Sri Lanka and Russia discuss ways to boost investments

• BOI and visiting Russian business delegation exchange views on investment promotion

A business delegation of the Sverdlovsk Region of the Russian Federation recently paid a courtesy visit to the Board of Investment of Sri Lanka (BOI) to explore investment opportunities and reinforce the bilateral economic relationship between the two countries.

The Russian delegation met with BOI Chairman Dinesh Weerakkody, Director General M. Weerakone and other top officials to discuss investment opportunities, attract foreign direct investments (FDIs) from Russia and promote Sri Lankan products and services in Russia, thereby strengthening the economic cooperation between the two nations.

The delegation consisting of 16 members arrived in Sri Lanka on 23 January to participate in the Russia-Sri Lanka Economic Forum scheduled to be held from 23-26 January in Colombo, organised by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL). The program is facilitated by the Embassy of Sri Lanka to Russia.

The Russian delegation is headed by Sverdlovsk Regional Government Deputy Governor Kozlov Vasily Valerievich; others include representatives from the Sverdlovsk regional government, large companies, investors, and education institutes.

In addition, Sverdlovsk Regional Government Minister of International Economic Relations Yarin Vyacheslav Yurievich, and Sverdlovsk Region Department for the Development of Tourism and the Hospitality Industry Director Tukanova Elmira Nailvna, are also part of this high-level Russian delegation.

The close relationship between Russia and Sri Lanka has always been full of vitality. Russia has been a reliable partner and more than a friend to Sri Lanka for decades, being the largest buyer of Ceylon Tea and the leading destination of Sri Lanka. 

According to the recent statistics of the Sri Lanka Tourism Development Authority, 24% of the total tourists arriving in the first three weeks of 2023 are Russian nationals, which is the highest. Thus, Russia’s contribution towards the socioeconomic development of the country is immense and commendable.