Sri Lanka’s Foreign Minister Vijitha Herath has invited Victorian investors to explore new opportunities being developed in Port City Colombo, highlighting the project as a gateway for trade, investment, and infrastructure growth. 

He also encouraged the Victorian government to promote Sri Lanka as a safe, attractive, and promising tourist destination.

The remarks came during the Sri Lanka–Victoria Industry Roundtable hosted by Global Victoria at the Victorian Investment Centre in Melbourne. 

The event was facilitated by the Deputy Secretary for Industry, Trade and Investment of the Department of Jobs, Skills, Industry & Regions, Danni Jarrett.

In a post on ‘X’, Minister Herath said the roundtable focused on strengthening bilateral cooperation in trade, investment, tourism, and education. 

High‑level Australian business entrepreneurs from sectors including aviation, infrastructure, education, sport, and tourism joined the discussions. (Newswire)

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The drafting of a new Investment Security Act aimed at preventing arbitrary nationalization of private assets and ensuring policy stability for investors has received Cabinet approval.

The proposal, initially announced in Budget 2025, seeks to safeguard private enterprises and properties, establish an Investment Security Board to resolve disputes, and enhance investor confidence through greater legal and regulatory predictability.

A committee of officials was appointed to prepare a concept paper, which has now been reviewed and endorsed, the government said.

Based on committee recommendations, the Cabinet has authorized the Legal Draftsman to begin drafting the bill, as proposed by President Anura Kumara Dissanayake in his capacity as Minister of Finance. (Newswire)

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A group of senior representatives from U.S. think tanks and the private sector met with the Minister of Trade, Commerce, Food Security, and Cooperative Development, Wasantha Samarasinghe, this week.

This delegation, including investors from various U.S. states interested in investing in Sri Lanka, is particularly active in India and the broader Asian region. 

They expressed strong interest in food security, food processing industries, export sectors, and port operations.

During the meeting, Minister Samarasinghe highlighted upcoming trade agreements, investment opportunities, and commercial prospects. He also briefed the delegation on the ministry’s efforts to ensure food security in the market and regulate market conditions.

The discussion focused on expanding trade and export opportunities with Sri Lanka, increasing investment prospects, and the delegation’s particular interest in food security and the food processing sector. They expressed a positive willingness to invest in Sri Lanka in the future.

The meeting was attended by Ministry Secretary K.A. Wimalenthiraraja, Ministry Advisor Shantha Jayaratna, and other officials, along with Kosala Wilbawa (Chairman of the National Cooperative Wholesale Establishment), Asanka Pranandu (Executive Officer), Samitha Perera (Chairman of Lanka Sathosa), and Ravindra Pranandu (Chairman of the State Trading Corporation), among others. (Newswire)

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Regulatory unpredictability, bureaucratic hurdles, and selective transparency continue to limit broader participation of US firms in Sri Lanka, despite interest in ICT, energy, aviation, and defence, according to a new US Department of State report.

The report said Sri Lanka’s institutional capacity to foster an open investment environment remains limited despite positive rhetoric. “Overall, investors report that doing business remains difficult, frequently citing concerns about project reversals, regulatory shifts, slow decision making, and inadequate support for established businesses,” it noted.

The Board of Investment (BOI), the principal promotion agency, has struggled to act as a “one-stop shop” due to fragmented authority across government departments, leading to lengthy approval processes. Investors also report difficulty in maintaining consistent and open dialogue with the BOI, the report said. 

The Department of State’s annual Investment Climate Statements cover more than 170 countries and guide US companies on overseas opportunities. For Sri Lanka, the report underscores the need for structural reforms in trade facilitation, digitization, and governance.

Key impediments include unnecessary regulations, legal uncertainty, and poor bureaucratic responsiveness. The stalled privatization of state-owned enterprises, particularly the Ceylon Electricity Board, has hindered cost-effective energy development. Foreign investors also point to high transaction costs, opaque procurement, and unpredictable policies, according to the report. 

“The NPP government publicly promotes a desire for inward investment. In January 2025, President Dissanayake committed to finalizing a $3.7 billion Sinopec oil refinery project, the largest FDI project in Sri Lankan history, to be located adjacent to Chinese-controlled Hambantota International Port. In February 2025, however, Indian firm Adani Green Energy withdrew from a proposed $400 million, 484 MW Renewable Energy Wind Farm project in northern Sri Lanka, citing Sri Lankan government efforts to renegotiate a previously awarded contract,” the report said. 

The report stresses that many potential investors remain reluctant to do business in Sri Lanka due to these mixed signals. Senior officials’ public criticism of private sector-led growth, coupled with a preference for state-owned collectivism, has further reinforced investor caution. (Newswire)

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The Central Bank of Sri Lanka (CBSL) has issued guidelines pertaining to overseas property investments, following an increase in advertisements promoting such ventures.

The Central Bank said it has recently observed advertisements published in the print and social media that promote overseas investments in immovable properties (overseas property investments) among Sri Lankan resident individuals. 

Issuing a statement, the Central Bank said that such advertisements also offer guidance on obtaining foreign financing for such investments. 

As such, the CBSL has brought to the attention of the public the following, in terms of Regulations and Orders issued under the Foreign Exchange Act, No. 12 of 2017 (FEA): 

• Resident individuals are not permitted to make payments to acquire or invest in overseas properties except where payments for such investments are made from the Personal Foreign Currency Accounts (PFCAs) up to the limit of USD 20,000 or equivalent in any other designated foreign currency. 
• Payments for overseas property investments from Business Foreign Currency Accounts (BFCAs) maintained by resident entities/individuals are not permitted. 
• Further, resident individuals are not permitted to obtain foreign loans or raise financing from nonresidents for any purpose, including overseas property investments.

In the above circumstances, the Central Bank said it strongly advises the public not to be misled by such advertisements published in the print and social media, which promote overseas property investments, and also offer guidance on obtaining foreign financing for such purposes.

The Central Bank further warned that legal action shall be initiated under FEA against any person involved in or facilitating such unauthorised foreign exchange transactions. (Newswire)

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American singer and rapper Aloe Blacc has arrived in Sri Lanka on a three-day visit to explore investment opportunities for the development of Sri Lanka. 

The Grammy-nominated singer is visiting Sri Lanka at the invitation of Professor Gomika Udugamasooriya, Senior Advisor to the President on Science and Technology. 

Welcoming the singer to Sri Lanka, Professor Gomika Udugamasooriya told the media that the American Singer was prepared to invest in Sri Lanka, including the tourism sector. 

Also speaking to the media, American singer Aloe Blacc said this was his first visit to Sri Lanka and he was excited to visit various parts of the country.

“My relationship with Professor Gomika Udugamasooriya has given me the opportunity to visit Sri Lanka and learn more about the country, to find ways to be part of developing and growth of this beautiful nation,” he said. 

Aloe Blacc further hoped his visit would send a message to the rest of the world that Sri Lanka was a country to invest in. (Newswire)

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Sri Lanka and the United Arab Emirates have finalized the proposed Agreement on Reciprocal Promotion and Protection of Investments following discussions held in Colombo from January 27 to 29, 2025.

The negotiations were conducted in a friendly and cooperative manner, with both sides reaching an agreement on the text of the proposed pact, the Foreign Ministry said in a statement.

The Sri Lankan delegation was led by Deputy Legal Advisor of the Ministry of Foreign Affairs, Foreign Employment, and Tourism Tilani Silva, while the UAE delegation was headed by Dr. Hamid Nasr Abdulqadir, economic expert from the Ministry of Finance.

The agreement is expected to be signed in the near future, the Foreign Ministry said. (Newswire)

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The Asian Development Bank (ADB) has pledged its support for investment opportunities in Sri Lanka, citing increased foreign investor interest fuelled by the government’s systematic financial reforms. 

According to the President’s Media Division (PMD), the ADB conveyed the message during a discussion held at the Presidential Secretariat today (26 Nov).

The meeting took place between the ADB’s Regional Head of Private Sector Development Takeo Koike and Senior Additional Secretary to the President G.N.R.D. Aponsu.

At the meeting, the ADB delegation highlighted foreign investors’ enthusiasm for Sri Lanka’s expanding prospects across multiple sectors. 

The meeting, focused on investment prospects in critical areas such as climate change mitigation, agricultural modernization, and the energy sector. 

Both direct investment and Public-Private Partnership (PPP) opportunities were discussed, underscoring the potential for collaboration in these critical fields and as pathways to further economic growth. 

The ADB delegation also emphasized its commitment to working closely with Sri Lanka to attract sustainable investments that align with the country’s development goals. 

The discussion was attended by key ADB officials, including Country Director for Sri Lanka Takafumi Kadono, Senior Specialist for Private Sector Development Santosh Pokharel, Financial Sector Specialist Uresha Walpitigama, and Energy Specialist Prathaj Haputhanthri. 

Representatives from Sri Lanka’s Department of External Resources of the Ministry of Finance, Planning and Economic Development including Director General Samantha Bandara, Director Udeni Udugahapattuwa, and Deputy Director Ajith Chandra Kumara also participated in the discussions. (Newswire)

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A total of 13 suspended projects by Japan, worth US$1.1 billion, are set to resume following successful talks, Minister of Foreign Affairs Ali Sabry said

Addressing a press conference at the Presidential Media Centre, the Foreign Minister said that his recent visits to Japan, Singapore, Romania, and Poland have been highly successful and have contributed to strengthening Sri Lanka’s foreign policy.

Minister Sabry said these trips addressed many longstanding issues, including the resumption of stalled Japanese projects in Sri Lanka.

Additionally, discussions with Singapore focused on investments, while talks with Romania aimed at creating new job opportunities, he said.

The Foreign Minister further said that Sri Lanka also engaged in discussions with Poland regarding the establishment of an embassy.

“Coordinating with various countries proved to be a complex task, but we successfully garnered their support for debt restructuring—a significant achievement in our foreign policy. This success is largely due to President Ranil Wickremesinghe’s expertise in managing international relations,” he added. (Newswire)

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Foreign governments and investors have shown keen interest in being part of Sri Lanka’s growth, Minister of Water Supply and Estate Infrastructure Development Jeevan Thondaman said. 

In an exclusive interview with Channel News Asia (CNA), Minister Thondaman revealed he has had 16 bilateral meetings with Governments and investors during the World Economic Forum underway in China. 

“I shared Sri Lanka’s story from deep crisis to growth and the difficult decisions that needed to be taken to get ourselves out of bankruptcy. 

“Over the last few days, I’ve had 16 bilateral meetings with Governments and investors who have all been keen to learn about Sri Lanka’s remarkable journey of recovery and how they can be part of our growth story,” he added.

Giving a perspective on Sri Lanka’s journey out of its economic crisis, the minister said inflation which was at around 73.8 per cent in September 2022 has now dropped to 1.5 per cent. 

“Today, Sri Lanka has come out of its crisis and is in a better place. This is all because of the President and his Cabinet,” he said. 

Minister Thondaman pointed out that post-Sri Lanka’s economic recovery, the international community is trying to reach out to Sri Lanka.

“Simply because Sri Lanka is now an attractive investable country and the Sri Lankan currency is one of the best-performing currencies in the world right now,” he added. 

Revealing that discussions with foreign governments and investors focussed on how private sector participation can be brought into Sri Lanka, the minister expressed optimism about a positive outcome in the future. (Newswire)

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The Cabinet of Ministers has been briefed on the Memorandum of Understanding (MOU) signed between Sri Lanka and Saudi Arabia for cooperation in promoting direct investment between the two nations.

Sri Lanka and Saudi Arabia reached an agreement to enter into a MOU to attract direct investment to the country and improve the investment environment of the two countries through policy and legal reforms, provision of advanced and integrated infrastructure facilities, process redesign, etc. 

Accordingly, the President briefed the Cabinet on the said MOU, informing that the Minister of Foreign Affairs signed the said MOU during the special meeting of the World Economic Forum held in Riyadh, Saudi Arabia on the 28th and 29th of April 2024. (Newswire)

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Sri Lanka is reeling under last year’s crushing economic meltdown and consequent political turmoil, but it is still a good time to invest in the cash-strapped island nation, according to Indian business leaders in capital Colombo.

While acknowledging the many challenges facing the business community in Sri Lanka, the CEOs of Indian companies point to “enormous scope” for foreign direct investment in a host of sectors, such as information technology, tourism, and renewable energy.  Investor sentiment outside Sri Lanka was rather negative last year, “mainly due to the kind of international media coverage of the crisis here”, but there is a “welcome, positive shift” compared to June last year, when the crisis escalated, notes Ashish Chandra, CEO and MD, Airtel Lanka. 

“Essential supplies have been restored, there is no social unrest, and the government has taken many important steps for economic recovery,” he says.

T.S. Prakash, Country Head of the Umesh Modi Group of Companies, highlights “political stability and policy stability” as the two main factors that businesses look for. “We are confident that the Sri Lankan authorities are taking the right steps to achieve both in the next few years,” he says.

On the policy front, President Ranil Wickremesinghe recently said his government has implemented 15 tasks — including a sharp increase in interest rates, and in fuel and energy pricing — set out by the International Monetary Fund (IMF), whose $ 2.9 billion package Sri Lanka is desperately hoping for, to expedite its economic recovery. Politically, his government faces mounting criticism, over the rising cost of living, and more recently, over the postponement of the local government elections owing to the “lack of adequate funds”.

However the Indian businessmen’s optimism, they say, stems from their experience of doing business in Sri Lanka for decades, in sectors spanning transportation, pharmaceuticals, cosmetics and technology. “We have seen ups and downs but where there is a problem, there is certainly an opportunity,” says Mr. Prakash, who is also the President of the Indian CEO Forum that includes leaders of nearly 70 companies.

Of those, 38 are Indian companies and the rest are multinational corporations led by Indians based in Sri Lanka. Representatives of this organised forum for Indian businesses in Sri Lanka, set up 10 years ago, periodically meet with the Sri Lankan authorities, at the highest levels. In recent months, they have met the President more than once, apart from holding discussions with the Prime Minister and the Governor of the Central Bank.

“The standard of living in Sri Lanka is very good. Citizens have an admirable civic sense, it is a very safe country,” says Umesh Gautam, CEO, Lanka Ashok Leyland, one of the oldest Indian investments in Sri Lanka. “Our main objective is to grow with Sri Lanka, we will continue to be here no matter what. Most mature Indian investments, especially from public listed companies, have rarely shown losses in Sri Lanka. They have been very resilient.”   

According to Kishore D. Reddy, Managing Director, Platinum Realty Investments and President, Sri Lanka India Society, the nearly 70 companies in Sri Lanka that are part of the Indian CEO Forum employ about 20,000 Sri Lankans. “That’s right from the junior level to very senior level management, offering good opportunities for training and skill development. There are only a handful of Indians. And importantly, there were no layoffs during the pandemic or the economic crisis, in any of our companies,” he says.

It is not that business was smooth for the Indian companies during the crisis, that too with the government slapping import restrictions to save foreign exchange, and amid soaring production costs. The import restrictions and the rise in costs since certainly impacted production, but the Indian investments carried on, at times with support from their parent companies in India, but mainly with a resolve to continue operations.  At the height of the crisis last year, the Life Insurance Corporation of India approved an investment of LKR 600 million (roughly ₹13.2 crore) in LIC Lanka.  Further, the companies undertook many CSR initiatives at the community level, the CEOs note.  

All the same, the business heads underscore the need for some structural changes in Sri Lanka to augment foreign investments, especially when the challenge of costs is so stark, following the drastic depreciation of the Sri Lankan rupee, by nearly 45% against the U.S. dollar in 2022. The ease of doing business must improve, they underscore, suggesting that a single window regulatory process be put in place to help save costs and time, and give incentives for new investors to come in.

“As someone engaged in businesses in Sri Lanka for decades now, I can tell you there is enormous potential for investments in the agriculture, tourism, information technology, renewable energy, and education sectors. These are low-hanging fruits,” Mr. Reddy notes, inviting Indian companies to explore the sectors. Investors must remember that Sri Lanka is a country of 22 million people and small and medium investments tend to do very well over time, especially if they are consumption-oriented, rather than export-driven, the CEOs point out. (The Hindu)

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