Ranil calls for closer economic ties with India to secure Sri Lanka’s place in new world order

Newswire reports that former President Ranil Wickremesinghe addressed the 50th webinar of the International Chamber of Commerce Sri Lanka, urging Sri Lanka to deepen its economic partnership with India. He said adapting to changes in global power and influence would require technological upgrades, regional cooperation and stronger relationships with major powers.

Newswire reports that Wickremesinghe characterised India as the leading power around the Bay of Bengal and noted its standing among the three largest economies globally by gross domestic product. He said the Indian Ocean could become a major focus of the changing international order as Asian and African economies expand.

Newswire reports that Wickremesinghe pointed to the Bay of Bengal’s growing economic prospects, identifying India, Indonesia and Bangladesh as important regional economies. He called for stronger Sri Lankan connections with countries bordering the bay and with Southeast Asia, with deeper regional economic integration as a longer-term goal.

Newswire reports that Wickremesinghe discussed Indian Prime Minister Narendra Modi’s address at the NDTV World Summit, where Modi characterised the period as a shift from one global order to another. Wickremesinghe said Modi had emphasised how states increasingly use finance, commerce, technology and shipping to advance geopolitical aims, and had invoked Chanakya’s warning about the powerful consuming the weak. Wickremesinghe cautioned that Sri Lanka needed to adjust to these changes to avoid being overwhelmed by stronger countries.