Sri Lanka, Maldives push for stronger economic partnership at Colombo business forum

Sri Lanka and the Maldives reaffirmed their long-standing friendship and commitment to deeper economic cooperation at the Maldives–Sri Lanka Business Forum in Colombo, with leaders from both countries highlighting shared resilience, mutual support and growing opportunities for partnership.

The forum brought together policymakers, and more than 400 business leaders and investors from both countries, reflecting growing momentum to expand trade, investment and long-term economic collaboration between Sri Lanka and the Maldives, the President’s Media Division said in a statement.

Addressing those gathered, Maldivian President Dr. Mohamed Muizzu said the Maldives is at “a pivotal moment in its development journey”, describing the country as “a nation on the rise” building on resilience while looking towards “a future of development and prosperity”.

Highlighting the close ties between the two countries, President Muizzu said Sri Lanka and the Maldives share deep historical, cultural and economic links, adding that their partnership is rooted in trust, mutual respect and continuous engagement.

He underscored that development in the Maldives is “people-centred, technology-enabled and environmentally responsible”, while placing strong emphasis on the role of the private sector in shaping the country’s economic future.

“We have placed private sector-led growth at the very heart of our national agenda,” he said, noting that his administration is implementing “an ambitious reform programme to facilitate business, incentivise investment and empower entrepreneurs”.

President Muizzu also pointed to key reforms, including a modernised foreign investment law and revised investor entry requirements aimed at ensuring “clarity, predictability and transparency”, expressing confidence that these measures would strengthen investor confidence and support long-term growth, the PMD noted.

Meanwhile, Prime Minister Dr. Harini Amarasuriya echoed the importance of strengthening bilateral ties, noting that Sri Lanka too “stands at a pivotal moment in its economic journey”.

She said the country has navigated recent global and domestic challenges, including economic pressures and severe weather impacts in late 2025, through fiscal discipline, structural reforms, strengthened governance and strong international support.

“We are steadily building a stronger and more stable economic foundation, with a clear and promising path ahead,” she said.

The Prime Minister placed particular emphasis on the enduring friendship between the two nations, recalling the Maldives’ support to Sri Lanka in the aftermath of Cyclone Ditwah.

She expressed gratitude for the assistance extended by the Maldivian government, businesses and people, noting that such support reflected “the depth of friendship that goes beyond traditional cooperation”.

Highlighting economic opportunities, she said tourism remains a key sector for collaboration, noting Sri Lanka’s record tourist arrivals in 2025 despite adverse conditions and pointing to growing prospects in sustainable and high-end tourism, including medical tourism.

She also observed that bilateral trade, valued at US$137 million in 2025, “remains far below its potential”, calling for expanded cooperation particularly in food production and fisheries processing.

Maldives Minister of Economic Development, Transport and Trade, Mohamed Saeed stressed the need to translate dialogue into concrete action, highlighting the Maldives’ ongoing economic transformation and openness to partnerships.

He said the government is pursuing diversification beyond tourism, focusing on sectors such as logistics, digital services, renewable energy, fisheries and financial services, with the aim of positioning the Maldives as a strategic hub in the Indian Ocean.

The Minister noted that recent reforms and prudent fiscal management have strengthened macroeconomic confidence, enabling major infrastructure developments, including expanded airport capacity and connectivity.

He also highlighted global supply chain shifts, digital transformation and climate resilience as key areas for collaboration, stating that “the Maldives is open, ambitious and ready to partner”.

All three leaders emphasised that the strong historical and cultural ties between Sri Lanka and the Maldives provide a solid foundation for future cooperation.

President Muizzu called for building “meaningful partnerships that shape our shared future”, while Minister Saeed stressed that “this forum is not about dialogue alone, it is about action”, the PMD added.

Minister of Science and Technology, Krishantha Abeysena and Minister of Youth Affairs and Sports, Sunil Kumara Gamage, along with members of the Maldivian diplomatic delegation and the Sri Lanka–Maldives business community, attended the event.