Former President Ranil Wickremesinghe has raised concerns over Sri Lanka’s failure to move forward with large-scale foreign investments, warning that the stalled USD 700 million Adani project alone is a major setback for the country’s economic recovery.

“Adani’s project is about USD 700 million. That’s no joke. We need that money to recover,” Wickremesinghe emphasized, pointing out that additional development projects in Trincomalee could have brought in another USD 400–500 million.

“Just imagine—over a billion dollars in investments have been stopped,” he added.

Joining Ada Derana’s current affairs programme ‘@Hydepark’ recently, Wickremesinghe also expressed frustration over Sri Lanka’s uncertain stance on these projects, particularly in relation to its commitments under the 2023 Indo-Sri Lanka Vision Document.

“Most of the Indians I met recently—it was embarrassing for me. I told them these projects were under consideration, but the truth is, I don’t know whether they are still being considered or have been rejected,” Wickremesinghe admitted.

He warned that delays in these investments could damage Sri Lanka’s economic ties with India and deter other potential investors.

“Once India invests in us, others will follow. By 2050, India will be the world’s second-largest economy. We need growth, and the only way to achieve it is by working with other countries and creating an attractive environment for foreign investment,” he stated.

While acknowledging that Sri Lanka has reached a point of economic stabilization, Wickremesinghe stressed the need for long-term reforms.

“Right now, we are only stabilizing—nothing more. To move ahead, we need major changes. We don’t need to be poor. We can build a trillion-dollar economy, and we must go for it,” he noted.

Ex-president Ranil blames current govt for failing to secure Adani investments#ranilwickremesinghe | #adanigroup pic.twitter.com/blwMpa61Yd

— Ada Derana (@adaderana) March 24, 2025