The Hon. Faiszer Musthapha, PC

¶ 01 Hon. Deputy Chairperson of Committees, I welcome the Regulations under the Port City Act.

¶ 02 First, please stop talking and act. With the Middle East conflict, funds are looking for safer destinations. Offer similar concessions without being dictated by the IMF. Go there and entice investors now; safety is paramount to investment, and this is a great opportunity.

¶ 03 Eighty per cent of global trade is by sea; nearly two-thirds of global oil moves through the Indian Ocean. The Port City has 269 hectares, allows 100 per cent ownership, full capital repatriation and 137 authorized business activities. Compare DIFC in Dubai: 8,800 companies, 50,000 professionals, over US$ 200 billion invested. A key issue here is approval timelines: Port City has no fixed time for approvals; DIFC grants within 2–6 weeks; India’s GIFT City offers 10-year tax concessions and approvals within 2–8 weeks. Port City must have a transparent, time-bound approval mechanism. Questions at COPF about how some entities were approved and others not must be addressed. Also, establish a dedicated Commercial High Court and expedite arbitration for dispute resolution.

¶ 04 We must also protect domestic credibility. Following COPF discussions on Home Lands and Prime Lands, social media posts harmed reputations. Yet these companies have raised investments and prestige for Sri Lanka in Australia and Dubai. Do not publicly vilify local firms; engage and resolve issues. Many foreign developers have taken local buyers’ money and left — our local firms have delivered and applied to build high-rises in the Port City. Public disparagement harms their progress. Protect our companies.

¶ 05 For the Port City to succeed, ensure expeditious, transparent approvals. Once again, I appeal: do not wait; go to the Middle East and offer the same facilities Dubai offers.

¶ 06 Life is a risk. In conflict, investors seek alternatives. Take calculated risks; offer concessions. Do not be dictated by the IMF. Tell the IMF that for growth and debt service we must grant concessions. This is a golden opportunity — move now.