Need for economic diversification

Our policymakers often talk about economic revival, but their reliance on cheap avenues for earning foreign exchange is a cause for concern. The garment exports, foreign worker remittances, and tourism sectors, coupled with selling out our national assets, cannot sustain long-term economic growth. It is disheartening to see our leaders boast about sending unskilled workers to Western Asia, or South Korea, while we overlook the potential of our natural resources and the processes invented/developed by our research institutions, such as the Sri Lanka Institute of Nanotechnology (SLINTEC).

Instead of solely depending on these sectors, it is time we diversified our economic base by investing in our natural resources and research innovations. Our leaders must prioritize investing in our country’s infrastructure and agriculture sectors to strengthen our economy. We must also tap into our tourism potential, not just to attract foreign tourists but also to promote domestic tourism.

It is time our parliamentarians prioritized long-term economic growth. We cannot continue to praise the successes of other nations, such as Singapore, while neglecting our own country’s potential. We need to hold our leaders accountable and demand that they invest in our country’s future. Let us work together to ensure that Sri Lanka does not remain dependent on cheap foreign earnings, but rather develops a sustainable and diversified economy that benefits all Sri Lankans.

A Ratnayake