In the framework of the visit to the XXIV St. Petersburg International Economic Forum which was held from 2-5 June 2021, Sri Lankan delegation led by Hon. Wimal Weerawansa, Minister of Industries of Sri Lanka and Hon. Ajith Nivard Cabraal State Minister of Money & Capital Market and State Enterprise Reforms of Sri Lanka had the opportunity to meet Mr. Stanislav korolev, Deputy Secretary General of the Eurasian People Assembly for International Affairs and Deputy Chairman of the Committee on Nature Management and Ecology of the Chamber of Commerce and Industry of the Russian Federation.
H.E. Prof. M.D. Lamawansa, Ambassador of Sri Lanka in the Russian Federation also joined the two Sri Lankan ministers in this meeting.
During the conversation, topical issues of the development of Sri Lanka – Russian Federation relations of friendship both in bilateral and international arena, as well as potential areas for strengthening interaction between the two countries were considered. Both sides discussed matters related to the energy sector in detail and during the discussion. Russia being one of the leading countries involved in oil and gas industry, Sri Lankan minister of Industries requested potential Russian investors to seek possibility of engaging in oil refinery expansion project of the Ceylon Petroleum Corporation which is almost 1 billion USD investments project. Minister further emphasized that Sri Lanka's gas deposit may attract Russian gas industry investors for exploration. The Sri Lankan side invited Russia's large petroleum producers to supply petroleum products to Sri Lanka on contract basis and invited major Russian companies to invest in construction of a large-scale petroleum tank storage terminal for international trading purposes in Hambanthota for international trading as it would be an easier way to enter the South Asian market and be competitive with Singapore based trading arms. Minister of Industries of Sri Lanka also mentioned that Sri Lankan government has recently taken a decision to ban chemical fertilizers and therefore, discussed possibilities of establishing organic fertilizer manufacturing plants in Sri Lanka as a longer-term solution with the assistance of Russian side.
State minister of Money & Capital Market and State Enterprise Reforms of Sri Lanka briefed the Deputy Secretary General on the priorities of Sri Lanka's leadership with respect to international and regional policy and particularly the Sri Lankan leader's firm intention to boost bilateral trade, to diversify opportunities for direct investments in Sri Lanka. State minister extensively discussed investment opportunities available under the Colombo Port City project and in areas such as shipbuilding, pharmaceutical sector, hospitality industry and projects in Hambantota Industrial Park in Sri Lanka. The Sri Lankan state minister invited a delegation comprising high-level investors from Russian Federation to visit Sri Lanka to explore the investor friendly business climate, investment policies, and infrastructure of Sri Lanka and make use of the investment opportunities available in above sectors.
The bilateral meeting was conducted in a highly interactive and productive manner, and the Russian side expressed its willingness to work closely with Sri Lankan authorities to intensify the existing relations between the two countries and he invited the Sri Lankan side to see the possibility of being a guest country in 2022 forum.
