The Hon. (Ms.) Lakmali Hemachandra, Attorney-at-Law

¶ 01 Thank you, Hon. Presiding Member.

¶ 02 We are debating the regulations under the Colombo Port City Economic Commission Act. Since there is no significant opposition even from across the aisle, I wish to reflect on the global situation and how Parliament and the public should respond.

¶ 03 We are in a global wartime context. In response to Israel’s strikes, Iran has targeted energy-related infrastructure across several Middle Eastern countries and impeded navigation near the Strait of Hormuz. One-third of the world’s oil flows through Hormuz; it is also crucial for food supply chains. Restrictions there have already affected oil and other supplies to Asia.

¶ 04 When supply is disrupted, prices inevitably rise—sometimes even to black-market levels. International bodies note this is one of the largest oil supply disruptions in history. Parliament must therefore treat this with gravity.

¶ 05 In the short term, this is difficult for our public and industries. Our ordered cargoes are arriving, but we must conserve resources to extend usage as much as possible. Hence, temporary measures—Wednesday holiday, QR system, a 25 percent cut in government fuel usage—are necessary. We acknowledge the hardship, particularly on informal and daily-income workers, but we must also prepare for the long term. This crisis presents an opportunity to brand Sri Lanka as a politically neutral, economically and energy-secure destination and build capacity to attract long-term investment.

¶ 06 Many countries are embroiled in the conflict or perceived as parties to it. Sri Lanka has maintained neutrality, as emphasized by the President, not only for immediate safety but to enhance our credibility as an investment destination. Our neutrality is itself a long-term economic investment.

¶ 07 Political stability is essential. Some groups appear to relish the prospect of instability, but such instability would undercut the very advantage our neutrality gives us. Economically, the National People’s Power Government has reduced the budget deficit to 2.4 percent, lowered interest costs, managed expenditure, increased revenue, restored fiscal stability, and retained over a trillion rupees in the Treasury. This stability must not be jeopardized by irresponsible politics.

¶ 08 We should leverage our foreign policy’s golden opportunity to channel investment towards long-term economic gains. That is my proposal.

¶ 09 Thank you.