Prez: Economic Transformation Bill first step in economic revitalisation

The government has initiatedthe first step towards economic sta-bility by submitting the EconomicTransformation Bill, saysPersident Ranil Wickremesinghe.

The President has emphasised that a proper plan is essential for addressing the country’s economic challenges.President Wickremesinghe made these remarks during the inauguration ceremony of the Cephalosporin Injectable Plant and the unveiling of the “Meldol” Reliable Relief Manufacturing Facility at Ekala, Thursday evening (06).

The new production facilities, initiated by Sands Active (PVT) Ltd., under the Melwa Group, represent a significant boost to the pharmaceutical sector. President Wickremesinghe, who unveiled the plaque and inaugurated the factory, also took an observation tour of the new facilities.

The President said: “So far, the government has presented the Economic Transformation Bill, which outlines several goals. By 2027, the country’s Gross Domestic Product (GDP) should grow at a rate of 5%, reversing the current negative trend. After 2027, we aim to achieve an economic growth rate of 8%. As the country develops, it is crucial to maintain this 8% growth rate for at least 15 years. Many countries, including China, Vietnam, Malaysia, Thailand, Singapore and Bangladesh, have achieved this level of development. Our country should also strive to reach that status.”