President Ranil Wickremesinghe of Sri Lanka expressed the importance of aligning with India's industrial growth during the Industry 2024 event in Colombo. He emphasized the need for collaboration with India in areas like solar, wind power, and liquid hydrogen, citing Adani projects in Sri Lanka as pioneers in these efforts. Despite facing economic difficulties and debt restructuring negotiations, Wickremesinghe aims to transform Sri Lanka into an export-oriented economy to tackle financial challenges. The IMF has acknowledged Sri Lanka's recovery efforts but warns that sustained reforms are crucial for ensuring long-term economic stability. Wickremesinghe also mentioned ongoing discussions with External Affairs Minister Dr S Jaishankar regarding initiatives discussed with Prime Minister Narendra Modi during a previous visit to India. Sri Lanka, once facing a sovereign default, has been working on securing a bailout from the IMF, with the government aiming to extend the repayment timeline until 2042. The president stressed the shift from an import-oriented to an export-oriented economy as a vital step towards financial sustainability, highlighting the necessity for competitiveness in local industries.