Russia-Sri Lanka Business Forum explores new trade and banking opportunities

•  Fosters strengthening of economic collaboration by addressing challenges and harnessing opportunities in bilateral trade

By Amira Cader

The National Chamber of Commerce of Sri Lanka hosted a round table discussion focusing on enhancing trade, commerce and banking cooperation between Russia and Sri Lanka. The event brought together high-ranking officials and business leaders from both countries to explore new opportunities for economic collaboration.

Among the distinguished attendees were Ambassador of Russia to Sri Lanka Levan Dzhagaryan, Trade Representative of Russia in India Dr. Alexander Rybas, Industry and Entrepreneurship Development Secretary Thilaka Jayasundara, Board of Investment of Sri Lanka Director General Renuka M. Weerakone, Sri Lanka Export Development Board Chairman Managala Wijesinghe and National Chamber of Commerce President Anura Warnakulasooriya.

The Russian delegation, set to continue its visit for another two days, represents a wide range of industries, including banking and finance, engineering and construction, import/export goods, high-tech industrial machinery, manpower, and trade. Their presence provides Sri Lankan businesses with a valuable opportunity to establish direct connections and expand their reach into the Russian market.

During the event, Ambassador Dzhagaryan highlighted both the opportunities and challenges in fostering stronger economic ties between the two nations. He acknowledged that many businesses are eager to enhance trade relations with Russia but remain wary of secondary sanctions.

“There are a lot of businessmen who would like to have very good trade relations, trade cooperation with the Russian Federation, but they are afraid to be subjected to secondary sanctions,” said Dzhagaryan on the margins of the Russia-Sri Lanka business forum.

Despite these concerns, Dzhagaryan expressed hope for positive geopolitical developments that could gradually improve trade conditions. “We are now in a new geopolitical situation. Hopefully, we will have very good dialogue with the current American administration, which will give us the possibility to open the window of possibilities step by step,” he added.

Industry and Entrepreneurship Development Secretary Thilaka Jayasundara said this forum will open up brighter opportunities for economic growth and industrial innovation under the leadership of this Government

“Our commitment is to foster entrepreneurship, strengthen industries and create a sustainable business environment that empowers both emerging and established enterprises,” she added.

Sri Lanka Export Development Board Chairman Managala Wijesinghe outlined that the Government has a strategic plan for the next five years, focusing on sustainable economic growth and global market expansion. With allocated funds, we aim to encourage Sri Lanka’s exports, particularly in the tea, spices and gem and jewellery sectors — industries with immense potential for the nation’s future. Our commitment is to enhance competitiveness, foster innovation and strengthen Sri Lanka’s position in the international trade landscape.”

The forum underscored Sri Lanka’s interest in strengthening economic ties with Russia, leveraging opportunities in key sectors. As discussions continue over the next few days, both nations aim to identify practical steps to enhance bilateral trade and investment despite existing geopolitical challenges.

- Pix by Shehan Gunasekera