IOR poised to become economic hub in next 50-60 years: Wickremesinghe

The Indian Ocean region is experiencing tremendous growth and is poised to become a significant economic hub in the next 50 to 60 years, Sri Lankan President Ranil Wickremesinghe has said, calling for extensive trade and economic ties between the island nation and India.

Addressing a gathering at the Sri Lanka-India Society in Colombo on Thursday to mark the 76th Independence Day of Sri Lanka and the 75th Republic Day of India, Wickremesinghe said that nations such as India, Indonesia, Iran and Saudi Arabia have a greater role to play in the Indian Ocean region and they have been rapidly advancing in various aspects.

"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," he said.

"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," Wickremesinghe added.

In his address, Wickremesinghe also said that there is a need for extensive trade and economic ties between India and Sri Lanka.

There is a profound religious and cultural bond between Sri Lanka and India. Both countries have unfortunately overlooked the trade and economic relationship between Sri Lanka and India," he said.

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.

Wickremesinghe said the relationship between Sri Lanka and India extends beyond the cultural connections.

Wickremesinghe said the coins issued by South Indian trade organisations 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, and people in the past utilised 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 revitalising 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 utilisation of the Colombo Port. Our objective is to secure advantages for Sri Lanka and provide additional renewable energy resources for South India, the president said.

He also said that Sri Lanka must recognise the opportunities before it on how to progress along with India.

"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," the president said.

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

In his address, the president also mentioned how tourism could improve in Sri Lanka.

In terms of the tourism industry, it is noteworthy that we see a significant influx of tourists from India visiting Sri Lanka, while many Sri Lankans frequently travel to India. A considerable number of Sri Lankan tourists visit destinations like Thirupathi, Ayodhya, and Guruvayur, he said.

"For instance, a person from Bangalore can easily plan a vacation in Sri Lanka compared to travelling 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," he said.