Sri Lanka (Commonwealth Union)_ In a major move towards strengthening bilateral economic ties, Russia’s Deputy Energy Minister Roman Marshavin recently held a high-level videoconference with Sri Lanka’s Minister of Power and Energy, Kumara Jayakody, alongside senior representatives from Sri Lanka’s energy sector. The talks, which focused on energy and investment collaboration, come at a time when Sri Lanka is actively seeking international partnerships to revitalize its energy infrastructure and economic landscape. During the discussions, both sides explored avenues for joint investment in Sri Lanka’s fuel and energy sectors, including the construction and modernization of key facilities such as LNG terminals. With the island nation continuing to grapple with the aftermath of a severe economic crisis and an insufficient domestic energy supply, the involvement of Russian expertise and capital was considered a viable solution to support national recovery efforts.
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Accordingly, Deputy Minister Marshavin described the talks as constructive, emphasizing Russia’s long-term view of Sri Lanka as a strategic and promising partner in South Asia. “We view Sri Lanka as a promising partner in the energy sector, and our negotiations were constructive. The Sri Lankans said they were willing to cooperate on investment projects in the energy sector,” he stated. Sri Lanka, whose economy has been severely affected by multiple crises including the COVID-19 pandemic, the 2019 terrorist attacks, and a 2022 sovereign debt default, is in the process of economic restructuring under the guidance of the International Monetary Fund (IMF). Amid sweeping government reforms and efforts to stabilize its financial standing, Colombo is seeking to leverage its geographic location and re-emerge as a regional trade and energy hub.
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Additionally, joint Indian-Russian ventures are also operational in key sectors, such as the management of the Mattala Rajapaksa International Airport in Hambantota, which is being repositioned as a gateway for tourism from East Asia. Sri Lanka’s membership in the South Asian Association for Regional Cooperation (SAARC) and its recent application to join BRICS further highlight its ambitions to integrate more deeply with emerging global economies. Furthermore, adding momentum to these developments, the National Chamber of Commerce of Sri Lanka hosted the Russia–Sri Lanka Business Forum & B2B Meetings last week. Held at the National Chamber Auditorium in Colombo, the event brought together government officials, business leaders, and trade experts from both nations. The Russian delegation, comprising representatives from eight prominent organizations, was led by Dr. Alexander Rybas, Trade Commissioner of the Russian Federation in India, and Ms. Zlata Antusheva, Chief Specialist in the Economic Department of the Russian Embassy in India.
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The forum was also attended by His Excellency L.S. Dzhagaryan, Ambassador of Russia to Sri Lanka. During the sessions, speakers discussed pathways for deepening trade, economic, and banking cooperation. Mrs. Jayasundara highlighted that recent improvements in Moscow-Washington relations and the easing of secondary sanctions could open new trade avenues for Sri Lanka. She also called on local trade chambers to collaborate closely with the Export Development Board to diversify exports and boost foreign exchange earnings. The event concluded with one-on-one business meetings, giving Sri Lankan companies a valuable opportunity to explore potential partnerships with their Russian counterparts, signaling a new chapter in bilateral relations focused on pragmatic economic collaboration and mutual growth.
