Innovation of the Economy is Essential to Achieve Prosperity, Says Central Bank Governor

COLOMBO (News1st): Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka, emphasizes that the modernization and innovation of the economy are essential to building a prosperous economy.

He shared these views while attending the International Conference of the Sri Lanka Economic Association in Colombo.

Dr. Weerasinghe highlighted that true prosperity is unattainable without a competitive and efficient production process across the three main production sectors of the country: Agriculture, Industry, and Services.

The Governor further explained that the Domestic and global supply chains are now deeply intertwined, for example to turn an agricultural output into a value-added product, the contribution of the industrial and service sectors are crucial.

He said that countries that make this process efficient and competitive thrive, while those that fail to do so fall behind.

Accordingly, Dr. Nandalal Weerasinghe highlighted that the most critical factor is embracing new technologies to ensure economic activities remain efficient and competitive on both a local and global scale.