Imad: Maldives-Sri Lanka economic ties yet to attain same depth as their close friendship

Maldivian High Commissioner to Sri Lanka Masood Imad states the economic relationship between the Maldives and Sri Lanka has yet to attain the same level of depth as the longstanding historical and close ties shared by the two countries.

Addressing the 18th Annual General Meeting of the Sri Lanka-Maldives Business Council in Colombo last Tuesday as Chief Guest, Ambassador Masood emphasized the importance of strengthening bilateral trade and removing administrative barriers. He stressed the need to ensure that businesses and citizens of both nations are able to fully benefit from the partnership between the two countries.

Underscoring the unique relationship between the neighbouring nations, the Ambassador said the Sri Lanka-Maldives Business Council continues to play a vital role in enhancing economic cooperation.

"Our relationship is not merely defined by geography. The people of our two nations are interconnected through history, culture, trade, education, and deep-rooted familial ties," he remarked.

The Ambassador also reaffirmed the Maldives' commitment to working closely with Sri Lanka to eliminate unnecessary barriers and expand opportunities for trade and investment. He said the future of the bilateral relationship should be shaped not only by its rich history but also by a shared commitment to long-term prosperity.

Citing recent trade figures, Ambassador Masood noted that bilateral trade between the Maldives and Sri Lanka totaled USD 137 million last year. Of this, Sri Lankan exports to the Maldives accounted for USD 130 million, while Maldivian exports to Sri Lanka amounted to approximately USD 5.7 million.

Referring to the trade imbalance, the Ambassador described Sri Lanka as one of the Maldives' most important trading partners, supplying essential goods and services that are critical to the country's economy and the well-being of its people. He also praised the contributions of Sri Lankan entrepreneurs who have successfully invested in the Maldives' tourism industry.

Speaking on people-to-people ties, Ambassador Masood said the Maldives continues to warmly welcome Sri Lankan nationals. He revealed that more than 30,100 work permits were issued to Sri Lankan nationals between 2023 and 2025. During the same period, 238 student visas and 616 dependent visas were granted, bringing the number of Sri Lankans currently residing in the Maldives to more than 31,300. In comparison, the Maldivian population in Sri Lanka has declined to around 1,700, consisting mainly of students, their guardians, and individuals seeking medical treatment.

The Ambassador said these figures demonstrate the confidence Sri Lankan professionals and businesspeople have in the Maldives, rather than reflecting employment-driven migration alone.

Reflecting on the statistics, the Ambassador called for a more comprehensive assessment of the bilateral relationship.

"Our friendship is profound; however, our economic ties do not yet fully reflect the strength of that friendship," he stated.

He further noted that although the relationship has historically been founded on trust, transparency, and mutual benefit, there is a growing perception that it has moved away from those principles of equality.

The Ambassador concluded by stating that policy and administrative barriers that hinder cooperation are not in the interests of either country. He called on both governments to work collaboratively to identify and address the factors contributing to any decline in cooperation, with the aim of restoring the bilateral relationship to its former strength.