Following independence, for a few decades, Sri Lanka boasted the strongest and the most prosperous economy is Asia. However, today, this prosperous economy has completely collapsed resulting in debt obligation of billions of Dollars to the rest of the world. Millions of people have lost employment and have fallen victims to the cycle of poverty. Driven by the country’s financial situation, frustration among people have risen across Sri Lanka, deeply impacting economic, social and political sectors.

The economic process of the country needs to be created on a philosophical foundation which empowers economic, social, political, cultural and religious sectors. Accordingly, a backdrop for sustainable economic development needs to be constructed, whilst protecting the environment. The need of this era, therefore, is to develop an economy which integrates the economic potential created within the Indian ocean into the wider global economy.

It is imperative to develop a ‘citizen economic process’ based on science and technology consistent with environment protection, which empowers entrepreneurship created through the education system of the country, backed by research data.

The objective of the Israel Sri Lanka Cooperation Association is to lay the foundation to creating a flourishing economy by developing a bilateral economic agreement instigated through a study of how the Israeli economic process is empowered, and integrating its points of excellence into the Sri Lankan economy.