-By A Special Correspondent
(Lanka-e-News -18.Nov.2024,11.30 pm)
Sri Lanka, under its newly elected National People's Power (NPP) government led by President Anura Kumara Dissanayake, finds itself at a critical juncture. With an economy that has been ravaged by crises, from severe debt distress to dwindling foreign reserves, the government seeks international partnerships to restore stability and growth. Against this backdrop, the Chinese President Xi Jinping's emphasis on high-quality development and strengthening BRICS cooperation, as highlighted during the 16th BRICS Summit in Kazan, Russia, provides an opportunity for Sri Lanka to chart a transformative path.
China, a key player in BRICS, has showcased remarkable domestic achievements in poverty alleviation, digitalization, and export-oriented industrial growth. Sri Lanka, an island nation with strategic geographical importance, aspires to emulate these successes. The BRICS framework, especially China's initiatives within it, could serve as a pivotal platform for economic revival, trade expansion, and sustainable development in Sri Lanka.
At the 16th BRICS Summit, President Xi called for high-quality development of BRICS cooperation, emphasizing inclusivity, innovation, and sustainability. His vision encompassed several strategic pillars:
Strengthening Solidarity Among Global South Nations
Xi advocated for BRICS to act as a primary channel for uniting Global South nations, emphasizing peace, development, and win-win cooperation. This aligns with Sri Lanka's need to diversify its international partnerships beyond traditional Western allies.
Focus on Innovation and Emerging Industries
The establishment of initiatives like the China-BRICS Artificial Intelligence Development and Cooperation Center reflects China's commitment to driving innovation. This is particularly relevant for Sri Lanka, which aims to modernize its industries and embrace digital transformation under the NPP government.
Promoting Sustainable Development
Xi’s emphasis on green development, clean energy, and low-carbon industries resonates with Sri Lanka's goals to enhance environmental sustainability while promoting economic growth.
Enhancing Trade and Financial Integration
The push for reforms in global financial governance and the strengthening of the BRICS New Development Bank provides avenues for Sri Lanka to secure financial support for infrastructure projects and economic recovery programs.
1. Economic Revitalization through Trade and Industry
Sri Lanka's economic challenges require a robust strategy focused on export-driven growth and industrial modernization. China's emphasis on cooperation in areas like agriculture, minerals, and energy under the BRICS framework could directly benefit Sri Lanka. As China’s own economic trajectory shows, investments in high-tech manufacturing and infrastructure can serve as catalysts for growth.
The NPP government could leverage its strategic location on maritime trade routes to integrate Sri Lanka more deeply into global supply chains. BRICS initiatives promoting trade connectivity and infrastructure development, including special economic zones (SEZs), can aid this process.
China's leadership in digital innovation presents a model for Sri Lanka. Initiatives such as the BRICS Digital Ecosystem Cooperation Network could help Sri Lanka enhance its digital infrastructure and services. The proposed BRICS capacity-building programs in digital education could further empower Sri Lankan professionals to drive this transformation.
President Xi's remarkable success in lifting millions of Chinese citizens out of poverty provides valuable lessons for Sri Lanka. The NPP government could adopt similar strategies, such as targeted social programs and investment in rural development, with technical and financial support from China and BRICS institutions.
Sri Lanka faces significant climate challenges, including rising sea levels and biodiversity loss. Xi’s emphasis on green development within BRICS could enable Sri Lanka to adopt sustainable practices in energy, agriculture, and urban planning. China's expertise in renewable energy technologies, such as solar and wind power, could be particularly beneficial.
The BRICS New Development Bank, under the leadership of Dilma Rousseff, offers a viable alternative to traditional financial institutions like the IMF and World Bank. Sri Lanka could seek concessional loans for infrastructure and social development projects, helping it address debt issues while pursuing long-term economic goals.
While the opportunities presented by enhanced BRICS cooperation are significant, Sri Lanka must navigate several challenges:
Geopolitical Dynamics: Aligning too closely with BRICS, particularly China, may strain Sri Lanka’s relationships with other international partners, including Western nations and India.
Economic Dependencies: Sri Lanka must avoid becoming overly reliant on Chinese financing and ensure that agreements align with its long-term economic interests.
Domestic Reforms: Successful implementation of BRICS-driven projects requires robust domestic policies, transparency, and governance reforms within Sri Lanka.
Under President Anura Kumara’s leadership, the NPP government has prioritized economic recovery, digitalization, and poverty alleviation. To harness the full potential of BRICS cooperation, the government should:
Engage Proactively with BRICS Institutions: By actively participating in BRICS forums and leveraging opportunities for collaboration, Sri Lanka can secure vital investments and partnerships.
Strengthen Regional Connectivity: Sri Lanka must position itself as a hub for trade and logistics in South Asia, capitalizing on BRICS-backed infrastructure projects.
Promote Inclusive Policies: Ensuring that the benefits of BRICS cooperation reach all sections of society will be critical for long-term success.
President Xi Jinping's vision for high-quality development of greater BRICS cooperation offers a roadmap for countries like Sri Lanka to achieve sustainable growth. For the newly elected NPP government, engaging with BRICS, and particularly China, represents an opportunity to address pressing economic challenges and foster long-term development.
By aligning its policies with BRICS objectives and leveraging its strategic position, Sri Lanka can transition into a more resilient and globally integrated economy, while ensuring that the benefits of this partnership uplift all its citizens. The journey ahead will require careful diplomacy, strategic planning, and a commitment to national interests, but the prospects for a revitalized Sri Lanka within the BRICS framework are undoubtedly promising.
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by (2024-11-19 00:23:03)
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