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Russian delegation to visit Sri Lanka to boost mutual trade, investment and tourism

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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.



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ADB pledges over $1 billion annually to Sri Lanka in post-cyclone recovery push

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ADB President Masato Kanda meets Sri Lankan Prime Minister Harini Amarasuriya at ADB’s Manila headquarters.

Asian Development Bank (ADB) President Masato Kanda met with Sri Lanka Prime Minister Harini Amarasuriya at ADB’s Manila headquarters recently. The meeting reaffirmed the strong development partnership between ADB and Sri Lanka, with both leaders underscoring their commitment to post-cyclone recovery, inclusive growth, and advancing women’s equality.

“Sri Lanka’s resilience in the face of crises has been remarkable,” said Kanda. “We are committed to helping Sri Lanka rebuild after Cyclone Ditwah, while also investing in the country’s future by empowering women entrepreneurs and strengthening education and essential skills.”

Looking ahead, ADB is ready to provide more than $1 billion annually to Sri Lanka from 2026 to 2029. This financing will target macroeconomic stability, private sector-led growth, education and skills development, and resilient infrastructure. Key initiatives include a major digital transformation program to help unlock Sri Lanka’s digital economy, alongside support for its accession to the Regional Comprehensive Economic Partnership to deepen its integration into regional trade and investment networks.

During their discussion, Kanda emphasized ADB’s response to the devastation caused by Cyclone Ditwah. Building on emergency financing already mobilized, ADB is fast-tracking an emergency assistance loan to restore damaged infrastructure and support affected livelihoods.

With Dr. Amarasuriya serving as the keynote speaker for ADB’s International Women’s Day event, the leaders highlighted women’s equality as a cornerstone of inclusive development. Kanda noted ADB’s long-standing work as an implementing partner of the Women Entrepreneurs Finance Initiative, which expands access to finance, business skills training, and policy reform for women-owned enterprises. This partnership has helped drive lasting change, with Sri Lanka becoming one of the first countries to adopt the Women Entrepreneurs Finance Code at the national level in March 2025.

Dr. Amarasuriya also engaged in dialogue facilitated by ADB to advance Sri Lanka’s skills agenda, including discussions on referencing skills and qualifications with the Association of Southeast Asian Nations and on mutual areas of interest with the Philippines related to technical and vocational education and training.

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New Board appointed to lead Unit Trust Association of Sri Lanka

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The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President. The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.

The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).

President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts.”

The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.

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Indiya at Cinnamon Life enters a flavourful new chapter

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Colombo’s vibrant dining landscape has received a fresh infusion of flavour with the renewed culinary direction of Indiya, the signature Indian restaurant perched high above the city at Cinnamon Life at City of Dreams. With celebrated Indian chef Mukesh Joshi now steering the kitchen, the restaurant is presenting a menu that celebrates the depth, diversity and soul of Indian cuisine while subtly weaving in Sri Lankan influences.

Located on the spectacular Level 23 of the sprawling Cinnamon Life complex, Indiya’s setting itself feels like a prelude to the culinary journey that unfolds at the table.

The restaurant’s sweeping views of Colombo’s skyline provide a dramatic backdrop to a menu designed to take diners across India’s many culinary regions — from the fragrant biryani traditions of Awadh to the bold spice profiles of coastal kitchens.

At the heart of this new chapter is Chef Mukesh Joshi, a culinary craftsman whose career spans some of India’s most renowned hospitality institutions as well as prominent dining establishments in the Middle East.

Having honed his skills at luxury hotels such as The Westin and St. Regis Mumbai before leading kitchens in Dubai’s thriving Indian dining scene, Joshi is known for his ability to balance traditional flavours with contemporary finesse.

At Indiya, his philosophy is simple yet compelling: celebrate the authenticity of Indian cooking while creating dishes that encourage sharing and conversation.

The experience begins with a vibrant array of small plates that capture the playful spirit of India’s street food traditions. The crisp Sev Papdi Chaat offers bursts of sweet, tangy and spicy notes, while a generous Pakora Platter brings together an assortment of golden-fried fritters that evoke the comforting flavours of roadside tea stalls across the subcontinent.

From there, the menu moves naturally into the world of the tandoor — the clay oven that lies at the heart of many Indian kitchens. Among the highlights is the Hariyali Tandoori Gobi, where cauliflower is marinated in a fragrant blend of herbs before being charred to smoky perfection. Equally intriguing is the Rajma Galouti, a vegetarian reinterpretation of the famed Lucknowi kebab, delivering a melt-in-the-mouth texture that surprises and delights.

Seafood lovers will find much to savour as well. Jhinga Koliwada, a coastal delicacy of spiced prawns fried to a crisp exterior, offers a lively contrast to the delicately seasoned Rawa Fried Surmai. These dishes reflect Chef Mukesh’s confident handling of spice and texture — two essential pillars of Indian cooking.

No Indian dining experience would be complete without the ritual of sharing freshly baked breads, and Indiya’s basket arrives warm and inviting. Chilli Cheese Naan brings a playful modern twist to a classic favourite, while flaky parathas and stuffed Aloo Kulcha provide comforting companions to the restaurant’s richly spiced curries.

By Ifham Nizam

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