by Maheesha Mudugamuwa

Technology and Research Minister Patali Champika Ranawaka addressing the Biennial Conference on Science and Technology (BICOST) at Waters Edge Hotel

Technology and Research Minister Patali Champika Ranawaka addressing the Biennial Conference on Science and Technology (BICOST) at Waters Edge Hotel

The expansion of Sri Lanka’s leisure and entertainment economy had led to a new social crisis and a dialogue had also emerged in society on corruption and good governance, Technology and Research Minister Patali Champika Ranawaka stressed on Monday (07).

Addressing the seventh Sri Lanka Biennial Conference on Science and Technology (BICOST) and the launch of National Research and Development Investment Framework for 2015-2020 at Waters Edge Hotel, Minister Ranawaka said that no clear dialogue had yet emerged on the future strategic direction of Sri Lanka’s economic development.

Some people believed that an enhanced service economy, with a vibrant leisure-and-entertainment sector would result in economic growth, while some others talk about corruption and good governance but not about economic development, the minister said. Another section criticised anything and everything as usual with little knowledge of the subject of economic development, he added.

The country was gradually being ensnared in what was known as the middle income trap, Ranawaka said, noting that Sri Lanka was steadily progressing from the rank of a lower middle income country towards the next higher income bracket of USD 4,000–8,000.

“The time has come for us to view the economic future of the country from a more rational perspective,” Ranawaka added. “There is no reason why Sri Lanka’s economy cannot leap-frog straightaway to an innovation-driven economic growth as its dominant strategy for growth.”