ECONOMYNEXT – Sri Lanka must handle and steadiness all world powers to realize its financial progress and due to this fact the island nation’s overseas coverage ought to give attention to financial diplomacy somewhat than political diplomacy, Overseas Minister Tharaka Balasuriya mentioned.
Analysts say Sri Lanka has turn into the middle of a proxy geopolitical warfare between neighboring India and the world’s second-largest economic system, China.
China’s rising affect in Sri Lanka has raised safety issues for India and has already led Colombo to droop the arrival of Chinese language analysis vessels to the island.
President Ranil Wickremesinghe’s authorities has promised a non-aligned overseas coverage that was not adopted by his predecessors. The overseas coverage of successive governments in Colombo has up to now been targeted on China or the West.
“We have now to cope with everybody,” Balasuriya informed reporters final week when requested about overseas coverage on worldwide points such because the warfare in Ukraine and Palestine.
He mentioned the nation will strictly comply with non-aligned overseas coverage.
“As India as a neighbour, we should make sure that India’s safety issues are addressed. India shouldn’t be the previous India the place they went and introduced dhal to Sri Lanka,” he mentioned, referring to a 1987 Indian intervention within the northern warfare zone.
In June 1987, Indian Air Power planes, escorted by fighter jets, flew over Sri Lanka and dropped practically 25 tons of reduction provides, together with dhal, to ethnic Tamil residents, which later led to the then Sri Lankan authorities to droop its navy offensive towards Tamil rebels in 1987. the area.
This measure went towards Sri Lanka’s refusal to just accept a unilateral Indian help mission to the Tamils, which Sri Lankan later protested as “a unadorned violation of our sovereignty. . . and territorial integrity.”
Nonetheless, India later helped Sri Lanka together with different worldwide powers to finish a virtually thirty-year warfare in 2009.
Balasuriya mentioned the connection with India has modified now.
“In two or three years, India would be the third largest economic system on this planet. India has been a real buddy. India stepped in when the IMF ought to have helped us, he mentioned, referring to $4 billion in help, together with an Indian credit score line, when Sri Lanka declared chapter in 2022.
CHINESE INVESTMENTS
“China is an important funding companion of Sri Lanka. We wish to additional deepen our relationship with China in the case of investing in Sri Lanka. We wish to be part of the worldwide provide chain,” he mentioned.
China turned the island’s primary lender and overseas investor after the tip of the warfare. Nonetheless, the West later blamed China for dragging Sri Lanka into the debt lure by offering loans for infrastructure tasks that by no means offered Sri Lanka with a return on funding.
China has rejected the accusation.
“With regards to political points such because the UN Human Rights Council, Russia and China have at all times supported Sri Lanka. So we should even be reciprocal. If we do not reply, different international locations will not help us.”
Sri Lanka’s strategic location within the Asia-Pacific area has attracted many world powers.
Balasuriya mentioned Sri Lanka should work intently with Western powers akin to Europe, the UK and america as they’re the island’s largest export markets.
“So we additionally need to work intently with European international locations and our values are similar to European values in the case of issues like human rights, in the case of issues like democracy.”
He mentioned many of the nation’s greenback remittances come from the Center East, whereas Sri Lanka desires to construct relations with rising regional powers akin to Indonesia, Iran and Nigeria, in addition to African international locations.
“As a small nation, Sri Lanka has no world political ambitions. We’re not going to invade any nation,” he mentioned.
“Our overseas coverage should due to this fact be geared toward making certain that Sri Lanka achieves financial progress. We wish to shift our overseas coverage extra in direction of financial diplomacy than political diplomacy.” (Colombo/05 February 2024)
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