Hon. Rajeevan Jeyachandramoorthy

¶ 01 [3.45 p.m.]

¶ 02 Hon. Presiding Member, I rise to speak on the Agreement between Sri Lanka and the United Arab Emirates on the Promotion and Reciprocal Protection of Investments. This Agreement is not merely a legal instrument but a renewed vision for Sri Lanka’s economic future built upon stability, partnership and shared prosperity.

¶ 03 At Independence in 1948, Sri Lanka was regarded as the third richest in Asia, behind Japan and Malaysia. With fertile lands, a literate population and a strategic location, expectations were high. But decades of ethnic conflict and instability consumed us, while Malaysia, Singapore and the UAE opened to FDI. We struggled for peace at home and missed opportunities.

¶ 04 One vivid example: Motorola considered Sri Lanka but chose Malaysia due to instability and policy uncertainty; that investment helped catalyze Malaysia’s transformation into a technology and manufacturing hub. Many others bypassed Sri Lanka for the UAE, Singapore and Malaysia—states with stability, clear policies and investor confidence. Lost opportunities teach us never to repeat past mistakes.

¶ 05 The UAE’s transformation in under five decades—from an oil-dependent desert economy to a global hub for trade, finance, technology and tourism—shows what vision, planning and execution can achieve. Today it leads in AI, renewables, fintech, logistics and modern infrastructure.

¶ 06 Sri Lanka and the UAE established diplomatic relations in 1979. Our partnership has grown in trade, investment and people-to-people ties. Nearly 300,000 Sri Lankans live and work there, contributing to both economies. The UAE is our seventh-largest export market and third-largest source of imports. Beyond money, this is about knowledge sharing, technology transfer and placing Sri Lanka on the global investment map.

¶ 07 I urge the House to support and approve the Agreement. By doing so, we protect investments and build a bridge of shared prosperity so Sri Lanka does not miss future opportunities as we did in the past.

¶ 08 Thank you.