Sri Lanka aims to achieve the same levels of personal freedom, legal fairness, and economic opportunity found in Australia, a senior government minister told an audience of Sri Lankan business leaders in Melbourne.
Minister of Industry and Entrepreneurship Development Sunil Handunnetthi laid out the vision during a gathering of Sri Lankan business leaders in Melbourne, saying the country is moving quickly to make it a reality.
He acknowledged that many Sri Lankans have migrated abroad, especially to Australia, in search of better education, careers, and greater personal freedom.
Addressing those who have made the journey, the minister promised their home country would soon become a place where future generations need not leave to find a better life.
“You might have left for Australia for education, business, or for a life with freedom and independence. I promise today, alongside you and the 18 million people who voted for us, that within a short period we will transform Sri Lanka into a country like Australia, where future generations can study and live with freedom, with equal laws, and where you would want to reside,” he said, as cited by the Daily Mirror.
Handunnetthi stressed that Sri Lankans at home and overseas remain part of a single community, even separated by thousands of kilometres.
“A majority of those here are Sri Lankans. Despite the language we speak, we are from the same country, living at a 10-hour distance,” he remarked.
Building a transparent, investment-friendly economy
The minister revealed that comprehensive measures are already in place to build a more open and honest economic environment, free from corruption and attractive to investors.
He also highlighted progress under the International Monetary Fund’s Extended Fund Facility, noting that the fifth and sixth reviews were completed in May, unlocking US$695 million in disbursements and bringing total support under the programme to roughly US$2 billion.
The official called on business owners both at home and abroad to lead the way in developing the nation’s industrial and technological capacity.
Past the crisis, into recovery
Meanwhile, Central Bank Governor Dr Nandalal Weerasinghe recently asserted that Sri Lanka has moved past its most severe downturn and entered a phase of steady expansion.
“Clearly after the crisis, the economy is recovering nicely. Around five per cent is very good growth,” he stated.
He noted that the currency has stabilised after coming under pressure earlier in the year, and inflation has accelerated but remains within manageable bounds.
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Growth outlook and policy foundations
The central bank chief projected growth of four to five per cent for the second half of 2026, with potential to settle near five per cent annually in subsequent years.
According to him, policy reforms, fiscal discipline, and greater private sector participation form the backbone of the country’s new appeal to investors.
“For ten years and the next couple of years, this is the growth that we are seeing over the next couple of years,” he told Bloomberg Television’s Asia Trade.
“So, Sri Lanka takes its investment pitch to Australia.”
Global energy prices remain a major challenge
Despite the positive outlook, rising international oil prices represent the biggest threat to momentum.
As a net importer of energy, Sri Lanka remains vulnerable to higher costs for fuel and shipping, which could squeeze margins and slow expansion.
“If the oil prices remain around US $80 a barrel … then we can manage the situation,” Weerasinghe cautioned.
“But an upside surprise would present a fresh challenge.”
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