Roundtable on Utilizing Sri Lanka’s Key Geographical Position for Economic Protection hosted by INSS

A roundtable discussion titled “Improving Sri Lanka’s Economic Security Through Its Strategic Location in the Indian Ocean” was recently conducted at the Ministry of Defence. The session was organized by the Institute of National Security Studies (INSS).

The Secretary to the Ministry of Defence, Air Vice Marshal Sampath Thuyacontha (Retd) was the Chief Guest at the event. The discussion brought together experts to analyze how Sri Lanka can leverage its unique geographical position for economic growth and resilience.

INSS Director General and Ministry of Defence Director of Media/Spokesperson Colonel Nalin Herath warmly welcomed the Chief Guest and the esteemed panel of speakers.

The session was moderated by Dr. Ganeshan Wignaraja, Visiting Senior Fellow at ODI Global in the UK. The panel of experts shared valuable insights into Sri Lanka’s strategic and economic development. Rear Admiral Y.N. Jayarathne (Retd) emphasized the importance of modernizing maritime infrastructure to enhance port capacities and utilize innovative technologies for improved efficiency and competitiveness at a global level. This, he mentioned, would solidify Sri Lanka’s position as a significant regional transhipment hub.

Executive Director of the Lakshman Kadirgamar Institute, Mr. Ravinatha P. Aryasinha, stressed the need to maintain a balance in relationships with global powers and actively participate in regional economic initiatives. He highlighted how strategic geopolitical decisions could bolster Sri Lanka’s regional influence and economic stability.

CEO of the Standard Chartered Bank, Mr. Bingumal Chandika Thewarathanthri, provided a detailed analysis of the geopolitical challenges faced by Sri Lanka amidst global political transformations. In addition, Chairman of the Sri Lanka Association of Software and Service Companies, Mr. Nishan Mendis, proposed a vision for enhancing regional digital connectivity. He outlined how integrating air, maritime, and digital networks could establish Sri Lanka as a holistic regional hub, thereby enhancing economic resilience.

The discussion highlighted the paramount importance of Sri Lanka’s strategic location in the Indian Ocean, intersecting crucial East-West maritime trade routes. The panelists underscored the necessity of a comprehensive national strategy to maximize Sri Lanka’s economic security. Key strategies included upgrading maritime infrastructure by expanding port capacities and implementing innovative technologies for enhanced efficiency and global competitiveness. Promoting regional connectivity was also emphasized, focusing on integrating air, maritime, and digital networks to position Sri Lanka as a comprehensive regional hub. Furthermore, streamlining bureaucratic processes and digitizing government services were identified as imperative steps to attract both local and foreign investors. Encouraging sustainable blue economy initiatives, such as prioritizing sustainable fisheries, marine tourism, and offshore energy exploration, was deemed essential to diversifying economic avenues. Lastly, the importance of strategic geopolitical maneuvering, maintaining a balance in relationships with major global powers, and active participation in regional economic programs like BIMSTEC and IORA, was emphasized to ensure Sri Lanka’s enduring economic resilience.

The panelists advocated for substantial policy reforms, public-private partnerships, and investments in innovation to catalyze long-term growth and resilience in Sri Lanka as it strives for prosperity.

In attendance at the event were members of the diplomatic community including South African Ambassador HE Sandile Edwin Schalk, Maldivian High Commissioner HE Masood Imad, European Union Deputy Head of Delegation Mr. Lars Bredal, senior MOD officials, and scholars.