During the inaugural meeting of the 5^th session of the 9th Parliament held yesterday (14), Assistant Secretary General of Parliament, announced to the Committee on Public Finance (COPF) that Hon. (Dr.) Harsha de Silva, Member of Parliament, has been re-appointed as the Chair of the Committee. The Assistant Secretary-General informed the Committee that the Committee of Selection had nominated Members of Parliament to serve on the Committee on Public Finance, and Hon. (Dr.) Harsha de Silva’s re-appointment as the Chair was confirmed on the 8th of February.

The COPF tackled the pressing issue of the significant delay in establishing a gaming regulator, leading to the summoning of the Director-General, Fiscal Policy. Despite the agreed-upon deadline of December 31, 2023, for the regulator’s establishment, it remains unresolved, with COPF receiving no responses to its follow-up inquiries. Stressing the vital role of a gaming regulator in both attracting investment and recouping billions of lost revenue, COPF members emphasized the urgency of this legislation. They highlighted that inadequate regulations result in substantial losses for the government. Consequently, the MOF representative indicated a need for additional expertise to construct a robust revenue model similar to Singapore’s.

The Committee instructed the Director General to provide details on physical and online casinos, including tax amounts, and requested a proposed plan to recover outstanding taxes. COPF granted a two-week extension for this while expecting completion of the legislation by March 31st, as agreed.

The Committee also approved the Secured Transaction Bill, paving the way for the implementation of the Secured Transactions Act of 2023 in Sri Lanka. This Act establishes clear rules for securing transactions involving movable property, ensuring creditors’ rights are protected and prioritized. It mandates the creation of the Secured Transactions Registration Authority to oversee registration and maintenance of security rights, aiming to streamline the process and provide SMEs with better access to credit for growth. In essence, this legislation enables individuals to use movable assets, like household appliances or business equipment, as collateral to secure loans for business development. It fosters increased credit availability for SMEs while ensuring the integrity of transactions through the registry authority, guarding against fraudulent activities.

The Committee on Public Finance also took into consideration Order under Subsection (4) of Section 3 under Strategic Development Projects Act No. 14 of 2008 and the Regulations under the Imports and Exports Control Act, No. 1 of 1969. Following consideration, the Committee approved the said Order and Regulation.

State Ministers Hon. (Dr.) Suren Raghavan, Hon. (Dr.) (Mrs.) Seetha Arambepola, Members of Parliament Hon. Johnston Fernando,Hon. Mahindananda Aluthgamage, Hon. Duminda Dissanayake, Hon. Wajira Abeywardana, Hon. Madhura Withanage, Hon. U. K. Sumith Udukumbura, Hon. Chandima Weerakkody, Hon. M. W. D. Sahan Pradeep Withana, Hon. Harshana Rajakaruna,Hon. Premnath C. Dolawatte were present at the Committee meeting held.

Thai PM Honoured as Guest of Honour at 76th Independence Day Celebration

Sri Lanka-Thailand Free Trade Agreement Unveiled: A New Chapter in Bilateral Economic Cooperation

In a momentous Joint Press Conference today (03), President Ranil Wickremesinghe expressed his utmost pleasure in welcoming Prime Minister Srettha Thavisin and his distinguished delegation to Sri Lanka. The occasion marked a pivotal step towards strengthening bilateral ties and fostering economic cooperation between the two nations.

President Wickremesinghe extended gratitude to Prime Minister Thavisin for accepting the invitation to be the Guest of Honour at the upcoming 76th anniversary celebration of Sri Lanka’s independence, scheduled for tomorrow (04).

The primary focus of this visit revolves around accelerating economic collaboration between Sri Lanka and Thailand. President Wickremesinghe highlighted the untapped potential for expanding trade and investment ties between the two countries, emphasizing the significance of their strengthened economic partnership.

A major milestone of the visit was the signing of the Sri Lanka-Thailand Free Trade Agreement (SLTFTA), the second such agreement Sri Lanka has forged with an ASEAN partner. The President emphasized the expeditious conclusion of the agreement, underscoring its potential to boost trade and investment ties significantly.

The leaders also renewed the Air-Services Agreement to enhance connectivity and inked a Memorandum of Understanding between the Gem and Jewellery Research and Training Institute of Sri Lanka and the Gem and Jewellery Institute of Thailand, further promoting economic, trade and tourism exchanges.

President Wickremesinghe highlighted the productive discussions on elevating Sri Lanka-Thailand relations, focusing on tourism, trade and various areas of economic cooperation. Notable agreements were reached in the defence sector, emphasizing information and intelligence sharing to combat transnational organized crime.

Following is the full speech delivered by President Ranil Wickremesinghe at the joint press briefing;

I am extremely pleased to welcome Prime Minister Thavisin and accompanying high level delegation including the Deputy Prime Minister and Minister of Commerce and the Deputy Minister of Foreign Affairs to Sri Lanka. I want to thank Prime Minister Thavisin for accepting my invitation to be the Guest of Honour at the celebration of the 76th anniversary of Sri Lanka’s independence, which will be held tomorrow.

The main focus of this visit is accelerating economic cooperation between Sri Lanka and Thailand. There is significant potential for the expansion of trade and investment ties between our two countries which have remain largely untapped.

The Prime Minister and I witnessed the signing of the Sri Lanka-Thailand Free Trade Agreement (SLTFTA) a short while ago. This is the second FTA Sri Lanka is concluding with an ASEAN partner, the first being with Singapore. The two sides worked expeditiously to conclude this agreement highlighting the strong interest of both Governments on this important endeavour. This is a milestone in our economic partnership and operationalizing the FTA will be a priority. The FTA is expected to boost trade and investment ties between the two countries.

Additionally, we have renewed the Air-Services Agreement to enhance connectivity between the two countries and a MoU has been concluded between the Gems and Jewellery Research and Training Institute of Sri Lanka and the Gems and Jewellery Institute of Thailand. Both of these agreements will enhance economic, trade and tourism exchanges.

Today, we have also had a very productive discussion on elevating Sri Lanka –Thailand relations. During the bilateral discussion between our two delegations which concluded a little while ago, we covered a wide range of areas of cooperation. There is considerable potential to develop tourism, trade and other areas of economic cooperation between Sri Lanka and Thailand. We see great potential for enhanced investments from Thailand coming into Sri Lanka and we discussed possible areas for collaboration. We have also had a detailed exchange on cooperation in the agriculture and fisheries sectors which both countries have a keen interest in pursuing.

In the area of Tourism we have spoken in particular on promoting the Buddhist tourism routes and marine tourism. In order to facilitate travel between the two countries, we have agreed to consider entering into an agreement for a visa free travel arrangement on reciprocal basis. Our officials will work towards finalizing this arrangement early.

I thank the Prime Minister and the Government of Thailand for the assistance extended by the Thailand International Cooperation Agency (TICA) over the years for capacity building, sharing of expertise, and training provided to Government officials in Sri Lanka by the Thai side in areas including fisheries, SMEs, tourism, climate change, public health, and agriculture.

We have also had a very useful discussion on cooperation in the area of defence and intend to augment our defence sector cooperation in the future. In particular sharing information and intelligence between defence establishment of both countries to curb transnational organized crime including human trafficking, drug smuggling, money laundering and financing of terrorism is important.

We also discussed that Sri Lanka and Thailand have cooperated well in regional fora such as BIMSTEC, IORA, ACD and the ASEAN Regional Forum (ARF). I congratulated Thailand on the initiatives undertaken during their Chairmanship of BIMSTEC in particular the Bangkok Vision 2030 which aims to propel BIMSTEC towards a prosperous, resilient, and open region, fostering sustainable and balanced growth. As partners in the Indian Ocean region, we look forward to collaborating with Thailand along with other IORA partners within IORA which Sri Lanka is chairing at present.

The two countries have also worked well at various multilateral fora. I highlighted to the Prime Minister that there is much that needs to be done by likeminded countries of the Global South such as Thailand and Sri Lanka to create an effective impact in shaping the evolving new world order.

As you are aware, Sri Lanka has made significant progress in economic stabilization since the economic crisis of 2022. One of my principle strategies of economic growth and prosperity is to enhance bilateral trade, particularly with proven future potential of the East Asian and ASEAN region including Thailand. We are ready to engage with external partners and our aim is to ensure prosperity for our people.

With the advent of the Asian century, we believe there is expanded scope for cooperation between our Sri Lanka and Thailand, building on the traditional friendship that we already share.

One of the foremost tenets of my government’s foreign policy is deepening economic integration with the Southeast Asia region. We also wish to be a part of the RCEP (Regional Comprehensive Economic Partnership) which is the world’s largest free trade pact, encompassing 15 Asia-Pacific economies and covering about 30% of the world’s gross domestic product and population. As Sri Lanka begins to stabilize its economy and regain international confidence towards recovery and growth, we are looking at Thailand’s support as Sri Lanka undertakes this very important journey of economic transformation and integration with Asia.

Our business communities will be meeting following this briefing at the Sri Lanka- Thailand Business Forum. I am pleased to see that a high-level business delegation of 21 companies from Thailand are also in Sri Lanka representing inter alia food and food processing, healthcare, energy, hospitality, tourism, fisheries, agriculture and manufacturing sectors during this visit, demonstrating the keen interest on building synergies with the Sri Lankan business community. This will be a very useful opportunity for our companies to hear from the Prime Minister and me directly and understand the potential for trade and business. We will be creating many more such opportunities for our companies to interact more regularly, in the future.

I want to thank you Prime Minister Thavisin and accompanying high level delegation for your visit to Sri Lanka which has further cemented our existing historical and religious connections as in the economic sphere and I look forward to working closely on the initiatives we have taken during this visit.

Meanwhile, in a demonstration of deep respect and gratitude, Thai Prime Minister Hon. Srettha Thavisin expressed gratitude for the warm welcome from President Wickremesinghe and the Government of Sri Lanka. The leaders discussed a broad range of topics, emphasizing their shared historical and cultural ties, culminating in the signing of a pivotal Free Trade Agreement.

The Sri Lanka-Thailand Business Forum, promises significant business opportunities, encouraging private sectors to explore two-way trade and investment. Two essential MOUs were signed, focusing on enhanced air services and gem and jewellery cooperation.

Thailand’s ambitious land bridge project connecting the Andaman Sea and the Gulf of Thailand aims to fortify connectivity, with collaborative efforts with Sri Lanka on the horizon. The leaders agreed to promote investments in sectors such as fisheries, food processing, tourism, hospitality and green energy.

In a significant announcement, Thai Airways International will resume daily flights between Bangkok and Colombo from March 31st, fostering closer ties. Thailand proposed trilateral collaboration on cruise tourism, with a focus on cultural and Buddhist tourism.

Visa-free arrangements and a Memorandum of Understanding on visa exemption are under discussion, enhancing people-to-people connections post-FTA signing.

Thailand reiterated support for Sri Lankan human resource development, focusing on agriculture and fishery sectors. The joint initiative on elephant welfare and habitation is progressing, reflecting shared values.

The leaders expressed intent to maximize shared values bilaterally and in multilateral fora, with Thailand’s hosting of the sixth BIMSTEC Summit this year. As a candidate for ASEAN membership in the Human Rights Council, Thailand anticipates effective collaboration with Sri Lanka.

Prime Minister Hon. Srettha Thavisin extended warm felicitations on Sri Lanka’s 76th independence anniversary, expressing sincere appreciation for the hospitality and arrangements.

In response to the island-wide strike by trade unions in the health sector, the Sri Lanka Army deployed its troops to government hospitals across the country on today (1 Feb). This action, taken at the request of the Ministry of Defence and under the guidance of Lieutenant General Vikum Liyanage RWP RSP ndu, the Commander of the Army, aims to ensure the uninterrupted provision of essential medical services to the public.

Accordingly, troops were deployed at Colombo General Hospital, National Eye Hospital, Dental Hospital Colombo, Homagama Base Hospital, Kalubovila Teaching Hospital, Mirigama Base Hospital, District General Hospital Avissawella, Kurunegala Teaching Hospital, Maravila Base Hospital, Dankotuwa Base Hospital, Angoda Hospital, IDH Angoda, Angoda East Hospital, Athurugiriya Base Hospital, Nawagamuwa Base Hospital, and Nevil Fernando Hospital, Bandaragama Base Hospital, Balangoda Base Hospital, Ehaliyagoda Base Hospital, Kegalle Teaching Hospital, Matara Teaching Hospital, Karapitiya Teaching Hospital, Udugama Base Hospital, General Hospital Monaragala, Hambantota Hospital, Debarawewa Base Hospital, and Dehiaththakandiya Base Hospital, in collaboration with respective hospital authorities.

Army personnel have been stationed at various hospitals under the vigilant supervision of the respective Security Forces Commanders. This proactive measure aims to provide crucial support and maintain the seamless operation of healthcare services. Troops also remain on standby to deploy swiftly in case of emergencies.