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Monday June 3rd, 2024

Developing India-Sri Lanka trade relations crucial: President

ECONOMYNEXT – Sri Lanka’s immediate focus should be on enhancing relations with India, President Ranil Wickremesinghe has said.

“We aim to foster comprehensive ties between our two nations, particularly in the realms of transportation and energy,” Wickremesinghe said at a ceremony organized by the Sri Lanka India Society in Colombo on Thursday attended by Indian High Commissioner to Sri Lanka Santosh Jha.

“There is a profound religious and cultural bond between Sri Lanka and India, and we share a common heritage.

“We are both democracies with a shared British legal system. However, we have unfortunately overlooked the trade and economic relationship between Sri Lanka and India.”

Wickremesinghe said the country must strategically leverage Sri Lanka’s advantageous position to benefit South India. “Our objective is to secure advantages for Sri Lanka and provide additional renewable energy resources for South India.”

The Indian Ocean region is poised to become a significant economic hub in the next 50 to 60 years, he said.

“If we collaborate effectively, our country will prosper alongside the development of the Indian Ocean. Our goal is to achieve economic integration, as there is no alternative path forward.”

The president’s speech in full:

“There is a profound religious and cultural bond between Sri Lanka and India, and we share a common heritage. One of the notable aspects of this year’s 75th anniversary is the “Joint Vision” statement that was signed by Prime Minister Narendra Modi and me.

Throughout our discussions, we have consistently focused on the cultural and religious ties between our two countries, as well as the fact that we are both democracies with a shared British legal system. However, we have unfortunately overlooked the trade and economic relationship between Sri Lanka and India.

It’s important to remember that our relationship extends beyond cultural connections. Historical evidence suggests that even during the time of the Mohenjodaro civilization, ships sailed from India to Sri Lanka. Particularly in South India and Sri Lanka, the four kingdoms of Anuradhapura, Thanjavur, Madurai, and Kanchipuram either formed alliances or were embroiled in conflicts based on their economic interests.

The Trincomalee harbour played a crucial role as a major harbour for three Indian kingdoms to access eastern countries around the world on numerous occasions. The discovery of a substantial number of coins in shrines like the Munneswaram temple, Ketheeswaram temple, Mantai, Naguleswaram temple (constructed for people from Jaffna, known as Dambakolapatuna), Koneswaram temple, and Trincomalee vividly illustrates the extensive trade relationship and activities between India and Sri Lanka.

Moreover, coins issued by South Indian trade organizations have been unearthed in certain areas during excavations of ancient villages in Anuradhapura. This archaeological evidence indicates that well before the agreement on the use of the Sri Lankan Rupee and the Indian Rupee was signed, people in the past utilized a common currency for conducting trade transactions.

Therefore, our immediate focus should be on enhancing these relations. We aim to foster comprehensive ties between our two nations, particularly in the realms of transportation and energy. Furthermore, we must strategically leverage Sri Lanka’s advantageous position to benefit South India. Our efforts are concentrated on revitalizing Trincomalee, especially as Southeast Asia and the Bay of Bengal regions experience growth. The increasing strategic importance of the Bay of Bengal area has led to improvements in the utilization of the Colombo Port. Our objective is to secure advantages for Sri Lanka and provide additional renewable energy resources for South India.

In terms of the tourism industry, it’s noteworthy that we see a significant influx of tourists from India visiting Sri Lanka, while many Sri Lankans frequently travel to India. Notably, a considerable number of Sri Lankan tourists visit destinations like Thirupathi, Ayodhya, and Guruvayur, mirroring the interest of Indian tourists who visit Sri Lanka.

If we collaborate effectively, our country will prosper alongside the development of the Indian Ocean. Our goal is to achieve economic integration, as there is no alternative path forward. We must learn from the mistakes made by Britain during its time in the European Union, which ultimately led to their decision to leave.

Despite this, Britain is currently seeking a free trade agreement with India, although the outcome remains uncertain. Nonetheless, we must recognize the opportunities before us and strategize on how to progress together with India. It is important to note that this process can be relatively straightforward.

For instance, a person from Bangalore can easily plan a vacation in Sri Lanka compared to traveling to Rajasthan. The proximity and accessibility are evident, with a one-hour flight to Sri Lanka compared to a two-hour flight to Rajasthan. Additionally, there are prospects for establishing supply chains across various sectors, including industrial activities, amidst the growing development of the Indian Ocean.

The Indian Ocean region is experiencing significant growth, with countries like India, Indonesia, Iran, and Saudi Arabia rapidly advancing in various aspects.

The Indian Ocean region is poised to become a significant economic hub in the next 50 to 60 years, especially as the African region undergoes development. It is imperative that we initiate this endeavour now. Given the existing political relations between our two countries and our proximity in various sectors, it is crucial that we collaborate and progress together. Such cooperation will yield benefits for both nations.

I extend my gratitude to the Sri Lanka-India Society for their efforts in strengthening the relations between our countries through last year’s program. I am optimistic that the “Joint Vision” statement we have unveiled will be effectively implemented moving forward.”

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Water levels rising in Sri Lanka Kalu, Nilwala river basins: Irrigation Department

Sri Lanka Navy assisting in rescue operations (Pic courtesy SL Navy)

ECONOMYNEXT – Sri Lanka’s Irrigation Department has issued warnings that water levels in the Kalu and Nilwala river basins are rising and major flooding is possible due to the continuous rain. People living in close proximity are advised to take precautions.

“There is a high possibility of slowly increasing prevailing flood lowline areas of Kiriella, Millaniya, Ingiriya, Horana, Dodangoda, Bulathsinhala, Palinda Nuwara and Madurawala D/S divisions of Ratnapura and Kalutara Districts, up to next 48 hours,” it said issuing a warning.

“In addition, flood situation prevailing at upstream lowline areas of Ratnapura district will further be prevailing with a slight decrease.

“The residents and vehicle drivers running through those area are requested to pay high attention in this regard.

“Disaster Management Authorities are requested to take adequate precautions in this regard.”

The island is in the midst of south western monsoon.

DMC reported that 11,864 people belonging to 3,727 families have been affected due to the weather in Rathnapura, Kegalle, Kilinochchi, Jaffna, Mullaitivu, Kalutara, Gampaha, Colombo, Galle, Matara, Hambantota, Puttalam, Kurunegala, Kandy, Nuwara Eliya, Anuradhapura, Polonnaruwa, Badulla, Moneragala, and Trincomalee districts.

Meanwhile, the Meteorology Department stated that showers are expected on most parts of the island today.(Colombo/June3/2024)

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UNP gen secy defends call for postponing Sri Lanka poll, claims opposition silent

The UNP party headquarters in Pitakotte/EconomyNext

ECONOMYNEXT — United National Party (UNP) General Secretary Palitha Range Bandara has defended his call for postponing Sri Lanka’s presidential election by two years, claiming that his proposal was not undemocratic nor unconstitutional.

Speaking to reporters at the UNP headquarters Monday June 03 morning, Bandara also claimed that neither opposition leader Sajith Premadasa nor National People’s Power (NPP) leader Anura Kumara Dissanayake have spoken against his proposal.

“I have made no statement that’s undemocratic. My statement was in line with provisions of the constitution,” the former UNP parliamentarian said.

He quoted Section 86 of Chapter XIII of the constitution which says: “The President may, subject to the provisions of Article 85, submit to the People by Referendum any matter which in the opinion of the President is of national importance.”

Sections 87.1, 87.2 also elaborates on the matter and describes the parliament’s role, said Bandara.

“I spoke of a referendum and parliament’s duty. Neither of this is antidemocratic or unconstitutional. As per the constitution, priority should be given to ensuring people’s right to life,” he said.

“Some parties may be against what I proposed. They may criticse me. But what I ask them is to come to one position as political parties and make a statement on whether they’re ready to continue the ongoing economic programme,” he added.

Bandara claimed that, though thee has been much criticism of his proposal for a postponement of the presidential election, President Wickremesinghe’s rivals Premadasa and Dissanayake have yet to remark on the matter.

“I suggested that [Premadasa] make this proposal in parliament and for [Dissanayake] to second it. But I don’t see that either Premadasa nor Dissanayake is opposed to it. To date, I have not seen nor heard either of them utter a word against this. I believe they have no objection to my proposal which was made for the betterment of the country,” he said. (Colombo/Jun03/2024)

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300 of 100,000 trees in Colombo considered high risk: state minister

ECONOMYNEXT – Trees in Sri Lanka’s capital Colombo are being monitored by the municipal council, Army and Civil Defense Force as the severe weather conditions continue, State Minister for Defense Premitha Bandara Tennakoon said.

“Within the Colombo Municipal Council city limits, there are 100,000 trees. Of these, around 300 are considered high risk,” Tennakoon told reporters at a media conference to raise awareness about the current disaster management situation.

Not all trees required to be cut down he said. “We can trim some of the branches and retain them.”

The problem was that buildings in the vicinity of the tree had cut branches on one side, causing it to become unbalanced, the minister said.

New laws would be brought in so provincial/municipal institutions could strengthen enforcement of building codes.

“We don’t have a single institution that can issue a warning about a tree. Not one to tell us what trees can or cannot be planted near a road.

“Trees should be suitable for the area. Some trees have roots that spread and damage roads, buildings. When the roots can’t go deep, they tend to topple over.

“Now Environment Day is coming up, and anyone can go plant a tree by the road. We have to take a decision about this. We have to enforce laws strongly in future.” (Colombo/June3/2024)

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