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Sri Lanka seeking to boost economic ties with Saudi Arabia

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State Minister of Regional Cooperation, Tharaka Balasuriya, addressing the corporate and industry leaders at the Ministry of Investments of Saudi Arabia accompanied by Ambassador P.M. Amza and Additional Secretary of the Ministry.

The State Minister of Regional Cooperation of the Ministry of Foreign Affairs, Tharaka Balasuriya, and State Minister of Foreign Employment and Market Diversification, Priyankara Jayarathna, and Delegation undertook an official visit to the Kingdom of Saudi Arabia to promote economic and commercial activity and to attract foreign direct investments to Sri Lanka as well as to boost and enhance employment for Sri Lanka nationals in Saudi Arabia, amongst others. The primary objectives of the State Ministry of Regional Cooperation are to aggrandise and to boost trade, particularly exports, attract investments and expand economic activity with other countries, thus encompassing the sphere of Economic Diplomacy.

During the High-level visit to Saudi Arabia, State Minister Tharaka Balasuriya and Delegation had discussions, meetings, calls and engagements with both the political leadership and with the corporate captains of Industry, amongst others. State Minister Balasuriya had meetings and engagements with the Minister of Investments; Minister of State for Foreign Affairs; Chairman and CEOs of large diversified conglomerates and with leading Business Chambers based in Riyadh, amongst others. Both the Minister of Investments, Khalid Al-Falih, and Minister of State for Foreign Affairs, Adel bin Ahmed Al- Jubeir, expressed and voiced interest to look at Sri Lanka at this critical juncture with great interest and keenness, given the strategic location of the country, the thrust areas that Sri Lanka projects for foreign investors, educated and highly trainable workforce of Sri Lanka and access to a mega market consisting of over 1.8 billion people in South Asia since Sri Lanka has FTAs and multilateral trade arrangements, amongst others. Minister of Investment, whom State Minister Balasuriya met first, immediately scheduled and coordinated a high-profile meeting with corporate and industry leaders of the level of Chairmen and CEOs of some of the largest Business Houses in the KSA. This meeting was attended by nearly 25 top most executives of companies in Saudi Arabia having a combined net market capitalization of well over USD 1.4 trillion. Most of them were keen and eager to consider Sri Lanka as an investment destination and to conduct commercial activity.

State Minister for Foreign Affairs of Saudi Arabia articulated that the large Sri Lankan migrant populace in Saudi Arabia has markedly and manifestly contributed to the advancement and augmentation of the Kingdom, over the years, during the Luncheon hosted by him in the honour of State Minister Balasuriya and Delegation. State Minister Balasuriya placed on record the sincere appreciation and gratitude of the Government and the peoples of Sri Lanka for assistance, cooperation and facilitation as well as aid and grants extended to Sri Lanka, during the last four decades, which have significantly and pointedly contributed in elevating the socio-economic landscape of the country. He further added that Sri Lanka was most grateful and obliged to Saudi Arabia for supporting Sri Lanka in multilateral forums, during the past, mainly at the Human Rights Council.

State Minister Balasuriya met with Ali Al Hazmi, Group CEO, and Board of Directors of a highly diversified and global corporate, Ajlan & Bros Holdings Group. During this meeting, each of the Directors of the Ajlan Group expounded and illustrated their myriad of expertise in realms of power, environment, oil and gas, tourism, logistics, healthcare, education and technology, amongst others. They conveyed their interest to engage, pro-actively, with Sri Lanka, at this critical and seminal cross road of geo-economic and geo-strategic transformation of international business and commerce in the region. State Minister Balasuriya was accompanied by the Ambassador of Sri Lanka to Saudi Arabia P. M. Amza, Additional Secretary of the Ministry Prof. A. Saj U. Mendis and Minster (Commercial) of the Embassy, Sanjeewa Pattiwila, during all engagements and meetings in Riyadh. State Minister Balasuriya and delegation met with LUCID Corporate, which has specialized in manufacture of Electric Vehicles. The Head Office of LUCID is based in California and State Minister Balasuriya discussed the proposition of sourcing graphene from Sri Lanka, since it is a material imperative for batteries for Electric Vehicles, amongst others. Sri Lanka has the purest graphene in the world. Obviously, LUCID expressed palpable interest in this business solicitation.

State Minister Balasuriya had a high-level Forum at the Federation of Saudi Chambers of Commerce, which was attended by a number of prominent and elite industry and corporate leaders. Both State Minister Balasuriya and Ambassador Amza addressed the Forum by accentuating the six thrust areas of Sri Lanka, which were tourism, ICT, pharma, logistics, textiles and minerals, amongst others. State Minister Balasuriya and Delegation had a highly focused meeting with the Chairman and Board of Directors ACWA Power, one of the largest power-generating companies in the world with a value of over USD 65 billion. The Company generates over 40,000 MW of power on an annual basis and is present in over 15 countries. They have already expressed interest in Sri Lanka to construct six solar power projects and two wind power projects at an estimated cost of USD 800 million. Each of these eight projects would generate approximately 100 MW of power and the Company is 50% owned by the Public Investment Fund (PIF) of Saudi Arabia, amongst the five largest Sovereign Wealth Funds (SWF) in the world. The senior executives of ACWA Power were met in Sri Lanka in order to strategize the most efficacious courses of action to execute the project before State Minister Balasuriya left to Saudi Arabia for the two-day visit. During all meetings, calls and engagements, State Minister Balasuriya emphasised and enunciated that this was the best time to establish a business and/or investment presence in Sri Lanka when many other countries, both in the region as well as in Europe and the US, are already present in the country.

State Ministry of Regional Cooperation, Ministry of Foreign Affairs, Colombo



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Sri Lanka Customs exceeds revenue targets to enters 2026 with a surplus of Rs. 300 billion – Director General

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The year 2025 has been recorded as the highest revenue-earning year in the history of Sri Lanka Customs, stated Director General of Sri Lanka Customs, Mr. S.P. Arukgoda, noting that the Department had surpassed its expected revenue target of Rs. 2,115 billion, enabling it to enter 2026 with an additional surplus of approximately Rs. 300 billion.

The Director General made these remarks at a discussion held on Tuesday  (30)  morning at the Sri Lanka Customs Auditorium, chaired by President Anura Kumara Dissanayake.

The President visited the Sri Lanka Customs Department this to review the performance achieved in 2025 and to scrutinize the new plans proposed for 2026. During the visit, the President engaged in extensive discussions with the Director General, Directors and senior officials of the Department.

Commending the vital role played by Sri Lanka Customs in generating much-needed state revenue and contributing to economic and social stability, the President expressed his appreciation to the entire Customs employees for their commitment and service.

Emphasizing that Sri Lanka Customs is one of the country’s key revenue-generating institutions, the President highlighted the importance of maintaining operations in an efficient, transparent and accountable manner. The President also called upon all officers to work collectively, with renewed plans and strategies, to lead the country towards economic success in 2026.

The President further stressed that the economic collapse in 2022 was largely due to the government’s inability at the time to generate sufficient rupee revenue and secure adequate foreign exchange. He pointed out that the government has successfully restored economic stability by achieving revenue targets, a capability that has also been vital in addressing recent disaster situations.

A comprehensive discussion was also held on the overall performance and progress of Sri Lanka Customs in 2025, as well as the new strategic plans for 2026, with several new ideas and proposals being presented.

Sri Lanka Customs currently operates under four main pillars, revenue collection, trade facilitation, social protection and institutional development. The President inquired into the progress achieved under each of these areas.

It was revealed that the Internal Affairs Unit, established to prevent corruption and promote an ethical institutional culture, is functioning effectively.

The President also sought updates on measures taken to address long-standing allegations related to congestion, delays and corruption in Customs operations, as well as on plans to modernize cargo inspection systems.

The discussion further covered Sri Lanka Customs’ digitalization programme planned for 2026, along with issues related to recruitment, promotions, training and salaries and allowances of the staff.

Highlighting the strategic importance of airports in preventing attempts to create instability within the country, the President underscored the necessity for Sri Lanka Customs to operate with a comprehensive awareness of its duty to uphold the stability of the State, while also being ready to face upcoming challenges.

The discussion was attended by Minister of Labour and Deputy Minister of Finance and Planning, Dr. Anil Jayanta Fernando, Deputy Minister of Economic Development, Nishantha Jayaweera, Secretary to the President, Dr. Nandika Sanath Kumanayake, Deputy Secretary to the Treasury, A.N.Hapugala, Director General of Sri Lanka Customs,  S.P.Arukgoda, members of the Board of Directors and senior officials of the Department.

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Construction industry offers blueprint for Sri Lanka’s recovery

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Eng Nissanka N Wijeratne

The dawn of 2026 represents a time for critical recalibration, not just ceremony, for the nation’s vital construction sector, says Eng Nissanka N Wijeratne, Secretary General/CEO of the Chamber of Construction Industry (CCI).

In a New Year message, Wijeratne reframes the annual greeting as a strategic call to action. “For Sri Lanka’s construction industry – the true backbone of our economy – the turning of the calendar is an ideal moment for a realistic and forward-looking assessment,” he states.

His vision sketches a practical blueprint where the unprecedented challenges of the recent past become the foundation for a smarter, more sustainable future.

The industry, long considered a barometer of national prosperity, has weathered severe headwinds: economic volatility and spiraling material costs. “These were not mere business cycles, but unprecedented tests,” Wijeratne notes, acknowledging the severe strain on firms and professionals. Yet, the sector’s response, he observes, has been “nothing short of remarkable,” showcasing a deeply ingrained resilience.

The Chamber’s chosen theme for the year, “Resilience through Innovation,” signals a pivotal shift from enduring hardship to actively engineering progress.

The pathway forward, Wijeratne outlines, is built on three interdependent pillars.

First is the revitalization of Infrastructure. “This is not a simple call for new projects,” he clarifies, “but a strategic push to reactivate stalled ventures and initiate sustainable developments in concert with the government and international agencies.” He emphasises that construction activity is intrinsically linked to the broader economy’s pulse, where resuming projects catalyses employment, energises supply chains, and restores public confidence.

The second pillar, technological Integration, addresses the urgent need to modernise the sector’s core. Advocacy for Building Information Modeling (BIM), green building practices, and digital project management is a direct answer to past inefficiencies. “It is a commitment to ensuring Sri Lankan construction is not just rebuilt, but upgraded becoming more competitive, cost-effective, and environmentally responsible,” Wijeratne says. ” Innovation must move from slogan to practice, transforming how the nation conceives, builds, and maintains its infrastructure,” he notes.

The third pillar, consistent policy advocacy, underpins all efforts. The Chamber positions itself as a vital intermediary, fighting for fair pricing mechanisms, streamlined regulations, and a protective framework for local contractors. Wijeratne stresses that the best-laid plans of engineers can falter without a conducive policy environment, calling for a strengthened partnership with the state to create a level playing field where skill and enterprise determine success.

Ultimately, Wijeratne’s message is a powerful reminder of the industry’s profound legacy. “When we build, the nation grows,” he states, elevating construction from a commercial activity to a national mission. The structures that rise from the ground are more than concrete and steel; they are the schools, hospitals, roads, and homes that shape the nation’s future.

As Sri Lanka steps into 2026, the construction industry’s message is clear: it is ready to transform resilience from a trait of survival into a dynamic force for innovation.

The past challenges, according to Wijeratne, have been met with grit. Now, the future must be built with vision.

By Sanath Nanayakkare

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Expo Commodities and STAY Naturals honoured at the Presidential Export Awards 2024/25

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Expo Commodities (Pvt) Ltd, together with its member company STAY Naturals (Pvt) Ltd, has been recognized with Merit Awards at the Sri Lanka Export Development Board (EDB) Presidential Export Awards 2024/25, one of the country’s most prestigious platforms celebrating export excellence.

The awards were presented under the categories of Spices and Allied Products and Essential Oils, Oleoresins & Condiments, recognizing the companies’ consistent performance, product quality, and contribution to strengthening Sri Lanka’s presence in global markets.

The recognition reflects Expo Commodities’ continued focus on delivering high-quality, value-added Sri Lankan products while upholding international standards across innovation, sustainability, and responsible sourcing. Through STAY Naturals, the group has expanded its reach in key export markets, promoting Sri Lanka’s essential oils, oleoresins, and condiments derived from its rich agricultural heritage to customers worldwide.

The achievement also reflects the collective effort, technical expertise, and commitment of the teams behind the operations, alongside the continued trust of global partners and customers. Expo Commodities (Pvt) Ltd, part of Expo Commodities Global, is strategically focused on driving sustainable export growth and strengthening Sri Lanka’s global positioning as a reliable supplier of high-quality natural products.

Expo Commodities Global is a globally active Agri-commodity enterprise with operations spanning multiple origins including Sri Lanka, Vietnam, Indonesia, Madagascar, Comoros, Egypt, the UAE, India, Germany, and the Netherlands. The company specializes in the production, processing, and export of premium organic and conventional spices, coconut products, essential oils, oleoresins, and value-added agricultural products, delivering consistent quality through integrated and sustainable operations.

Expo Commodities Global and STAY Naturals (Pvt) Ltd are part of Aberdeen Holdings, a diversified Sri Lankan conglomerate with interests across pharmaceuticals, packaging, commodities, transport and logistics, power generation, and digital innovation, supporting long-term growth through strong governance, sustainability, and global market engagement.

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