The Hon. Ravi Karunanayake

¶ 01 Hon. Deputy Chairperson of Committees, this is a moment when both the country and the world face challenges. But given Sri Lanka’s geography, we should maximize the advantages. Previous Ministers said such a problem is unprecedented, but in 78 years since Independence we have faced similar challenges. The question is not who faced them, but how we turn this into income for Sri Lankans now.

¶ 02 Minister Anil Jayantha outlined incentives to attract investment. A previous Government initiated the Colombo Port City. In 1977, President J.R. Jayewardene introduced the open economy and free trade zones; despite past opposition, we all now know the value of foreign investment. Therefore, as the Opposition, we are not here to block, strike or chase dollars away.

¶ 03 I speak for the entire Opposition: let us act non-partisan for what the country needs. The Port City is crucial as a special zone to develop services and attract investment, including offshore companies, with strong incentives. I have long argued that the IMF cannot prohibit us from offering such incentives or dictate policy into the future. With the current IMF programme ending by April 2027 — just 12 months away — we should use our policy space to incentivize investors in ways beneficial to the country.

¶ 04 On the Port City, why prioritize building houses inside when companies like Prime Lands and Home Lands already build excellently outside? One kilometre outside the Port City, direct tax is 30 per cent; inside it is not. Instead of shifting existing businesses inward to call it investment, let the banks operate: allow offshore banks with Central Bank support.

¶ 05 Given the Middle East situation — which I flagged 12–13 months ago — these are low-hanging fruits. The Central Bank should implement practical policies to attract offshore banking, insurance, crypto, and digitalization.

¶ 06 On 23 January 2025, we asked the Central Bank why digital currencies were not regularized; the answer was uncertainty. Now the courts tell the Central Bank to regulate. Parliament raised it earlier. The Central Bank must maintain true independence and help the country beyond exchange-rate management and inflation control.

¶ 07 We need incentives and service-sector development in the Port City. Services are 64 per cent of GDP — let us optimize that now.

¶ 08 With missiles falling unpredictably in the Middle East, market Sri Lanka. Minister Anura Karunathilaka gave a good reply earlier; I responded: use Mattala Airport. Offer free landings and draw Middle Eastern flights here. In the next few weeks, Qatar Airways can fly directly to Europe from here. Mattala can take A380s. Give services free to capture this opportunity. Why push housing inside the Port City when housing thrives just outside?

¶ 09 Our biggest problem is sustaining economic sustainability. When the economy crashed, Ranil Wickremesinghe fearlessly fixed it, setting politics aside. The response was to send his group to the Opposition and bring another Government, but the stability gained allows our forward path.

¶ 10 We have stability, but not yet the needed economic transformation. Structural reforms are urgent: - SOE reforms and commercialization, immediately. SriLankan Airlines reportedly loses Rs. 400 million a day — Rs. 12 billion a month; Rs. 144 billion a year — unacceptable for a national airline. - Trade reforms for market access: Where are the Sri Lanka–Singapore and Sri Lanka–Thailand FTAs, and the ETCA with India? India moves with FTAs like with Europe at zero tax. - Labour market reforms to penetrate the digital economy.

¶ 11 Look at short-term priorities, medium-term reforms and long-term transformation. We need a complete change and a new approach, not blame.

¶ 12 Let us focus on the future. People are tired of temporary fixes. We need a new journey. I urge the Government: every Government faces challenges; do what is in the national interest.

¶ 13 At this moment, a surgery for Ranil Wickremesinghe has been successful; we pray for his speedy recovery.

¶ 14 The United National Party achieved in one night what others could not in 30 years and took steps on the Port City. Digitalization, banking, education reforms, Mahapola, and shipping — all were driven by the UNP. Please, use this moment, led by the Port City, to push our economy forward. We need those investments.

¶ 15 Thank you.