Sri Lankan Commerce Minister calls for closer economic cooperation with Maldives

Sri Lanka's Minister of Trade, Commerce, Food Security and Cooperative Development, Wasantha Samarasinghe, has called for closer economic cooperation between Sri Lanka and the Maldives, urging both countries to broaden their partnership beyond traditional areas of trade.

Speaking at the 18th Annual General Meeting of the Sri Lanka-Maldives Business Council in Colombo, Samarasinghe said business councils have become increasingly important as countries navigate growing challenges in the global economy.

He called for a new phase in bilateral economic relations, saying the two countries have significant untapped potential and a wide range of opportunities for deeper collaboration.

Highlighting bilateral trade figures, the Minister said Sri Lanka exported goods worth USD 132 million to the Maldives last year, while imports from the Maldives totaled around USD 5 million. He noted that insulated wires and cables were among Sri Lanka's leading exports to the Maldives.

Samarasinghe also identified several sectors with potential for increased trade, including fresh fruits, vegetables, wheat flour, tea and tea packaging, electrical conductors and processed food products. He further pointed to opportunities for cooperation in the Maldives' fish canning industry.

He said previous discussions on strengthening trade relations should now be translated into concrete action through renewed commitment from both sides.

Turning to tourism, the Minister said the Maldives ranked as Sri Lanka's 16th largest source market for visitors last year, with more than 37,000 Maldivians travelling to the country. He stressed the need to strengthen cooperation in tourism, hospitality, healthcare and education.

Samarasinghe also encouraged the Sri Lanka-Maldives Business Council to deepen its engagement with small and medium-sized enterprises (SMEs) and emerging industries.

He said the long-term success of both economies would depend not only on established businesses but also on supporting the next generation of entrepreneurs and innovators, adding that stronger collaboration would create new economic opportunities for both countries.

Describing Sri Lanka and the Maldives as close neighbours in the Indian Ocean, Samarasinghe said the relationship between the two countries extends beyond diplomatic ties, with trade and tourism continuing to make significant contributions to both economies.

He also reaffirmed the Sri Lankan government's commitment to fostering a transparent, stable and business-friendly environment. Emphasising that sustainable economic growth requires close cooperation between the government and the private sector, the Minister urged businesses in both countries to move beyond conventional approaches to trade and pursue new avenues for partnership.