Global & International Business
View all(53)Sri Lanka & Japan Boost Cooperation in Digital Transformation and AI 📈
• High-Level Engagement: The Ministry of Digital Economy held discussions with a Japan International Cooperation Agency (JICA) delegation to expand bilateral partnership in digital transformation and artificial intelligence. • Digital Broadcasting Infrastructure: Key focus was given to accelerating the Digital Television Project and exploring local production of Set-Top Boxes to bolster domestic manufacturing and reduce import dependency. • AI Infrastructure & Capacity: Both sides discussed setting up a National AI Data Centre for Sri Lanka's future AI infrastructure, alongside joint capacity-building initiatives, tailored AI solutions, and international technical knowledge exchange.
📈 Urgent Call to Fill Key Diplomatic Vacancies in US and China
General Secretary of the BRICS Chamber of Commerce, Kosala Wickramanayake, has issued an open letter to President Anura Kumara Dissanayake and Foreign Minister Vijitha Herath calling for immediate envoy appointments to Beijing and Washington D.C. • China Vacancy (Strategic Gap): The Ambassador position in Beijing has been vacant for over six months. China is Sri Lanka’s second-largest economy partner and a crucial player in debt restructuring, infrastructure, and foreign direct investment. • US Vacancy (Critical Export Market): The US is Sri Lanka’s largest single export market, absorbing nearly 30% of Sri Lankan goods. Prompt representation is vital to secure market share, advance IMF engagement, and support sectors like export trade and apparel & textiles. • Proposed Actions: • Concurrently nominate ambassadors for both capitals within 30 days. • Select envoys with commercial credibility and diplomatic acumen over political seniority to drive economic recovery.
📈 Sri Lanka Resumes Australia 'Invest Sri Lanka' Forums After 9 Years
• Overview & Events: The Securities and Exchange Commission (SEC) and Colombo Stock Exchange (CSE) are hosting the 'Invest Sri Lanka' Investor Forums in Sydney and Melbourne from 17th to 20th August 2026. This marks the first Australian roadshow since 2017, targeting institutional investors and the diaspora. • Market Growth & Valuation: The All-Share Price Index (ASPI) expanded by 360% (CAGR of ~28.98%), surging from 4,846 points in May 2020 to 22,310.80 points by May 2026. Sri Lanka’s market Price-to-Earnings (P/E) ratio stands at 11.20x— Asia's 2nd lowest. • Australian Inflows & Inbound Remittances: Following the 2017 forum, Australian buy turnover rose over 700% from LKR 72.9mn to LKR 603.8mn in six months. By end-2025, buy turnover hit Rs. 1.85 bn, establishing Australia as a top-10 source for foreign market inflows and diaspora remittances. • Key Stakeholders: Key participants include the capital markets, banking sector (Platinum sponsor HNB Group), real estate & infrastructure (CHEC Port City Colombo), and the Board of Investment (BOI).
🇷🇺 Russian Construction Giant NOSTROY Visits Sri Lanka to Boost Bilateral Links 📈
A 24-member business delegation from Russia’s National Association of Builders (NOSTROY)—representing over half of Russia's construction companies—visited Sri Lanka from 22–25 July to explore trade, investment, and labour mobility. • Key Discussion Areas: • Infrastructure & Urban Development: Discussions held with the Ministry of Transport, Highways & Urban Development, Urban Development Authority (UDA), and Board of Investment (BOI). • Tourism: Strategic talks on foreign investment in hotel development and tourism infrastructure via SLTDA and BOI. • Foreign Employment: Bilateral talks with the Sri Lanka Bureau of Foreign Employment (SLBFE) to secure job opportunities for qualified Sri Lankan construction professionals in Russia. • High-Level Engagement: • Delegation led by NOSTROY Vice President Anton Moroz. • Met with Foreign Affairs, Foreign Employment & Tourism Acting Minister Arun Hemachandra and Tourism Deputy Minister Prof. Ruwan Ranasinghe.
Port City Colombo Expands Regional Investor Outreach to Maldives 📈
The High Commission of Sri Lanka in the Maldives and CHEC Port City Colombo (Pvt) Ltd hosted the Port City Colombo Investor Forum on 10th August 2026 in Malé. The event targeted Maldivian business leaders, investors, and developers to promote cross-border investment and regional expansion across South Asia. • Key Highlights & SEZ Incentives: • Project Scope: 269-hectare master-planned city and Special Economic Zone (SEZ). • Ownership & Capital: 100% foreign ownership with full capital and profit repatriation. • Currency Flexibility: Facilitates transactions across 16 designated foreign currencies. • Regulation: Single-window regulatory framework managed under the Colombo Port City Economic Commission Act 2021. • Banking & Strategic Presence: • Direct presence of Sri Lankan banks in the Maldives—including Bank of Ceylon, Commercial Bank of Ceylon, and Hatton National Bank—supports seamless transaction gateways. • Commercial Bank of Ceylon has opened a physical branch inside the SEZ to service investors directly. • Regional Strategy: • Follows similar investor outreach forums held in Singapore, the UAE, and Oman earlier this year. • Aims to move bilateral ties with the Maldives beyond traditional tourism and trade into high-value investment, innovation, and commercial partnerships.
📈 Sri Lanka and EU Hold Ministerial Investment Dialogue to Drive Reforms
• Key Objective & High-Level Engagement: The Government of Sri Lanka and the European Union (EU) convened a ministerial-level Investment Dialogue at Shangri-La Colombo on 31 July 2026. The session aimed to sustain investor confidence, enhance policy consistency, and expand economic cooperation under Sri Lanka's IMF-supported reform programme. • Regulatory & Policy Reforms: Following an independent Investment Climate Assessment, discussions focused on translating economic vision into practice through key reforms: - Implementation of a digital Single Window Investment Approval System - Introduction of the proposed Investment Protection Bill - Modernization of customs and industrial zones • Trade & Market Access: - Emphasized the critical importance of continued preferential market access under the EU GSP+ scheme, which expires on 31 December 2026. - Highlighted investment expansion opportunities via the EU’s Global Gateway strategy. • Key Participants: Represented by the Chairman of the Board of Investment (BOI), Deputy Ministers of Finance, Foreign Affairs, and Industries, alongside the EU Ambassador and Ambassadors of France, Germany, Italy, and the Netherlands.
📈 President Dissanayake Meets CCCC Delegation to Expand Port City & FDI Focus
• Key Discussions: President Anura Kumara Dissanayake met with a senior China Communications Construction Company Limited (CCCC) delegation led by Zhang Bingnan at the Presidential Secretariat to review ongoing and future development initiatives centered on Colombo Port City. • Sector Expansion: Citing high confidence in Sri Lanka's current economic policies, CCCC expressed interest in expanding foreign investment into key sectors including renewable energy, trade & logistics, and digital services to position the country as a regional hub. • Employment & Local Impact: CCCC committed to sourcing 90% of the workforce for its investment projects locally, supporting national employment and workforce development. • Key Attendees: The high-level meeting included Minister of Labour & Deputy Minister of Finance Dr. Anil Jayantha Fernando, Colombo Port City Economic Commission Chairman Harsha Amarasekera, alongside senior executives from CCCC and China Harbour Engineering Company (CHEC).
New Chinese Envoy Signals Deeper China-Sri Lanka Economic Cooperation 📈
• Diplomatic Leadership: Newly appointed Chinese Ambassador Wei Huaxiang has assumed office, pledging to strengthen the synergy of development strategies and expand mutually beneficial economic cooperation. • High-Level Engagement: The partnership enters a new phase following 2025 meetings between Chinese President Xi Jinping, Sri Lankan President Anura Kumara Dissanayake, and Prime Minister Dr. Harini Amarasuriya. • Core Frameworks: Reaffirmed commitments to collaborative economic projects under the Belt and Road Initiative, building on historical bilateral trade roots such as the Rubber-Rice Pact (rubber and rice trade). • Key Milestones Ahead: Serves as a prelude to 2027, which marks the 70th anniversary of official diplomatic relations and the 75th anniversary of the historic Rubber-Rice Pact.
India & Sri Lanka Reaffirm Energy Partnership & Review Key Power Projects ⚡
• Energy & Power Sector Cooperation India and Sri Lanka held high-level ministerial discussions in New Delhi to review progress on strategic bilateral initiatives, aiming to enhance regional energy security and drive clean energy transition. • Key Projects Reviewed • Proposed India-Sri Lanka HVDC interconnection project • Sampur Solar Power Project • Focus Areas & Frameworks Both countries agreed to deepen cross-border electricity trade, renewable energy integration, and transmission infrastructure. India shared its framework for transmission development using Tariff-Based Competitive Bidding (TBCB) under a Public-Private Partnership (PPP) model. • Strategic Context Led by Indian Union Minister Manohar Lal and Sri Lankan Energy Minister Anura Karunathilake, the meeting builds on India's 'Neighbourhood First' policy and Vision MAHASAGAR, supporting sustainable energy diversification for Sri Lanka.
Sri Lanka Delegation Targets Indian Market to Boost Gem & Jewellery Exports 📈
• Delegation & Mission: The Export Development Board (EDB), NGJA, and major industry associations led a delegation to India (Aug 8–13, 2026) to expand bilateral trade and open opportunities in India’s major jewellery trading hub. • Key Engagements: - Visited India International Jewellery Show (IIJS) in Mumbai to establish business linkages. - Held trade meetings with Bombay Chamber of Commerce (BCCI), MACCIA, World Trade Centre Mumbai, ICIB, and Mahratta Chamber (MCCIA). • Sector Spotlight: Promoted Sri Lanka's gem & jewellery sector, emphasizing ethically sourced natural gemstones, skilled craftsmanship, and investment partnerships. • Exhibition Promotions: Pitch included Sri Lanka Expo 2027 (Jan 14–17, 2027), FACETS 2027, Gem City Rathnapura, and Gem Sri Lanka to attract Indian buyers and investors.
📈 Sri Lanka Export Earnings Cross US$ 10 Bn in H1 2026
The National Chamber of Exporters (NCE) commended Sri Lankan exporters as total export earnings surpassed US$ 10 Bn in the first half of 2026, based on provisional Central Bank data. • Overall Performance • Total export revenue rose 3.3% YoY to US$ 10.4 Bn in H1 2026. • Merchandise exports grew 6.3% YoY to US$ 6.9 Bn, offsetting a dip in services. • June 2026 total export revenue stood at US$ 1.66 Bn. • Key Sectors & Strategic Focus • High potential highlighted in the ICT/BPM sector to broaden the export basket with high-value digital services. • Priority areas for exporters include labor availability, digitalization of trade processes, export credit, access to finance, and policy consistency. • NCE member survey (275 respondents) reflects a combined annual turnover of US$ 3.07 Bn, underlining their vital role in national employment and economic stability. • Top Export Markets & Diaspora Linkages • Major export destinations include the United States, United Kingdom, India, Australia, the Maldives, and Germany, along with emerging markets across Asia, Europe, Middle East, Africa, and Latin America. • NCE is establishing a direct platform to connect overseas Sri Lankans with local exporters to expand market access.
SL-Maldives Business Council 18th AGM: MoU Signed to Boost Bilateral Trade & SME Growth 📈
• Bilateral Trade & Market Performance - Total SL-Maldives bilateral trade reached US$ 137 Mn (2025 SL exports: US$ 132 Mn; imports from Maldives: US$ 5 Mn). - SL’s share of Maldivian imports improved to 4.7% in 2025 (up from 4.4% in 2024), against total Maldivian imports of US$ 3.6 Bn in 2025 (up from US$ 2 Bn in 2016). • Key Sectors & Growth Opportunities - MoU signed between Ceylon Chamber of Commerce and Maldives Business Chamber to drive private-sector B2B ties. - Focus on expanding SL enterprises and SMEs into hospitality, construction, renewable energy, education, digital transformation, healthcare, and professional services. - High potential identified to boost trade in tea (black tea & packaging), fresh fruit, vegetables, wheat flour, and electrical conductors. - Strategic efforts underway to position SL as a primary destination for Maldivian medical treatment under the Aasandha Scheme. • Labor Mobility & Financial Integration - Over 30,100 Sri Lankans are employed in the Maldives; Maldivian residents in SL stand at ~1,700. - Proposals submitted to establish a Bank of Maldives branch in Sri Lanka to enhance financial connectivity. - SLMBC and EDB to organize a dedicated Sri Lanka Pavilion at the 20th Hotel Asia Exhibition in Maldives (Sept 28–30, 2026).