The ball is on Sri Lanka’s court to take the challenge of developing trade with Russia which hs always stood with Sri Lanka to support it in the best it could said Ambassador of the Russian Federation to Sri Lanka, Levan S. Dzhagaryan.
“It is up to all Sri Lankans to make good use of the opportunities offered to it by Russia,” Dzhagaryan said stressing that Sri Lanka did not show interest in the offer made by Russia to develop nuclear power in Sri Lanka.
The ambassador said that Russia hopes to see some meaningful dialogue with the current US administration, which could gradually open new opportunities for global trade.
“We will not be moved by mere rhetoric, We want strong actions from the US to end the sanctions which will pave the way for Sri Lanka and the other countries to expand trade,” the Ambassador said.
The Russian Ambassador was speaking at a forum on Russia-Sri Lanka Development of Trade, Economic and Banking Cooperation’ hosted by the National Chamber of Commerce in Colombo last week.
“We are currently in a new geopolitical situation. Hopefully, we will have very good dialogue with the current American administration, which will give us the opportunity to open the window of possibilities step by step,” Dzhagaryan said, adding that one of the primary hindrances to trade is the sanctions imposed on Russia, which he described as illegal.
Ambassador said agriculture, food industry, fisheries , tourism are some of the promising sectors for enhcing bilateral trade between Sri Lanka and Russia.
Dzhagaryan highlighted the concerns of businessmen who wish to establish strong trade ties with Russia counterparts but feared secondary sanctions.
Bilateral trade between Russia and Sri Lanka in 2023 reached USD 537.8 million, with Sri Lanka exporting USD 144.25 million and importing USD 393.55 million from Russia.
Board of Investments (BOI) Director General Renuka Weerakone said the investment facilitating centre at the BOI has played a vital role to bring in investments to Sri Lanka minimizing the hassle for investors.
She said there would be additional incentives and tax holidays granted to large scale investments to Sri Lanka.
Export Development Board (EDB) Chairman Mangala Wijesinghe said the EDB targets to increase merchandise and services exports from around USD 18 billion to USD 36 billion by 2030.
“We are targeting USD 19 billion in merchandise and services exports this year.
Export revenue has been recording a 10 percent month on month growth this year and during January and February it has been an eight percent growth,” Wijesinghe said.
