Overview

Pillar 4 focuses on creating a comprehensive platform to engage Sri Lanka’s diaspora, emigrants, and migrant workers. With over 3 million Sri Lankan emigrants and 2 million migrant workers worldwide, this initiative aims to harness the potential of the Sri Lankan diaspora by encouraging remittances, investments, and knowledge-sharing. By developing a centralized processing system, the platform will facilitate easier remittances, secure investments, and provide services to support the well-being and rights of Sri Lankans abroad.

Mission Statement

To engage and empower the Sri Lankan diaspora, emigrants, and migrant workers by providing a centralized platform for remittances, investments, and support services. This initiative will strengthen ties between Sri Lanka and its global community, driving economic growth, social development, and the transformation of the nation for future generations.

Vision Statement

To create a globally connected Sri Lankan diaspora community that contributes to the economic growth and transformation of Sri Lanka. By leveraging their skills, resources, and remittances, this initiative will help build a prosperous future for Sri Lanka’s next generation and foster stronger social and economic ties with its citizens abroad.

Key Components of Pillar 4

Centralized Processing System (CPS) for Migrant Workers

Tracking and Registration: Develop a centralized system to track, register, and monitor Sri Lankan migrant workers globally, ensuring their rights are protected and providing legal assistance, healthcare, and financial support.

Streamlined Remittance Process: Simplify and digitize the remittance process to ensure fast, secure, and cost-effective transfers that benefit both migrant workers and the national economy.

Data-Driven Policies: The system will enable the government to create data-driven policies that enhance the management of migration and improve labor agreements with host countries.

Enhanced Diaspora Engagement

Investment Opportunities: Provide a secure platform for the diaspora to invest in local businesses, infrastructure projects, and technology startups. These investments will contribute to the development of the country and stimulate economic growth.

Cultural and Educational Programs: Engage the diaspora in cultural, educational, and skill-development programs to contribute their expertise to Sri Lanka's development.

Remittance Growth and Economic Impact

Increased Remittances: In 2023, Sri Lankan migrant workers sent home approximately USD 7.1 billion. By creating a more structured engagement platform and leveraging digital tools, Sri Lanka can increase remittances by 15-20%, adding an extra USD 1-1.5 billion annually.

Diaspora Investments: The initiative could encourage additional investments of USD 500 million to 1 billion annually from the diaspora for local infrastructure, education, and business ventures.

Total Value of Pillar 4

Overall, the estimated value generated through remittances and investments from the Sri Lankan diaspora is projected to be between USD 1-2 billion over five years.

Increased remittances could add an additional USD 1-1.5 billion annually through better engagement.

The initiative aims to attract an additional USD 500 million to 1 billion annually in investments into local development projects, businesses, and startups.

Conclusion: Transforming Our Motherland

Pillar 4 will play a critical role in strengthening Sri Lanka’s ties with its global community and ensuring that migrant workers and the Sri Lankan diaspora contribute significantly to the country’s economic transformation. With the potential to generate USD 1-2 billion in remittances and investments, this pillar will create a strong foundation for economic resilience and the well-being of future generations.