Seminar on “Economic Transformation Act – Implications and Benefits to the National Economy

A seminar on “Economic Transformation Act – Implications and Benefits to the National Economy” was conducted by the National Issues Committee of the OPA on the 12^th of September 2024. The speakers at this event were Dr. W. A. Wijewardena, former Deputy Governor of the Central Bank of Sri Lanka and Mr. Uditha Egalahewa, PC, Chairman, DSI Samson Group (Pvt) Ltd.

In his speech, Dr. W. A. Wijewardena noted that what Sri Lanka really needs is a structural transformation due to its use of simple technology in production. He asserted that, if Sri Lanka wants to become a prosperous nation, it needs to leapfrog from the 2nd to the 4th industrial revolution, which would entail a quantum leap in structural reform. Mr. Egalahewa stated that one of the issues with the Act was that it bound future governments to specific targets. Claiming that the ETA was hurriedly drafted to meet the requirements of the IMF, he noted that it has set many attractive targets, but it remained to be seen if they could be achieved. The evening concluded with an interesting Q & A session moderated by Mr. Bhanu Wijayaratne.