“This is Asia’s century”: Ravi K at AIIB inaugural Annual Meeting

Finance ministers and governors of member countries of the Asian Infrastructure Investment Bank, flanked by AIIB President Jin Liqun, pose for a group photograph

The members of the Asian Infrastructure Investment Bank (AIIB) were enlightened about the Sri Lanka’s economic development agenda during the bank’s inaugural annual meeting. Representatives of 46 member countries of the bank participated in this conference which was held in Beijing, China on 25 and 26 June.

Finance Minister Ravi Karunanayake who participated in the meeting on behalf of Sri Lanka explained about all aspects of the ongoing development projects to the participants during his address to the conference. Karunanayake further explained the facilities those allocated by the Government’s 2016 Budget for the sustenance of these development schemes. He also described the current development opportunities available in Sri Lanka for foreign investors.

In addition, Sri Lanka signed several memorandums of understanding with other member countries with regard to the Asian Infrastructure Investment Bank. The Sri Lankan delegation to the AIIB meeting was led by Finance Minister Ravi Karunanayake.  Among the delegates were Deputy Treasury Secretary Chandra Ekanayake and Director General of Foreign Resources Department Priyantha Rathnayake. Following is the address by Finance Minister Ravi Karunanayake at the AIIB meeting:

The President and officials of the Asian Infrastructure Investment Bank, fellow governors, delegates, dignitaries, invitees, ladies and gentlemen, friends, let me greet all of you in traditional Sri Lankan style, “Ayubowan,” which means a wish for long life.

It is with immense pleasure and pride that I wish speak a few words at the Annual Meeting of the Asian Infrastructure Investment Bank. I am sure that the AIIB been a truly Asian enterprise provides all of us with a deep sense of camaraderie. This is Asia’s century. And it is our onerous duty to garner the dividends cascading across the world for the benefit our nations and also to uplift the living standards of our people. We must ensure that poverty is eradicated and fruits of good governance encompass our nations with positive inference. 

I take this opportunity to thank the initiative of the Chinese President Xi Jinping and Premier Li Keqiang who announced the AIIB proposal during their respective visits to Southeast Asian countries in October 2013. From then onwards with the founding members, an institution of tremendous importance to Asian nations had evolved, and all of us could be proud of the present status.

The theme of the Annual Meeting of ‘Partnership for Infrastructure Development’ is truly appropriate from an Asian perspective. It is mainly due to the fact that Asia needs to develop the infrastructure of the respective countries and the room for improvement and further development is a growing need. As such I am convinced that the deliberations at the Annual Meeting will pave the way for countries of the Asian region to benefit, thus upgrading infrastructure of the relevant nations.

Sri Lanka is bestowed with a history, heritage and a culture dating back to over 2,500 years. My motherland is a land of opportunity and of scenic splendour. We are on a path of progression surmounting obstacles which retarded such initiatives due to protracted civil strife and debatable economic wisdom in the recent past. Moving out of the difficult period Sri Lanka is destined to motor along a path to prosperity as the country is presently devoid of the critical issues with the people enjoying peace and tranquillity, hopeful of a better tomorrow.

As such the need for infrastructure development in Sri Lanka is gradually expanding. We had embarked on major development projects such as the Port City project, development of the ports, road networks, etc., mainly with the support and assistance of our Asian peers. 

However our focus had also shifted to infrastructure development pertaining to housing, schools and hospitals. As per our budget proposals we are endeavouring to build on PPPs, the important concept of Public-Private Partnerships. This is one reason why I mentioned that Sri Lanka is a land of opportunity, especially for the investors. 

The Asian Infrastructure Development Bank being a multilateral development bank could provide the necessary impetus for us to forge ahead with aplomb to reach our goals relating to growth and sustainability. As a nation we are fully committed to the United Nations Sustainable Development Goals and objectives and wish to lay optimum emphasis on infrastructure development. 

I look forward to a united effort of all the nations of Asia in reaching set goals. We have reached a level from which we could strive to attain better standards and will have to do so.

In conclusion I wish to convey my best wishes to the people of all nations for the best of health, wealth and prosperity and when we assemble next year for the Annual Meeting of the AIIB, I am sure that we could rejoice on the progress made. My grateful thanks are extended to the organisers of the event for the wonderful arrangements made and the people of host nation China and host officials for their hospitality and warmth during our stay.