Joint business council: Sri Lanka and Saudi Arabia sign MoU
The Morning: Minister of Foreign Affairs, Foreign Employment, and Tourism Vijitha Herath announced the establishment of the Sri Lanka-Saudi Arabia Joint Business Council, on a social media post that had been published on X, on 11 November.
Minister Herath stated: “I witnessed the launch of the historic Sri Lanka-Saudi Arabia Joint Business Council by an MoU between the Federation of Saudi Chambers (FSC) and the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) at the headquarters of the FSC in Riyadh.”
He also addressed the Federation of Saudi Chambers, where he highlighted the trade and investment opportunities available in Sri Lanka.
The Memorandum of Understanding (MoU) was signed by Federation of Saudi Chambers Chairperson Hassan Al-Huwaizi, and Federation of Chambers of Commerce and Industry of Sri Lanka President Keerthi Gunawardane, who joined the ceremony virtually, he said.
The Ambassador of Sri Lanka to the Kingdom of Saudi Arabia Ameer Ajwad, and Chairperson Hassan Al-Huwaizi exchanged the signed documents during the event.
Minister Herath emphasised that the establishment of this first-ever Business-to-Business (B2B) forum between Sri Lanka and Saudi Arabia would serve as a catalyst to enhance private sector engagement and promote trade, investment, and tourism cooperation between the two countries.
“This is a long-awaited, first-ever B2B forum between the two countries, which would serve as a catalyst to enhance the much-needed closer private sector interactions between the two countries,” he added.
OSL take:
Sri Lanka is in the process of further expanding its business, trade and investment ties with many foreign countries. While focusing on reviewing and further strengthening existing trade ties, Sri Lankan authorities are looking at reaching new agreements with more foreign countries thereby increasing the market access to local manufacturers and exporters. It is in such a backdrop that Sri Lanka is working on expanding business and investment ties with foreign businesses/councils/investors. With Sri Lanka on a steady growth path with a target of becoming a hub in the South Asian region, supported by the country’s geographical positioning in the Indian Ocean and strong trade ties, Sri Lanka has become an emerging business destination in the region offering lucrative business/investment opportunities. Foreign businesses/investors therefore could explore the expanding business/investment opportunities while also looking at the possibilities of expanding operations through local collaborations. On the other hand, Sri Lanka also presents the ideal destination for foreign businesses to set up bases/operations in order to engage with other countries in the region using the preferential treatment enjoyed by Sri Lanka with many countries in the region and beyond.
| Article Code : | VBS/AT/20251117/Z_1 |