News
President Wickremesinghe proposes ambitious regional integration and economic transformation
During the key note address at the ‘YPO Colombo Experience: Rediscover the Pearl’ conference held on Saturday (18) at the Shangri La hotel Colombo, President Ranil Wickremesinghe revealed his vision for transforming the economic landscape of the region. The President, who held discussions with the new Maldivian President Dr. Mohamed Muizzu, on Friday (17), had expressed a desire for closer collaboration between Sri Lanka and the Maldives, envisioning a unified Tourist area.
The president highlighted the economic shift towards Asia, emphasizing the need for South Asian nations to work together to harness the growing economic power in the region. While acknowledging the individualistic nature of South Asian countries, he proposed a model where selective integration in certain sectors could pave the way for effective collaboration.
Turning the spotlight on Sri Lanka’s economic plans, the President unveiled a series of proposals focused on restructuring and modernization. The key objectives include establishing a competitive economy, embracing digital transformation, energy transition and fostering a green economy. The president emphasized the importance of becoming a regional logistic hub and outlined plans for promoting upmarket tourism, modernizing agriculture and introducing reforms in land ownership.
A significant announcement was the decision to grant freehold rights to farmers holding approximately 2 million acres of land, marking a significant step towards agricultural reform. The president also disclosed plans for large-scale modern agricultural enterprises, combining government and private sector efforts to drive economic growth. In the realm of technology, the president allocated funds to promote advancements, including venturing into Artificial Intelligence (AI).
The president outlined the potential industrialization of Tamil Nadu and neighbouring regions, creating a major economic centre. Additionally, the president encouraged Sri Lankan entrepreneurs to invest in neighbouring countries, emphasizing the country’s role in the development of Bangladesh and the exploration of opportunities in Myanmar, Cambodia, Laos, and East and West Africa.
In the context of tourism, the president proposed the idea of a unified tourist area involving Sri Lanka, India, and the Maldives, expanding the scope to include Nepal. He also stressed plans for a Bay of Bengal cruise area, positioning it as a larger alternative to the Caribbean.
Concluding his address, the President highlighted on-going trade negotiations and agreements, including Sri Lanka’s application to enter the Regional Comprehensive Economic Partnership (RCEP) and the pursuit of comprehensive economic partnerships with India and Bangladesh. The president expressed optimism about the region’s economic potential and urged young entrepreneurs to actively contribute to the envisioned regional economy.
Regional YPO members participated at this occasion.
(PMD)
News
Cabinet nod to increase the number of new automated passenger clearance gates at the Bandaranayake International Airport to 12
Approval of the Cabinet of Ministers was granted at their meeting held on 19.05.2025 to purchase four (04) automated passenger clearance gates for Bandaranayake International Airport.
In addition, it is expected to extend the automated passenger clearance gates facility so far given only to the Sri Lankans
parallel to the e – passport issuance system to be introduced in the year 2027 also to the foreigners who travel to and from this country.
Furthermore, considering also the number of air passengers rapidly increasing with the fast – forwarding business and tourism field, the appropriateness to increase the total automated passenger clearance gates up to twelve (12) in number has been recognized.
Accordingly, the Cabinet of Ministers, approved the resolution furnished by the Minister of Public Security and Parliamentary Affairs to initiate the procurement and installation of 12
automated passenger clearance gates altogether with the already approved four (04) and another eight (08) automated passenger clearance gates adhering to the formal procurement procedure
Based on the observations submitted by the Task Force on Prevention of Money Laundering and Financing for Terrorism, approval of the Cabinet of Ministers was granted at their meeting held on 18.12.2024 to amend the Trust Ordinance No. 9 of 1917 including amendments proposed by the Financial
Intelligence Unit of the Central Bank of Sri Lanka.
Accordingly, clearance of the Attorney General has been granted for the Trust (Amendment) Draft Bill formulated by the Legal Draftsman.
Therefore, the Cabinet of Ministers approved the resolution furnished by the Minister of Justice and National Integration
to publish the said draft bill in the government gazette notification and thereby, submit the same to the Parliament for its concurrence.
Action was taken to provide a fuel relief for the fuel consumers during the months of April, May and June of 2026 to redress by minimizing the impact caused to the day today life of the citizens of this country as well as the entire economy due to the price hike of petroleum fuel in the global market resulting from the war situation in the Middle East.
Government mediation is essential for minimizing the impact on the day to today life of citizens in this country due to that war situation not being ended further. Therefore, it has been planned to redress on the sale price for Auto Diesel and Industrial Diesel for a period of 03 months by the Government to provide relief to the public as well as to maintain the prices at a bearable level to the consumers without escalating the fuel prices in this country compared to the escalation of fuel prices
in the international market.
Therefore, the Cabinet of Ministers granted approval for the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to
allocate provisions subject to the monthly limitations respectively as rupees 15 billion for the month of October, rupees 13.5 billion for the month of November and rupees 12.15 billion for the month of December to provide the said relief
Cabinet nod to increase the number of new automated passenger clearance gates at the Bandaranayake International Airport to 12
Draft Bill for amending the Trust Ordinance
Implementing further relief programme to Public sffected by the Middle East conflict situation
Establishment of a Spectrum Management and Monitoring System and a Quality of Service and Quality of Experience System for the Telecommunications Regulatory Commission of Sri Lanka
Appointment of a Committee for the Restitution of Sri Lankan Cultural Heritage Held Abroad
Ten-Year National Action Plan on the Social Protection Sector (2026–2035)
‘Dates have the highest sugar content to fight Coronavirus’
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