SL must forge new trade and investment partnerships with complementary economies

Partnering with these emergent markets could open doors for Sri Lankan business, while strengthening the country’s network within the Indo-Pacific region

With 56 member states, including some of the world’s fastest growing and most dynamic economies, the global Commonwealth network provides Sri Lanka with a pathway to closer and deeper partnership with nations around the world. What’s more, a combination of cultural, legal, and economic factors means that it is 21% cheaper for Commonwealth countries to trade with one another, an effect known as the ‘Commonwealth Advantage’

Now more than ever before, it is vital that Sri Lanka engages closely with a wide range of trade and investment partners. A strong recovery from the difficulties of the past few years will only be possible with the cooperation and capital of international partners, who recognise the extensive opportunities that Sri Lanka offers. Crucially, these partners must be varied and reliable.

Home to more than 2.5 billion people, and with a combined GDP of more than $ 13.1 trillion, where better to look than the Commonwealth? With 56 member states, including some of the world’s fastest growing and most dynamic economies, the global Commonwealth network provides Sri Lanka with a pathway to closer and deeper partnership with nations around the world. What’s more, a combination of cultural, legal, and economic factors means that it is 21% cheaper for Commonwealth countries to trade with one another, an effect known as the ‘Commonwealth Advantage’.

That’s why I’m visiting Sri Lanka this week, for a two-day visit which will see me meet with senior players in the business and political spheres. During my time in Colombo, I want to highlight the opportunity that the Commonwealth presents for Sri Lanka, and learn more about private sector successes in Sri Lanka that I can broadcast across the Commonwealth’s other 55 member states.

The Commonwealth Enterprise and Investment Council operates across the Commonwealth to strengthen trade and investment links between its 56 member states. It works alongside around 140 business and government Strategic Partners to build connections and unlock investment opportunities and has relationships with globally recognised names such as the Queen’s Commonwealth Trust, Standard Chartered, and BP. In Sri Lanka, it works directly with the Government of Sri Lanka (which is now a CWEIC Strategic Partner), alongside private sector titans like Capital Maharaja Group and Hypower Engineering International.

Though headquartered in London, CWEIC connects directly with stakeholders in key Commonwealth markets through a series of Hub Offices, giving the organisation a physical presence in countries like Cameroon, Ghana, Nigeria, Kenya, Singapore, Australia, and Malta. In Sri Lanka, CWEIC is represented by Niro Cooke, who serves as Chair for Sri Lanka and the Maldives in addition to his role on the CWEIC statutory board. A successful businessman in his own right, he serves as Group Director on the main board of the Capital Maharaja Group, and has been involved in developing infrastructure and energy projects in Sri Lanka in addition to facilitating much needed FDI into the local economy.

Through international events, conferences, and advocacy, CWEIC showcases the vibrancy of the Commonwealth business community, and gives associated Sri Lankan businesses an opportunity to meet with international counterparts – most recently, it hosted a two-day Commonwealth Trade and Investment Summit in London, with Sri Lankan businesses in attendance. Amongst the many strengths of the Commonwealth, one of its most potent is a culture of grassroots support for the private sector, which represents the most effective mechanism for driving growth and development. At the same time, the Commonwealth is home to some of the world’s most reliable jurisdictions – the United Kingdom and Singapore spring immediately to mind, which boast a long history of honouring contracts and following clear, fair procedures. A deal done in the Commonwealth is a deal that you can rely on.

As Sri Lanka continues on the road to economic prosperity, it must forge new trade and investment partnerships with complementary economies – and where better to look for such partnerships than this storied global family? Alongside well-established global markets like the UK, Australia, and Canada, the Commonwealth is home to many nations in Africa and Asia, which have seen rapid growth in recent decades. Partnering with these emergent markets could open doors for Sri Lankan business, while strengthening the country’s network within the Indo-Pacific region.

During my visit, I want to highlight the vitality of these links and demonstrate the Commonwealth’s ongoing interest in Sri Lanka. Looking forward, the 2024 Commonwealth Heads of Government meeting in Samoa will provide an opportunity for closer engagement with Commonwealth partners at the head-of-state level. Alongside CHOGM, CWEIC will be hosting the Commonwealth Business Forum, inviting Commonwealth businesspeople from across the globe to the Pacific. Sri Lanka should seize the Commonwealth opportunity with both hands.

(The writer is Chairman of the Commonwealth Enterprise and Investment Council.)