Russia-Sri Lanka Economic Forum successfully held in Sri Lanka

FCCISL Deputy Secretary General Tilan M. Wijesooriya and Embassy of Sri Lanka in Russia Trade and Tourism Promotion Section Anna Makarovskaya moderating the Q & A session of the economic forum

Amidst the changing global dynamics, with the intention of strengthening socioeconomic relations between Russia and Sri Lanka, the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) recently organised a four-day program, Russia-Sri Lanka Economic Forum (23-27 Jan.), which heralded fruitful outcomes for both nations. 

The program was organised in collaboration with the Embassy of Sri Lanka in Russia, Economic Affairs Division of Ministry of Foreign Affairs and Sri Lanka Export Development Board. 

At the invitation of FCCISL, a high-level Russian delegation of 12 members took part in the four-day program. The Russian delegation was headed by Sverdlovsk Regional Government Deputy Governor Kozlov Vasily Valerievich. The delegation was inclusive of Sverdlovsk Regional Government Minister of International Economic Relations Yarin Vyacheslav Yurievich, officials of the Sverdlovsk Regional Government, representatives from large companies, investors, and education institutes from Russia. During a recent visit of the Sri Lankan Ambassador in Russia Prof. Janitha A. Liyanage to Sverdlovsk region, it was suggested that the representatives of Sverdlovsk Regional Government together with Sverdlovsk businessmen would visit Sri Lanka in January 2023.     

The objectives of the four-day program were to attract foreign direct investments from Russia, to promote Sri Lankan products and services in Russia, to strengthen higher education, to promote tourism between the two nations, and to raise awareness on new business and economic opportunities in Sverdlovsk region for the Sri Lankan business community. 

The four-day program was inaugurated with the Russia-Sri Lanka Economic Forum held at the LKI Auditorium, Lakshman Kadirgamar Institute of International Relations and Strategic Studies in Colombo. The forum was attended by over 120 Sri Lankan exporters in different sectors. The forum was graced by State Minister of Foreign Affairs Sri Lanka Tharaka Balasuriya, Ambassador of Russia in Sri Lanka Levan S. Dzhagaryan, Sverdlovsk Regional Government Deputy Governor Kozlov Vasily Valerievich, Sverdlovsk Regional Government Minister of International Economic Relations Yarin Vyacheslav Yurievich, the Russian delegation, secretaries, chairmen and officials of government ministries and institutions of Sri Lanka with their presence. 

FCCISL President Keerthi Gunawardane officially welcomed the Russian delegation, guests and participants of the forum. FCCISL Deputy Secretary General Tilan M. Wijesooriya moderated the sessions of the forum where five presentations were made by the Russian delegation focusing on economy, industrial development, tourism, trade fairs, and university education. 

The second day of the program started with the Russian delegation’s meeting with the Ministry of Trade, Commerce and Food Security which was chaired by the Minister, Nalin Fernando. Officials of the Department of Commerce also attended the meeting. The focus of the meeting was to enhance the trade between Russia and Sri Lanka. With a view for promoting tourism between the two countries, the Russian delegation had productive discussions with Minister of Tourism Harin Fernando, ministry officials and the chairmen of Sri Lanka Tourism Development Authority, Sri Lanka Tourism Promotion Bureau, Sri Lanka Convention Bureau, and Sri Lanka Institute of Tourism and Hotel Management. 

Exploring the investment opportunities in Sri Lanka for Russian investors, the Russian delegation had a productive meeting with the Chairman, Director General and officials of the Board of Investment of Sri Lanka. Parallel to those meetings, the Business-to-Business meetings between Russian importers and Sri Lankan exporters were held at the Sri Lanka Export Development Board.

On the third day of the program, focusing on industrial development in different sectors, the Russian delegation had an important meeting with the Ministry of Industries which was chaired by the Secretary, J.M. Thilaka Jayasundara. The officials of Ministry of Industries and Ministry of Plantation Industries also attended the meeting. With the intention of enhancing the quality of research and academia, and with a view for developing university students in both countries, the Russian delegation had discussions with the University Grants Commission (UGC), University of Colombo, NSBM Green University and NIBM (National Institute of Business Management). During those meetings, the Ural Federal University of Russia, represented by the Rector, Dr. Viktor Koksharov, signed several MoUs (Memorandum of Understanding) with the UGC, University of Colombo, NSBM Green University and NIBM. 

The fourth day of the program was the city tours and excursions. In general, the four-day program of Russia-Sri Lanka Economic Forum was fruitful focusing on multiple areas, i.e. industrial development, tourism, investment opportunities, exports and imports, research and higher education, strengthening the socioeconomic relations between Russia and Sri Lanka.