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.
Wildfires have broken out on an island and in towns near Athens in Greece, with blazes also being sparked in Turkey and Syria.
The Hellenic Fire Service and local authorities said that two villages – Tsakeoi and Limnionas – had been evacuated on the island of Evia after the blaze started late on Friday.
One fire service official said more than 160 firefighters, 46 trucks and five aircraft were deployed in southern Evia to put out the fire.
Southern Evia, to the east of Athens, was one of several regions in Greece placed on high alert for wildfires over gale-force winds forecast for today.
Images from Koropi, a town to the southwest of Athens, also show houses burnt down and helicopters dropping water on burning forests.
It marks the latest wildfires to break out in Greece – where blazes are common during the summer – as it tackles strong winds and dry conditions amid an early summer heatwave in southern Europe.
Officials have linked the conditions to at least nine deaths across the continent.
A wildfire broke out in Achlia on the island of Crete on Wednesday, forcing thousands of residents and tourists to evacuate – with some taken to a nearby basketball arena and hotels in safer parts of the island.
The fire service official told Reuters on Friday that the fire in Crete was largely contained.
Meanwhile, blazes have also broken out on Turkey’s west coast – the latest in a series of blazes which started in late June – as well as its southerly neighbour Syria.
At least five fires have been reported in Izmir after extreme heat, strong winds and low humidity. Two people have been killed by the blazes, while tens of thousands have been evacuated.
Fires also flared on both sides of the Turkish-Syrian border on Friday, with a new blaze reported near the town of Dortyol in Turkey’s border province of Hatay.
According to Syria’s Civil Defence, wildfires have spread across large parts of mountainous areas in the Latakia province.
The government department added that conditions have hampered efforts to bring the fire under control, and noted unexploded ordnance could be in some of the areas affected.
The Central Bank of Sri Lanka (CBSL) has decided to extend the suspension of Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a Primary Dealer for a further period of six months.
The extension is with effect from 4.30 p.m. on 05th July 2025, in order to continue the investigations being conducted by the Central Bank of Sri Lanka.
The suspension has been extended by CBSL acting in terms of the Regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance.
It has been reported that Dishan Wickramaratne Gunasekara – the Basnayake Nilame of the historic Ruhunu Kataragama Maha Devalaya, is facing pressure including from several parties including political circles to withdraw his complaint lodged against the custodians (Kapu Mahattaya) of the devalaya.
The issue had arisen after it was discovered that some custodians were collecting money into their own tills instead of allowing them to be deposited in the official donation box.
Public discussion about the transparency of the temple’s donations intensified after the Basnayake Nilame had begun using a portion of the funds for community projects like hospital construction.
Traditionally, devotees often handed donations directly to the custodians, but the Basnayake Nilame had urged the public via media to place offerings only in the official donation box managed by the Ministry of Buddha Sasana, Religious and Cultural Affairs.
He subsequently arranged a proper audit of all such donations for the first time.
In response, some custodians had reportedly begun pressuring devotees near the official box to hand over donations to them instead.
Upon learning of this, the Basnayake Nilame had lodged a complaint with the Kataragama Police, arguing that diverting funds from the official box amounts to fraudulent misappropriation.
Acting on the complaint, police arrested 02 custodians who were collecting offerings near the official box.
However, other custodians then surrounded the police station and pressured the officers to release the arrested individuals, resulting in their release.