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Lankan President reveals plans for digitalised green economy

Wickremesinghe said that they are actively collaborating with India in several sectors with a focus on solar and wind power…reports Asian Lite News

Sri Lankan President Ranil Wickremesinghe has revealed plans to create a new commercial bank, an economic commission and an institute called “Enterprise Sri Lanka” to promote a competitive and digitalised green economy, the President’s Media Division (PMD) said.

Wickremesinghe said on Wednesday at the opening ceremony of an international industry exhibition that Sri Lankan industrialists need to secure loans at low interest rates and the new commercial bank will help address the need, Xinhua news agency reported.

The President added that the industries must be powered through green energy sources and the country is working on significantly increasing the share of renewables in the country’s energy mix.

He also announced forthcoming negotiations with creditor countries on debt restructuring, saying that the government is expected to reach an agreement with the creditor nations within the next few weeks.

Wickremesinghe said that they are actively collaborating with India in several sectors with a focus on solar and wind power and acquiring green hydrogen, reported Daily Mirror.

He said Sri Lanka is also exploring the establishment of a development bank, that will facilitate the required funding to help improve the competitive capabilities of industries.

Wickremesinghe, while addressing the inauguration of International Industry Expo 2024 on Wednesday said that plans are underway to introduce a new entity called Enterprise Sri Lanka, to support the small and medium-scale entrepreneurs.

Sri Lankan president emphasised that he has already discussed these initiatives with Prime Minister Narendra Modi.

“Concurrently, we are actively collaborating with India on these endeavours. I have already discussed this with Prime Minister Narendra Modi and anticipate further discussions with the Indian Foreign Minister tomorrow,” he said.

“The cooperation with India will focus on solar and wind power as well as acquiring green hydrogen. Sri Lanka aims to leverage these advantages, potentially even in the North Sea,” the Sri Lankan president said.

He added that the Adani company had initiated its presence in Sri Lanka.

“As the first step, Adani Company has initiated its presence in Sri Lanka. Embracing this new direction is imperative,” he said.

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