Sri Lankan President Ranil Wickremesinghe has commended former President J.R. Jayewardene’s 17-year tenure, describing it as a transformative revolution that modernized the island nation’s economic and industrial landscape.
Key Highlights
- President Ranil Wickremesinghe praised former President J.R. Jayewardene’s groundbreaking introduction of the open economy in 1977.
- The 17-year period under the United National Party (UNP) reshaped Sri Lanka’s foreign trade, infrastructure, and export sectors.
- Wickremesinghe underscored the importance of continuing economic reforms to overcome Sri Lanka’s present-day financial challenges.
Speaking at a commemorative event, Wickremesinghe emphasized that Jayewardene’s vision dismantled Sri Lanka’s former closed economy, replacing state-controlled structures with a competitive, market-driven framework. This strategic shift opened the doors to foreign direct investment, fostered rapid industrial growth, and established pivotal Export Processing Zones that continue to drive national trade.
Highlighting major achievements from that era, Wickremesinghe pointed to landmark infrastructure projects such as the Accelerated Mahaweli Development Programme, which dramatically boosted national power generation and agricultural capacity. He noted that the principles of economic modernization established during Jayewardene’s leadership serve as an essential blueprint for Sri Lanka’s ongoing economic recovery efforts.