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Coming decade will focus on blue economy'

Ramani KANGARAARACHCHI

The coming decade will be focusing on what is called blue economy, a concerted attempt to harness the resources of the sea for mankind, International Monetary Cooperation Senior Minister Sarath Amunugama told Daily News Business.

He said that Sri Lanka is well positioned for rapid growth under the forthcoming blue economy and, therefore, the country should have a vision of harnessing the sea because in the future the sea will be equally important as the land.

Dr Amunugama said that the land based resources are fast depleting largely due to population increase and environmental degradation. So mankind should focus on the sea for survival where plenty of resources are available in the two key areas of energy and fuel.

He said the current focus on infrastructure of the government would help the rural economy enormously. One of the chief policies of the present government is to develop infrastructure of the country. Without infrastructure an economy cannot grow. Countries such as China, India, Brazil and Russia will become strong economies because they invested on energy, transport, harbours and roads. Particularly a nation such as Sri Lanka has to invest in major infrastructure development such as ports and projects shipping which are the life line of the country.

He said that very few people know that two thirds of the wourld's shipping lines pass Hambantota as the sea lanes from middle east to far east go along the Sri Lankan coast.

On the other hand, Sri Lanka is a hub for travel and tourism and it has the advantage point. which can move to Middle East, India and the Far East. No other country has such a hub position. So it is very logical that the country develop its ports. airports and harbours, he said.