World Bank says Sri Lanka can boost growth through technology, innovation

COLOMBO, Feb. 5 (Xinhua) -- The World Bank on Wednesday said that Sri Lanka could further grow through stronger technology and innovations as some innovative solutions in the country's transport and water sector could improve the delivery of public services, and harness the private sector to boost the economy, create jobs, and lift people out of poverty.


File photo: CGTN

In a statement released by the World Bank following the conclusion of a 4-day visit by World Bank Vice President for South Asia Hartwig Schafer, the bank said that during his visit, Schafer gained a better understanding of Sri Lanka's development priorities under the new government and how the World Bank's financial and knowledge resources can be deployed for maximum impact.

"Sri Lanka is today an upper-middle-income country with some of the best human development indicators in South Asia. These are tremendous achievements that the World Bank is proud to have helped achieve as a trusted partner of over 60 years," Schafer, quoted in the statement said.

"We look forward to working closely with the government in the preparation of our new country strategy and our collaboration as development partners," Schafer said.

During his visit, Schafer also discussed some of the government's key priorities, such as investments in human and physical capital, public sector reforms, creating skilled jobs for youth, and responding to the health needs of a rapidly aging population.

He also commended the government's focus on tourism as an engine of sustained growth.

Promoting innovation in agriculture to adapt to climate change while developing systems of value addition to promote growth were also discussed.