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Sri Lanka and Saudi Arabia priorities economic ties in garment, tourism sectors

Sri Lanka and Saudi Arabia priorities economic ties in garment, tourism sectors

Daily FT: Sri Lanka and Saudi Arabia had held bilateral talks prioritizing strengthening of ties in garments and tourism sectors.
Measures to boost ties came up when the visiting Saudi Arabia’s Economy and Planning Minister Faisal F. Alibrahim met with President Ranil Wickremesinghe.
During the discussions, Minister Faisal F. Alibrahim emphasized Saudi Arabia’s keen interest in strengthening economic ties with Sri Lanka across various sectors, including garments and tourism. He elucidated that his government was focused on expanding economic relations within the region and regarded Sri Lanka with significant importance.
President Wickremesinghe welcomed the Minister’s comments, asserting that Sri Lanka is actively promoting enhanced cooperation in Asia, including West Asia. He further highlighted that the tourism and agriculture sectors were areas open to greater investment, as the country is committed to modernizing these domains.
Accompanying the President were the Secretary to the President Saman Ekanayake and the Director of International Affairs to the President Dinouk Colombage.

OSL take:
Sri Lanka and Saudi Arabia enjoy strong bilateral and trade ties that are currently being reviewed in order to further strengthen and improve the ties. Saudi Arabia has also been a development partner of many development projects in Sri Lanka. Many Sri Lankan exports, especially tea, have generated much revenue for the country. It is in such a backdrop that Sri Lanka is looking at further strengthening trade and tourism ties with Saudi Arabia. With Sri Lanka working towards becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed with other countries, there’s an expansion in business/investment opportunities in Sri Lanka. Given the growth and business potential in Sri Lanka, Saudi Arabian businesses/investors could explore the expanding opportunities in Sri Lanka while also looking at forming partnerships or joint ventures with local businesses with the aim of further expansion.

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Article Code : VBS/AT/20231201/Z_4

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