The 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 who visited the XXIV International Economic Forum which was held from 2-5 June 2021 in St. Petersburg in Russian Federation, had fruitful discussion with high-end entrepreneurs based in St. Petersburg, Russia. H.E. Prof. M.D. Lamawansa, Ambassador of Sri Lanka in the Russian Federation also joined the two Sri Lankan ministers in these meetings in St. Petersburg.
During these meetings, Sri Lankan minister of Industries requested potential Russian investors to seek possibility of engaging in oil refinery expansion project of the Ceylon Petroleum Corporation in Sri Lanka. 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 has invited the potential Russian entrepreneurs to invest in nuclear energy projects in Sri Lankan as well. 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 extensively discussed investment opportunities available in Sri Lanka for Russian investors in different sectors such as shipbuilding, pharmaceutical sector, hospitality industry and projects in Hambantota Industrial Park in Sri Lanka. State minister further informed the Russian entrepreneurs about projects available in Colombo Port City in Sri Lanka which are called for foreign direct investments or joint venture opportunities in sectors such as tourism & entertainment, information technology & business process outsourcing, international trade, shipping logistic operations, offshore banking & financial services, corporate headquarter operations, regional distribution operations etc. as the intention for this zone to be an international business and service hub in Asia and he 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. Further, Sri Lankan minister encouraged Russian investors to invest in Sri Lanka as while based in Sri Lanka, Russian companies could export their products to massive markets such as India, China, South Korea, Pakistan, Bangladesh and other South Asian markets, Japan, USA, Australia etc. using tariff concessions available under Bilateral, Regional and Multilateral (Free & Preferential) trade agreements, in which Sri Lanka is a contracting party.
The Sri Lankan delegation extensively informed about trade opportunities available in Sri Lanka in different sectors for Russian companies and future cooperation possibilities with the Russian side in different spheres including gem & jewellery sector, Ceylon tea, Ceylon spices etc. The ways and means available for increasing number of tourist arrival to Sri Lanka from Russia have also been discussed by both sides.
