The National Chamber of Commerce of Sri Lanka recently hosted a roundtable discussion to explore ways to boost trade, commerce, and banking ties between Russia and Sri Lanka. The event brought together key officials and business leaders from both nations to discuss economic collaboration and potential areas of growth.
Among the notable attendees were Ambassador of Russia to Sri Lanka Levan Dzhagaryan, Trade Representative of Russia in India Dr. Alexander Rybas, Secretary of Industry and Entrepreneurship Development Thilaka Jayasundara, Director General of the Board of Investment of Sri Lanka Renuka M. Weerakone, Chairman of the Sri Lanka Export Development Board Mangala Wijesinghe, and President of the National Chamber of Commerce Anura Warnakulasooriya.
The Russian delegation, representing a wide array of industries such as banking, engineering, construction, import/export, high-tech machinery, and manpower, is set to remain in Sri Lanka for the next two days. Their visit provides a valuable opportunity for Sri Lankan businesses to form direct links and expand into the Russian market.
During the event, Ambassador Dzhagaryan discussed both the potential and challenges in strengthening the economic relationship between the two countries. He acknowledged that many Sri Lankan businesses are keen to enhance trade ties with Russia but remain concerned about the risk of secondary sanctions.
“There are many entrepreneurs eager to develop trade relations with Russia, but they are cautious about being impacted by secondary sanctions,” Ambassador Dzhagaryan stated during the forum.
Despite these concerns, Dzhagaryan expressed optimism about improving trade conditions, citing hopes for a positive geopolitical shift that could facilitate closer dialogue with the American administration, ultimately opening new opportunities.
Sri Lanka’s Secretary of Industry and Entrepreneurship Development, Thilaka Jayasundara, noted that the forum marks the beginning of a new phase for economic growth and industrial innovation in Sri Lanka under the current government’s leadership.
“We are committed to fostering entrepreneurship, strengthening industries, and creating a sustainable business environment that supports both emerging and established enterprises,” Jayasundara added.
Mangala Wijesinghe, Chairman of the Sri Lanka Export Development Board, emphasized the government’s strategic plan for the next five years, which includes focusing on sustainable economic growth and expanding into global markets. The plan also aims to enhance exports in key sectors such as tea, spices, and gems—industries with great potential for Sri Lanka’s future.
“This forum underscores Sri Lanka’s commitment to boosting its economic ties with Russia, and we are eager to explore opportunities in areas like banking, trade, and industrial development,” Wijesinghe remarked.
As the discussions continue over the next few days, both nations aim to identify actionable steps to foster stronger economic relations and investment, despite the current geopolitical challenges.