records indicate that Rs. 82,900,088 had been deposited on 88 occasions, while Rs.39,015,656 had been withdrawn on 129 occasions. Additionally, a fixed deposit of Rs.10 million had been opened under the name ‘Siriliya’.

The Financial Crimes Investigation Division (FCID) has resumed investigations into the matter.

Deputy Minister also mentioned several other questionable financial transactions involving the Rajapaksa family, such as ;

  • Rs.152 million allegedly obtained by CSN (Carlton Sports Network) from the Treasury.
  • Rs.35 million obtained by Gotabaya Rajapaksa from the Urban Development Authority to build a memorial for his parents.
  • Rs.208 million used by Basil Rajapaksa to purchase a house in Malwana.

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