Business
Russian delegation to visit Sri Lanka to boost mutual trade, investment and tourism
By Sanath Nanayakkare
A leading Russian business mission comprising dynamic private companies in sectors such as energy and oil, nuclear power, fertilizer, pharmaceutical manufacturing, information technology, ship building and manufacturing of general products is likely to arrive in Sri Lanka in March 2023, to explore investment opportunities in Sri Lanka, and to identify and connect with Sri Lankan companies with common business interests.
This was revealed at a meeting of the Sri Lanka-Russia Business Council hosted by the Ceylon Chamber of Commerce last week.Manjula de Silva, Secretary General and CEO of the Ceylon Chamber of Commerce said that the two countries bilateral trade has currently declined to around USD 300 million despite the fact that Russia has become a very important source market for Sri Lanka Tourism.”
“In 2021, when Sri Lanka Tourism had been at a low-ebb, Sri Lanka was fortunate to have over 50,000 Russian tourist arrivals to the country. And in the first 10 months of 2022, Sri Lanka has recorded 57,000 Russian tourist arrivals accounting for 10% of total arrivals to Sri Lanka. By the end of the year, these numbers will move further up, and I believe that 2023 will be an even better year whereas Russian tourist influx is concerned.”
However, he referred to the low bilateral trade volumes and urged the business community in the audience to earnestly explore new avenues to boost trade and investments with Russia, taking advantage of the excellent bilateral relations between the two countries.
“We have tremendous potential to grow investments and trade going forward, and the Board of Investment of Sri Lanka (BOI) also will help potential Russian investors to learn everything about fast-tracking the implementation of investment projects in Sri Lanka,” he said.
Renuka Weerakone, Director General of BOI said that her institution is able to and willing to support potential Russian investors to invest in any sector of the economy as they wish.She pointed out that Sri Lanka has declared a dedicated zone of 400 acres for new pharmaceutical ventures and urged the Russian Trade Commissioner to include several Russian pharmaceutical manufacturers on the planned delegation visit to Sri Lanka so that the BOI could show them what Sri Lanka can offer in setting up their plants and how they can carry out their operations in the zone in a win-win situation.”
She explained different investment thresholds which are available to encourage investments in different sectors, the entitlement they would receive to import capital goods on a duty-free basis and about the service the BOI provides to investors by handling Customs functions online to make their life easy.
“We recently introduced a 5-year resident visa for foreign investors reducing the hassle of renewing the documents every year provided they are compliant with the conditions of the relevant agreements, therefore, I urge Russian investors to see for themselves the favorable investment climate when they visit Sri Lanka in March 2023 ” she said.
Trade Commissioner of Russia speaking at the event said that he had had several discussions with Sri Lankan authorities including the Prime Minister and the Minister of Power and energy.
“Most of the discussions centred on energy production, oil and gas and manufacturing of fertilizers. We discussed nuclear power too. These are under consideration at government level. When it comes to tourism, opportunity is open for Sri Lankan visitors to travel to exotic Russian destinations. Other areas we focused on were digitalization of public services, development of agriculture and manufacturing of fertilizers. Russia can also export several types of pharmaceuticals to Sri Lanka such as anti-cancer drugs,” he said.
The Russian Trade Commissioner said that he would send out invitations to Sri Lankan companies to take part in Russia trade shows in 2023.Russian Ambassador Levan Dzhagaryan met with Minister of Power and Energy Kanchana Wijesekera on December 15. The meeting focused on the requirements of Sri Lanka’s energy sector. Accordingly, the fuel requirements, refinery operations, challenges in coal supply and the Memorandum of Understanding (MoU) signed for nuclear energy cooperation with Rosatom – a Russian state-owned corporation specializing in nuclear energy, nuclear non-energy goods and high-tech products – were discussed.
By Sanath Nanayakkare
In a major boost to bilateral economic ties, the Chamber of Construction Industry of Sri Lanka (CCISL) and the Indo–Sri Lanka Chamber of Commerce & Industry (ISCCI) have signed a strategic Memorandum of Understanding (MoU) to deepen cooperation in real estate, infrastructure, and urban development.
The agreement establishes a formal framework for both institutions to drive collaborative initiatives, including business delegations, high-level conferences, workshops, B2B matchmaking sessions, and technical site visits. Designed to bridge businesses, government institutions, and project stakeholders across the Palk Strait, the partnership aims to unlock new avenues for cross-border joint ventures and technology transfers.
A focal point of this newly minted partnership is the facilitation of an upcoming trade delegation from the National Real Estate Development Council (NAREDCO) of India. Comprising major Indian players in the real estate and infrastructure sectors, the visiting delegation will engage in targeted business meetings, workshops, and inspection tours of prominent construction projects in Sri Lanka.
Under the terms of the MoU, CCISL will serve as the principal host coordinator in Sri Lanka. In close consultation with ISCCI, the apex construction body will curate itineraries, identify viable projects for engagement, and facilitate high-level dialogues with key government agencies, regulatory bodies, and industry leaders.
With both nations prioritizing sustainable urban growth, modern construction technologies, and infrastructure expansion, industry leaders view the partnership as a timely catalyst for economic rejuvenation. The collaboration is anticipated to accelerate market access, knowledge exchange, and foreign direct investment into Sri Lanka’s burgeoning property and development sectors.
To ensure the success of the upcoming NAREDCO delegation, CCISL has issued an urgent appeal to statutory authorities and relevant project owners to come forward with viable investment proposals. Stakeholders holding projects seeking foreign investment or technical partnerships are invited to submit comprehensive details to the Secretary General and CEO of CCISL via email at secyces@gmail.com.
Both chambers emphasize that translating this foundational agreement into tangible partnerships and robust capital flows will significantly strengthen bilateral connectivity between the construction and real estate sectors of India and Sri Lanka.
Hettich, the globally renowned German manufacturer of furniture fittings and architectural hardware known for its state-of-the-art manufacturing plants and magical interior solutions across the world celebrated a significant milestone in Sri Lanka, marking 10 years of presence in the country with its inaugural Partner Meet in Colombo.
The landmark event brought together Hettich’s key partners, stakeholders and industry leaders to celebrate a decade of growth, collaboration and shared success, while reaffirming the company’s long-term commitment to the Sri Lankan market.
Over the past decade, Hettich has strengthened its presence in Sri Lanka through its focus on German engineering, innovation, quality and functionality, contributing to the creation of contemporary and intelligently designed living and working spaces across the country.
The gala evening was graced by a distinguished delegation of senior leaders, including Dr. Andreas Hettich, Chairman, Hettich Group Advisory Board; S. K. Poddar, Chairman, Hettich India & Adventz Group; Mr. Akshay Poddar, Director, Hettich India; Andre Eckholt, Managing Director, Hettich India, SAARC, Middle East & Africa; Rahul Thakkar, Director – Sales, Hettich India & SAARC; and Dinusha Bhaskaran, Managing Director, Vallibel One PLC.
GS Evo Motors Limited, the authorized distributor of JMEV electric vehicles in Sri Lanka, has officially launched the JMEV EWIND, a next-generation compact electric SUV. The vehicle is designed to offer strong performance, intelligent technology, premium comfort, and high safety standards, marking another milestone in Sri Lanka’s growing electric mobility sector.
The EWIND features a sleek, aerodynamic exterior with penetrating LED daytime running lights, trapezoidal chain-inspired LED tail lamps, 19-inch alloy wheels, and a bold silhouette. Inside, it offers a spacious cabin with a panoramic moonroof and retractable curtain, an ultra-thin suspended instrument panel, a D-shaped multifunction steering wheel, multi-colour ambient lighting, premium finishes, and electrically adjustable front seats.
The SUV is available in single-motor front-wheel drive configurations, producing up to 108 kW and 210 Nm, with 0–100 km/h acceleration in 8.9 seconds.
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