A general view of the Colombo main port, Sri Lanka, May 13, 2024. in decades, the strategy is to increase salaries nationwide, the country’s Foreign Minister Ali Sabry said on Monday .
He added that the country aims to do this within six to 18 months. To begin, the country needs economic growth, and for that, it is seeking foreign investment, he said.While prices remain inflated, they are a far cry from the peak of 70 per cent. Inflation has currently settled at about 1.7 per cent.
However, World Bank estimates show that poverty has doubled since 2021, with a quarter of the population living below the poverty line. Sri Lanka also has to invest money into areas that can sustain the economy such as renewable energy, bond development and making the country a maritime and air traffic hub, Mr Sabry added.The way to become a hub is to keep orders open, he said, adding that Sri Lanka would welcome any investment from any country as a strategy partner. He however noted that it is of utmost importance that the country does not fall into any trap.
On the geopolitical front, even as China, India and the United States vie for power in the Indo Pacific, making Sri Lanka a potential battleground, the country will not take sides, said Mr Sabry.