Impresses the nation with simple swearing-in ceremony sans fanfare of pomp and pageantry fancied by his predecessors
Commits to reinforce democracy through structural reforms and legal improvements
Reaches out to private sector saying it plays crucial role in nation’s rebuilding efforts; assures support to businesses and entrepreneurs
Admits there were many who didn’t vote for him but assures he will endeavour to win their trust
Promises cleaner politics and improving political culture
Calls on all Sri Lankans to contribute to collective effort needed to rebuild country
Stresses Sri Lanka needs international support
Newly elected President Anura Kumara Dissanayake yesterday pledged to reinforce democracy through structural reforms and legal improvements, stressing that the democratic process does not end with voting and electing leaders.
“By voting and choosing a leader alone, the democratic process does not end. We must empower democracy by strengthening structures and laws,” Dissanayake said. He pledged to do his utmost to advance the country’s democracy during his tenure.
President Dissanayake made this assurance during his inaugural speech, after he was sworn in as the ninth Executive President of Sri Lanka during a formal ceremony at the Presidential Secretariat in Colombo yesterday.
The ceremony was sans fanfare of pomp and pageantry fancied by his predecessors. Members of the clergy, a host of diplomats, members of the National People’s Power (NPP), and officials were present at the ceremony. Outside the Presidential Secretariat, people queued up to get a glimpse of President Dissanayake.
During his address, the new President acknowledged that the country is facing significant challenges, which he plans to tackle by promoting cleaner politics and improving the nation’s political culture. “We are inheriting a country with many challenges. Politics must become cleaner, and the political culture must improve. I am ready to dedicate myself to this task,” he affirmed.
President Dissanayake admitted there were many who didn’t vote for him but assured he will endeavour to win their trust. “Democracy helped me win. Some voted for me, and others didn’t. But my pledge is to work hard to win the trust of those who didn’t vote for me as well. This is an important part of my Presidency,” he emphasised.
Reflecting on the public’s declining trust in politicians, Dissanayake vowed to restore respect for politics and win back the people’s trust. “People have a poor impression of politics in Sri Lanka. My aim is to do everything possible to make people once again feel respect for politicians and regain their trust,” he promised.
In a humble reflection, Dissanayake emphasised that the ongoing crises cannot be solved by a single person, Government, or political party. He acknowledged his own limitations, stating: “I have said before, I am no magician. I am a common man with both capabilities and incapabilities. There are things I am knowledgeable about and things I am not, but I will make it my priority to gain the knowledge and skills needed to make the right decisions for the country’s betterment.”
He called on all Sri Lankans to contribute to the collective effort needed to rebuild the country, emphasising the importance of public participation in the process. “People have a great responsibility in this effort as well. I expect everyone’s support to help me fulfil the responsibilities of this post,” he said.
The new President also reached out to the private sector. “Businesses and entrepreneurs play a crucial role in the nation’s rebuilding efforts. We trust they will actively support the Government’s initiatives and contribute with the strength and dedication. They also need all the support they can get. We will give them that support and encouragement,” he stressed.
President Dissanayake assured the public that he will take decisive action to address the country’s challenges. “From my actions, I will make it clear to the citizens that I will take up and complete the tasks required to overcome the obstacles facing our country,” he vowed.
Addressing Sri Lanka’s position in the global community, Dissanayake highlighted the need for international cooperation, despite the complexities of global geopolitics. “We need international support. Despite the challenges of geopolitics, our expectation is to engage with the world for the benefit of the country,” he said. He reaffirmed that Sri Lanka should not be isolated and must move forward with other nations, assuring that he will make decisions as needed to ensure the country’s progress on the global stage.
In a gesture of respect, Dissanayake also commended outgoing President Ranil Wickremesinghe for accepting the people’s mandate and ensuring a smooth and democratic transfer of power. “I commend Ranil Wickremesinghe for his dedication to ensuring this democratic transition,” President Dissanayake added.
Apparel…
Exports to other markets rose by 31% to $ 73.32 million.
January to August cumulative exports to the US rose by 1.82% to $ 1.26 billion. Exports to the EU (excluding exports to the UK) remained down by 1.16% to $ 914.71 million. Exports to the UK have increased by 8.46% to $ 462.43 million and to other countries by 5.36% to $ 513.93 million.
Though August shows a strong recovery, the performance lags behind the record $ 535 million achieved in the same month of 2022 and $ 449 million in 2021. Last year, apparel exports were down by 19% to $ 4.4 billion from $ 5.48 billion in 2022.
Chinese…
Following is the full text of President Xi’s letter.
“On the occasion of your inauguration as President of the Democratic Socialist Republic of Sri Lanka, I would like to extend my sincere congratulations and best wishes to you on behalf of the Chinese Government and the Chinese people.
China and Sri Lanka are traditional friendly neighbours. Over the past 67 years, since our two countries established diplomatic relations, both sides have been lending mutual understanding and support to each other, setting a fine example of friendly coexistence and mutually beneficial cooperation between countries of different sizes.
I attach great importance to the development of China-Sri Lanka relations, and stand ready to work with you to jointly carry forward our traditional friendship, consolidate political mutual trust, and achieve more fruitful outcomes on high-quality Belt and Road cooperation so as to advance the sustained and steady growth of the China-Sri Lanka strategic cooperative partnership based on sincere mutual assistance and everlasting friendship and bring more benefits to the two peoples.
Wish Your Excellency every success and all the best.”
US…
“The United States remains committed to supporting Sri Lanka as it builds a stable, prosperous, and cohesive society. We look forward to working with President-elect Anura Kumara Dissanayake to further strengthen our bilateral ties, which are based on shared democratic values and respect for national sovereignty. We also look forward to promoting economic growth, security, and deeper cooperation between our nations,” the statement added.
Colombo…
The closing was commendable after the market plunged by over 200 points in early trading.
There has been a general view that listed equity investors were wary if either incumbent President Ranil Wickremesinghe or Opposition Leader Sajith Premadasa wasn’t elected at last Saturday’s poll. However, the late rally proved a change in sentiment; the credence of which hinges on the market sustaining the upward trajectory going forward.
First Capital said, despite experiencing a volatile trading session, the Colombo bourse closed the session in green for the fifth consecutive day as investors continued the positive sentiment from the previous week following the Presidential election.
The benchmark index, ASPI, experienced a steep decline of over 180 points during the first few minutes, yet recovered gradually during the day and closed the session at 11,097, gaining 130 points. Banking sector companies and blue-chip stocks gained momentum where COMB, HNB, SAMP, SPEN, and MELS emerged as the top positive contributors to the index. Turnover saw a decline from the previous session, but marked a 2.6% increase from the month’s average amidst improved participation of retail investors.
Moreover, the Banking sector solely contributed 36% to the overall turnover, whilst the Capital Goods and Diversified Financials sectors jointly contributed 32% to total turnover.
Foreign investors remained net sellers, with a net outflow of Rs. 5.2 million.
NDB Securities said indices closed in green as a result of price gains in counters such as Hatton National Bank, Commercial Bank, and Sampath Bank.
High net worth and institutional investor participation remained subdued for the day. Mixed interest was observed in Commercial Bank, Hatton National Bank, and Sampath Bank, whilst retail interest was noted in LOLC Finance, Browns Investments, and Softlogic Capital.
The Banking sector was the top contributor to the market turnover (due to Commercial Bank, Hatton National Bank, and Sampath Bank), whilst the sector index gained 2.31%. The share price of Commercial Bank increased by Rs. 2.50 to Rs. 90.90. The share price of Hatton National Bank gained Rs. 5.50 to Rs. 174.25. The share price of Sampath Bank moved up by Rs. 1.40 to Rs. 74.
The Capital Goods sector was the second highest contributor to the market turnover whilst the sector index increased by 0.97%. LOLC Finance and Browns Investments were also included amongst the top turnover contributors. LOLC Finance closed flat at Rs. 5.50. The share price of Browns Investments also closed flat at Rs. 5.30.
Erik Solheim…
“The left-wing candidate Anura Kumara Dissanayake was elected President of Sri Lanka this weekend. This is the first time since independence that the Sri Lankan people elect a party and a candidate from outside the traditional elite,” he noted via a post on ‘X’ yesterday.
Solheim noted that this unprecedented win reflects the widespread discontent felt by underprivileged Sri Lankans during the country’s economic crisis as well as the popular support for AKD’s anti-corruption stance and advocacy for increased welfare.
“Dissanayake, or AKD as he is affectionately called, comes from very humble upbringings in the Anuradhapura district. His party or coalition have never in the past been close to power. The result is a testimony to the pain underprivileged Sri Lankans have felt during the economic crisis. There is widespread sympathy for AKD’s fight against corruption and his call for more welfare for the people,” he added.
However, Solheim highlighted challenges ahead for the newly elected President. “The weakness of the election winner is that his coalition has very little experience running a complicated State like Sri Lanka. They will also struggle to implement their many promises in a most challenging economic environment,” he claimed.
He also suggested that AKD’s camp may struggle to achieve a majority in the Parliament.
“This election is certain to raise eyebrows in many foreign capitals. Diplomats should think twice. AKD has reached out to India, China, and the West during his campaign. We should all reciprocate and help him become a successful leader. A more prosperous, peaceful, and greener Sri Lanka is in everyone’s interest. AKD deserves help on that journey,” he said.
Solheim also praised the peaceful nature of the election, noting that it was the first in a long time where chauvinism and ethnic extremism played no role during the campaign.
“Many western nations can learn from the peacefulness of the election and the grace the main losing candidates Sajith Premadasa and Ranil Wickremesinghe showed towards the winner,” he pointed out.
Reflecting on Wickremesinghe’s tenure, Solheim credited him with restoring stability to Sri Lanka amidst an unprecedented economic crisis. “Wickremesinghe will go into history as the man who restored normalcy to Sri Lanka in the midst of the all-time economic meltdown. Hardly any leader in world history has been re-elected on the basis of implementing an IMF program. We will see more of Ranil,” Solheim said.
The proposal was presented by Wickremesinghe himself.
Following the meeting, the former President called for extending invitations to various parties, including the Samagi Jana Balawegaya (SJB), to join this unified opposition alliance, designed to effectively respond to upcoming electoral and political developments.
