By: Staff Writer
October 27, Colombo (LNW): Former President Ranil Wickremesinghe has warned that Sri Lanka risks being marginalised in the emerging global order unless it urgently modernises its economy, embraces advanced technology and recalibrates its foreign policy to reflect shifting geopolitical and economic power. His ten-point strategy places technological sovereignty, regional economic integration, maritime development and diversified international partnerships at the centre of the country’s survival and long-term prosperity.
Addressing the 50th webinar organised by the Daily FT, ACCA and several professional and business organisations under the theme “In an Emerging New World Order, What Are Sri Lanka’s Options?”, Wickremesinghe argued that the country could no longer afford to remain economically small, technologically dependent and strategically passive.
“If we do not do this, we will have no place in the new world order,” he declared, warning that Sri Lanka must either transform itself or risk fading into international insignificance.
His intervention raises fundamental questions about the country’s economic preparedness, institutional capacity and political commitment to implementing the reforms necessary to compete in an increasingly technology-driven world.
Wickremesinghe identified artificial intelligence, data ownership, computing power and financial dominance as decisive instruments of international influence. Referring to the United States and China as the two leading AI and computing superpowers, he argued that technological capability had become inseparable from national sovereignty.
This assessment carries particular significance for Sri Lanka, whose economic recovery remains vulnerable to external shocks, import dependence, limited technological capacity and constraints on domestic investment. Without sustained investment in research, digital infrastructure, skills development and innovation, the country could remain a consumer of technologies developed elsewhere rather than a producer capable of competing internationally.
However, technological transformation requires more than political declarations. It demands reliable electricity, affordable digital connectivity, modern education, effective public administration, a predictable investment environment and transparent procurement. The challenge is whether successive governments can translate strategic ambitions into funded programmes with measurable outcomes.
Wickremesinghe also called for stronger economic cooperation with India, closer engagement with Bangladesh and Southeast Asia, and regional integration that would connect Sri Lanka with markets extending beyond its traditional trading partners. He identified Indonesia, Malaysia and Vietnam as potential destinations for expanded trade, while stressing that the United States and Europe would remain important markets.
His argument reflects a changing commercial reality: Sri Lanka cannot depend indefinitely on a narrow range of export destinations while Asia’s economic weight increases. Yet market diversification will require competitive production, higher productivity, improved logistics and trade agreements that generate tangible benefits for domestic businesses.
He further proposed BRICS membership and stronger relations with the United States, China, Russia and Japan, alongside a more transactional approach to international diplomacy. Such diversification could expand economic opportunities, but it would also require careful management of competing strategic interests.
The central issue is whether Sri Lanka can develop a coherent national strategy that survives political transitions. Wickremesinghe’s warning is clear: global power is being redistributed through technology, trade and finance. The country’s response must therefore extend beyond diplomatic speeches to sustained economic reform, accountable institutions and practical investment in national capabilities.
Without those foundations, the former President’s proposed transformation could remain an ambitious blueprint rather than a pathway to prosperity.
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