ECONOMYNEXT — As Sri Lanka’s population declines, the island nation must modernise its agriculture and orient it towards emerging export markets whose own populations are on the rise, President Ranil Wickremesinghe said.
Speaking at an event, Wickremesinghe said a modernised agriculture is the means with Sri Lanka can become an export economy and lift rural communities out of poverty.
“Agriculture is what stabilises the economy. We can’t keep living on loans. That’s why we have decided to turn this country into an export economy. The cabinet on Monday approved the draft legislations needed for an export economy.
“Now we’re trying to modernise agriculture and go for an export industry. That needs to be done. Agriculture is the way to eliminate poverty in our villages. For this, we need a modern agriculture,” he said.
The president predicted that by 2048, Sri Lanka’s population will have declined by about one million, though a population boom of nearly one billion could be expected in neighbouring regions, from Africa to Indonesia.
“They will have to be fed, and food will have to be supplied to a strong middle class in those regions. That’s going to be our market. We must get ready for that,” said Wickremesinghe.
“We sell tea to Europe now, and that’s good, but population is declining in Europe too. So we must move to new places, and cultivate. It’s not the traditional plantation that we’re expecting. We want to develop a new agribusiness,” he said.
In February this year, President Wickremesinghe said Sri Lanka needs to adopt modern agriculture techniques and involve the private sector to develop the sector.
“Our first step is to restructure the existing system and involve the private sector,” Wickremesinghe said at the United Nations Food and Agriculture Organization’s 37th Asia and Pacific Conference in Colombo on February 20.
“When assessing our economy, agriculture emerges as a sector capable of delivering swift results,” Wickremesinghe said. “We are endeavouring to transform agrarian service centres nationwide into modernization hubs for agriculture. To achieve this goal, we are actively seeking contributions from both the public and private sectors.” (Colombo/May15/2024)