Sri Lanka President outlines plans for economic independence and digital transformation

Sri Lankan President Anura Kumara Dissanayake took significant steps toward establishing economic independence, advancing digitization efforts, and implementing banking reforms to stabilize the national economy.

In three key meetings today (October 29) with officials from the Export Development Board, the Chamber of Commerce, and the Sri Lanka Banks Association, the President outlined a roadmap for economic growth, which included streamlining export processes, promoting digital transformation, and supporting entrepreneurs.

With broad support from these sectors, his administration aims to swiftly address Sri Lanka’s economic challenges through targeted strategies and policy reforms.

Economic independence through export growth

During a discussion with senior officials from the Export Development Board and leading exporters, President Dissanayake emphasized the government’s commitment to building economic independence.

He called for full support from the export sector to realize this vision and proposed a single service window to unify government agencies and streamline export processes.

Digitalization of relevant agencies was highlighted as a critical step for improving efficiency.

The President also addressed the need for reducing energy costs, attracting foreign investments, and restructuring diplomatic channels to open up access to international markets.

He assured the gathered exporters from diverse sectors—including logistics, fish exports, IT, and the spice industry—of the government’s resolve to address their challenges and to drive export income by supporting investment, research, infrastructure, and tax incentives.

The meeting saw active participation from the Export Development Board’s Chairman, Mr. Mangala Wijesinghe, and other senior officials.

Nationwide digitization in three years

In a meeting with the Chamber of Commerce, President Dissanayake announced a bold plan to digitize Sri Lanka entirely within the next three years.

He stressed the transformative potential of this initiative, which aims to elevate the country’s global standing through government-led digital infrastructure development.

Members of the Chamber pledged their support to the economy, offering to work voluntarily without compensation, underlining their commitment to economic progress.

The discussion also covered challenges across sectors, including banking, insurance, tourism, and SMEs.

President Dissanayake reassured participants of his administration’s commitment to economic resilience, highlighting efforts to achieve energy independence as they draft a new Electricity Act.

Additionally, he pledged to enhance the efficiency of the Electricity Board by addressing management issues, improving service delivery, and implementing necessary reforms.

Strengthening the banking sector to support entrepreneurs

In a separate meeting with the Sri Lanka Banks Association, President Dissanayake stressed his administration’s determination to make decisive economic reforms, free from any vested interests.

The discussion revolved around the role of banks in supporting Sri Lanka’s economic recovery, with the President underscoring the importance of digitization and the swift rollout of an e-ID program, targeted for completion within 18 months.

Acknowledging the economic challenges faced by entrepreneurs, the President promised a balanced approach to support them while ensuring a robust and secure banking system.

He cautioned against any attempts to misuse the system and emphasized the importance of a regulatory process to protect both banks and entrepreneurs.

Additional topics included the formalization of Sri Lanka’s significant informal sector and addressing current challenges such as project delays and corruption.

Prominent banking leaders, including Mr. Bingumal Thewarathanthri, CEO of Sri Lanka Banks’ Association, and other CEOs from major banks, were present for the discussion.