Sri Lanka’s Ocean Is Its Economic Lifeline : ADB

COLOMBO (News 1st); Asian Development Bank (ADB) Country Director for Sri Lanka, Takafumi Kadono, has called for a strategic and sustainable approach to developing Sri Lanka’s blue economy, emphasizing the need for investment, regulation, and branding to unlock the full potential of the island’s vast maritime resources.

Speaking at a high-level forum, Kadono noted that Sri Lanka is uniquely positioned to lead in ocean-based development, but warned that success depends on protecting marine ecosystems, empowering coastal communities, and ensuring long-term resilience.

“You have everything,” Kadono said. “But there needs to be further investment, better regulation, and branding. It’s not just about enjoying the ocean—it’s about protecting it and shaping a more resilient future.”

Kadono highlighted the ADB’s multi-pronged strategy to support high-value, low-impact interventions that balance economic growth with environmental stewardship. He pointed to marine tourism, fisheries, and logistics as key sectors that can generate livelihoods while conserving fragile ecosystems.

“Ports move cargo, but tourism moves lives,” he added, stressing that infrastructure and people must grow together in the blue economy.

Kadono also emphasized the importance of private sector participation, urging the government to focus on creating a stable and enabling environment for investment, rather than crowding out areas where private capital can be more effective.

“The ocean surrounding Sri Lanka is more than a backdrop—it is a partner in economic progress,” he said. “The waves that lap our shores must carry not just vessels, but opportunity, resilience, and prosperity for generations to come.”

With over five decades of partnership in Sri Lanka’s development journey, the ADB reaffirmed its commitment to financing, knowledge sharing, and innovation, as the country charts a new chapter in sustainable growth.