The Hon. (Prof.) Ruwan Ranasinghe - Deputy Minister of Tourism

¶ 01 Hon. Speaker, today’s Debate is on the Agreement between Sri Lanka and the United Arab Emirates on the Promotion and Reciprocal Protection of Investments. As outlined in the Agreement’s objectives, it will encourage UAE investors to leverage Sri Lanka’s strategic position on Indian Ocean trade routes, provide a secure legal framework for protecting foreign investments, and establish cooperation mechanisms, investor protections and dispute‑resolution frameworks. This is foundational for rebuilding an economy bankrupted over decades by many now in Opposition.

¶ 02 To attract investments we must build investor confidence through economic and political stability. Within one year, we have strengthened that confidence. Consider the Colombo Stock Exchange: established in 1985, the ASPI stood around 11,800 by September 2024. By September 2025, it has surpassed 21,000—an increase of about 9,200 within our first year—reflecting renewed investor confidence. Our Government Leader has also clarified that around USD 1 billion in investments have been attracted this year.

¶ 03 Contrast indices: Sri Lanka ranked 121 on the Corruption Perceptions Index; the UAE ranked 23 (2024). On Ease of Doing Business, Sri Lanka was 99; the UAE was 7 (2024). Partnering with such a strong economy through this Agreement is a valuable opportunity. Sri Lanka’s GDP is about USD 89 billion; the UAE’s about USD 414 billion, with per‑capita income of USD 49,000 versus Sri Lanka’s approximately USD 4,500. This framework will protect both UAE investments in Sri Lanka and Sri Lankan investors seeking to invest in the UAE, and it requires a two‑thirds approval in Parliament.

¶ 04 Some in the Opposition termed this the “ice week,” suggesting our anti‑narcotics drive will fade in a week. It will not. We are dismantling the supply chain from the roots upwards—heads and middle links will follow through unimpeded investigations. Similarly, on Palestine, our Government has clearly stated support for a free Palestine and condemned the ongoing atrocities; as a small nation, we will contribute through appropriate forums. But this debate is on an investment protection agreement, and we should strengthen it rather than divert to unrelated matters.

¶ 05 We inherited a devastated, bankrupt economy and are proceeding with IMF support while stabilizing via remittances and tourism in the short term. For durable growth, we need long‑term investment inflows. This Agreement is the 28th of its kind; we intend to pursue more. I see no reasonable grounds for opposition. Let us approve it with a two‑thirds majority and work together to rebuild the economy, while also ensuring full accountability for those who cultivated narcotics and underworld networks that destroyed our children’s futures. Thank you.