President Ranil Wickremesinghe stated that a robust economy can be established by enhancing the export economy, manufacturing, tourism, technology sectors, and modern agriculture.
He highlighted that the government has already laid the foundation for this vision.
The President made these remarks today (12), during the inauguration ceremony of the second and third phases of the Export Processing Zone in Bingiriya, which is the largest of its kind in Sri Lanka. Addressing the ceremony, the President emphasized that efforts are underway to create new investment zones to further bolster the export economy of the country.
Upon completion of the Bingiriya Investment Zone, it is estimated that an export income of USD 2,600 million will be generated, and 75,000 job opportunities will be created.
President Ranil Wickremesinghe inaugurated the newly constructed Dongxia Industrial & Commerce Co. Ltd in the Bingiriya Export Processing Zone. During his visit, the President toured the premises and engaged in cordial conversations with the employees, said the President’s Media Devision.
Following the tour, President Ranil Wickremesinghe held a discussion with officials from the Board of Investment, the Urban Development Authority, investors, and entrepreneurs. During the discussion, the President instructed officials to take steps to develop the areas of Bingiriya, Dummalasuriya, and Madampe to metropolitan standards, alongside the development of infrastructure in the export processing zone.
Plans to develop Bingiriya into a major economic region of the country were also discussed at these discussions. These plans include the development of agriculture, the manufacturing industry, information technology, tourism, and the fishing industry.
President Ranil Wickremesinghe further said;
“Dongxia started its business in Sri Lanka in 2018. Even when the country faced bankruptcy, they trusted us and stayed to open this new factory. So far, the company has provided job opportunities to around 400 people, creating a promising future for the youth of the country. We should establish more such investment zones. The Bingiriya area should be developed as an investment zone to boost the overall economy. In 2018, we initiated the Bingiriya Investment Zone, and today, another thousand acres have been added to this zone.
We all went through a very difficult time. When the country’s economy collapsed, no one stepped forward to take over. A party with only one seat in Parliament had to assume the presidency, an unprecedented event in the world. Today, Sri Lanka is free from bankruptcy. Through the debt restructuring process, we have received relief of USD 08 billion from our total debt. Additionally, the entire loan repayment period has been extended to 2043, giving the government some breathing room to stabilize the economy.
If this program is not carried forward, the country’s economy may collapse again. Even today, our import costs exceed our export earnings. If this continues, the country may face bankruptcy again in 15 years. Therefore, proper economic management should be maintained by controlling the acquisition of foreign loans. Countries like Vietnam, Thailand, and Indonesia have progressed to an export-driven economy, but Sri Lanka has not yet reached that level.
Therefore, we must uphold the agreement with the International Monetary Fund (IMF) and advance the country’s economy. Steps should be taken to strengthen the export economy. The factory opening today is a good example of fostering an export economy. A strong economy can be built by developing the export economy, manufacturing sector, tourism sector, technology sector, and modern agriculture. The government has already laid the basic foundation for this.
If this program is preserved, there is a bright future ahead.
With the aim of developing the export sector in Sri Lanka, the Bingiriya Export Zone was established here in 2018. This initiative aims to develop Kuliyapitiya, Dummalasuriya, Madampe, Bingiriya, and Chilaw areas too. Through the development of this entire investment zone, 75,000 job opportunities can be created. Additionally, Iranavila, Bingiriya, and Chilaw are to be developed as tourist areas, with plans to build a golf course in the Iranavila area. There is also a focus on creating an IT zone and utilizing the estate of the Chilaw Plantation Company for an agricultural modernization program.
With the development of this investment zone, new housing and a new city will emerge, creating numerous business opportunities for its residents. We aim to develop Bingiriya as a major economic zone in the country through the advancement of agriculture, industry, manufacturing, information technology, tourism, and the fishing industry. This will also significantly improve the Pannala and Kuliyapitiya areas, and we believe that the restoration of Madampe will be achieved through these efforts.
All these programs have been implemented for the development of the country. We are currently in a period of gradual recovery after a difficult time. There are still unresolved issues affecting the people. To address these, we must adhere to a unified economic system. For success, we need to enact economic transformation in the country, with Bingiriya playing a pivotal role. Let’s build a new economy centred on Bingiriya and Iranavila areas. It should be stated that you all are part of this transformation.”
--PMD--
