The Hon. Wasantha Samarasinghe

¶ 01 As Chairman of the Committee on Public Finance, thank you. Madam Presiding Member, you too serve on that Committee. One day you all can speak on this. We will publish those lists. We have been in office nine months. Investigations 10 or 15 years old are proceeding. Some now realise it. We cannot forget history; we must uncover the transactions and punish those who looted public funds. Our investigative institutions are acting; we will continue.

¶ 02 Meanwhile, the Department of Import and Export Control is doing much, particularly on digitalization — providing online licensing and other technical facilities to importers and exporters, and accelerating processes. Alongside digitalization, we are moving to a digital economy, essential to strengthen the economy. We must also regulate to safeguard agricultural products, including through a License Control System embedded in digital checks, ensuring food and agricultural safety. The Department is doing vital national work; we will give them the technology and reforms needed to build a strong, regionally competitive digital economy.

¶ 03 On trade and investment policies, we have begun work on a National Tariff Policy. Why is it essential? In the past, some got tax relief as “friends,” others did not. That uncertainty deters investors. Stable tax policy attracts investment. We are studying global models. Singapore’s very low‑tariff approach suits a small island city‑state; Sri Lanka must protect many agricultural products and domestic industries. Switzerland uses low tariffs selectively; not everything can enter despite low rates — they have tight controls. Germany follows the EU Common External Tariff but secures advantages through negotiations. China uses strategic tariff adjustment, protecting domestic industry while lowering tariffs for high‑tech FDI. The US uses tariff flexibility to meet economic and political goals while protecting domestic industries, though critics warn of excessive consumer costs. Canada uses balanced protection.

¶ 04 We design our tariff policy to foster industrial growth, healthy competition, promote domestic production, and protect against threats from imports. Along with increased revenue needs, we must shift to a new tax policy that raises revenue without undue public burden, manage the trade balance and foreign exchange pressures through sensible import–export measures, protect consumers and quality standards, and prevent dumping. Parliament has already passed anti‑dumping and countervailing frameworks; we are preparing the required regulations for the Minister to act.

¶ 05 We will also encourage quality domestic production, secure jobs and industrial security, and reduce dependence on non‑essential imports by promoting local production. To attract FDI, Sri Lanka must have a reliable and transparent tax policy that remains consistent over years, not change every few months. That builds investor confidence and increases investment.

¶ 06 Within these processes, we must also reform systems to improve the business environment for importers and exporters while properly controlling what should not come in, replacing wrong practices with right ones. The President and Minister of Finance Anura Kumara Dissanayake leads this. Our two State Ministers, Dr. Anil Jayantha and Dr. Harshaana Suryapperuma, and the Treasury Secretary and department heads are changing old practices to put Sri Lanka on the correct track. I regret the near‑absence of the Opposition during this debate, and thank Dr. Harsha de Silva for remaining.