President outlines Govt.’s comprehensive growth strategy with Inland Revenue Commissioners

President Ranil Wickremesinghe earlier this week shared an outline of the Government’s comprehensive growth strategy with Inland Revenue Commissioners. 

Speaking at the 19th Annual General Meeting of the Inland Revenue Commissioners’ Association, the President underscoring the importance of a transformative approach outlined essential areas of concentration to drive the nation towards sustainable economic development.

Acknowledging the challenges in the balance of trade, President Wickremesinghe stressed the importance of fostering a highly competitive economy. The Government is actively engaged in trade agreements with nations like India, China, Singapore and Thailand. The goal is to explore opportunities for growth and deepen trade relations with the European Union, he said.

To boost competitiveness, Sri Lanka is committed to digitalisation. The President announced the formation of the Digital Transformation Agency, working in collaboration with the Centre for Research on Artificial Intelligence (AI). The initiative aims to create a comprehensive plan to digitally transform the nation within a specified timeframe he said.

Sri Lanka is aligning with global sustainability goals, with a commitment to becoming a green economy. The President emphasised adherence to the requirements of the net-zero plan, ensuring environmentally responsible practices.  

Identifying immediate areas for economic gains, President Wickremesinghe urged focus on “low-hanging fruit.” Sectors such as tourism, agriculture, renewable energy and information technology were highlighted for their potential quick returns.

The Government plans to modernise agriculture, leveraging technology for enhanced productivity. Efforts include improving paddy cultivation, releasing unused lands, and encouraging small-scale agriculture. Sri Lanka›s potential for renewable energy is yet to be fully assessed. President Wickremesinghe anticipates significant investments in wind and solar energy projects, potentially exporting excess energy, including to India.

A focus on IT and AI development is central to the growth strategy. The President announced plans to establish more training institutes in collaboration with the private sector and allocate funds for AI research and development. Sri Lanka aspires to become a regional logistics hub, capitalising on emerging technologies and industries.

President Wickremesinghe highlighted the pivotal role of the Inland Revenue Department and other revenue departments in ensuring financial discipline. Addressing delays in appeals and improving revenue collection mechanisms were identified as immediate priorities. In conclusion, President Wickremesinghe expressed confidence in overcoming the economic challenges, urging collective efforts to navigate the complex journey ahead and secure Sri Lanka›s economic prosperity in the next five to six years.

State Ministers Ranjith Siyambalapitiya, Shehan Semasinghe, Finance Ministry Secretary Mahinda Siriwardhena, Inland Revenue Department Commissioner General (Acting) D.U.A. Jayawardhana, Inland Revenue Commissioners’ Association Chairman M.A. Priyanka and other officials attended the gathering.