By Chathuri Dissanayake

Prime Minister Ranil Wickremesinghe yesterday unveiled a new plan for the country entitled ‘Balagathu Lanka’ aimed at enduring national progress and individual prosperity by expanding export markets and attracting massive foreign investment.

The broad framework, dubbed by the Premier as “the forerunner of development”, outlines a sustainable development economic program harnessing local strengths and potential as well as Sri Lanka›s strategic geographic location with enhanced cooperation among countries in Asia and the world. The plan also focuses on two primary economic corridors, the North Eastern and South Western corridors, and a secondary one, the Central Highlands Corridor, focusing on accelerating industrial and tourism sector growth in the next 10 years.

“Our investments will build up in 2018 and 2019. We still have to make some of the laws and changes,” he said.

The Government has set its sight on attracting $ 50 billion worth of investment through the 10-year plan. The framework will serve as the broad basis for all development, focusing on attracting investment in stages.

“It’s a fair amount of investments. It can go even up to $ 100 billion,” the Prime Minister said, explaining that the bulk of investments expected are from Asian countries, with some investments coming in from the Middle East.

Confident of a steady investment flow, the premier highlighted that the Government would follow the framework outlined in Balagathu Sri Lanka to attract investment.

Accordingly, the Government development plan focuses on maximising the benefits of the country’s strategic location and human resources while access to bigger markets will be ensured through free trade agreements with India, China, and Singapore “giving access to a four billion market.”

“If we succeed in capturing 1% of this large market we can achieve considerable progress,” he added.

The Government also plans to enter into similar agreements with Bangladesh, Pakistan and some of the ASEAN countries, the Premier revealed.

The development framework has already identified and earmarked zones where focused development will be carried out.

“We have identified different zones for tourism, for industrial zones like in Wayamba, Kalutara, Trincomalee, the south and areas like Ratnapura. We have drawn up plans for the next 10 years and will identify the resources and work accordingly. Now we have a roadmap,” he explained.  

The South Western Corridor is designed to develop the Western, North Western, Southern, Central and Sabaragamuwa regions to have production zones in IT, electronics, tourism and agri-technology.

 The proposed Kandy-Colombo highway will link the South Western Corridor to the Central Highlands Corridor which is to be developed as a tourism hub. The North Eastern Corridor will focus on the development of Trincomalee through the logistics industry with a focus on the Bay of Bengal.

“We have already commenced negotiations with Singapore, Japan and India on developing Trincomalee,” the Prime Minister said.

To complement the development drive, the Government will launch a human resource development push to equip the workforce with requisite skills. Technical education and training will be improved, while making 13 years of education compulsory, the Prime Minister said.

“We have to look at the social sector; our human capital is limited. To ensure that we retain our workforce, we have launched housing sector programs and with the collaboration of the private sector we will ensure that the earning capacity of a person improves to $ 300 a month,” he said, adding that if such measures were not taken, the labour outflow could not be stopped.

We are an unstoppable force: PM

Dismissing speculation of political instability in the country, Prime Minister Ranil Wickremesinghe yesterday said that the Government was on “a very strong footing, boosting investor confidence” in the country. 

Wickremesinghe expressed great confidence, insisting that the Coalition Government was strong and had the acceptance of the international community.

“No matter how much anyone screams, no one will be able to stop us, we will go forward,” he said.

“That is why we are able to attract investments, we are developing the country which has made the former President Mahinda Rajapaksa and the Joint Opposition uneasy,” a confident Wickremesinghe told journalists at the launch of the Balagatu Sri Lanka development framework.  

Levelling his criticism directly at Rajapaksa, who recently claimed that he would topple the Government this year, the Premier claimed that the rhetoric of the Rajapaksa-led Joint Opposition was due to it being engaged in a struggle to save face in front of its constituencies. 

“They have nothing to say to the people,” he stated.

“The person who was aiming for the post of Prime Minister is now trying to save his seat in Parliament.”

When asked about the recent rift between the SLFP and UNP factions of the Government, Wickremesinghe made light of the issue by saying the members would make “comments and sort it out among them.”

The mismatch in the economic policies of the two parties cannot be helped. However, the Government is implementing an economic policy based on the commonalities agreed upon by both party leaders.  

“We are two large parties. Coalitions are not easy. Single-party governments are not easy either. But we will keep it going.”

Responding to critics of the Hambantota Port Public Private Partnership agreement which the Government has set in motion, Wickremesinghe highlighted that no public asset had been sold to any party.  

“The only thing that was sold was the Port City; that too we have reversed. We will only give it on lease and that too for a maximum of 99 years because banks insist on it,” he said.