In Short : Sri Lanka has proposed the establishment of a joint economic council with the UAE, indicating a deepening partnership between the two nations. This collaborative initiative aims to enhance economic cooperation, trade relations, and investments. By fostering closer ties through a joint economic council, both countries can explore mutually beneficial opportunities, promote bilateral trade, and strengthen economic collaboration in various sectors. This proposal signifies a commitment to fostering long-term strategic partnerships, creating a platform for sustained economic growth, and fostering shared prosperity between Sri Lanka and the UAE.
In Detail : COLOMBO : Sri Lanka has proposed establishing a joint economic council with the United Arab Emirates (UAE) to promote trade and investment cooperation between the two countries, according to a press release issued by the Prime Minister’s Office on Thursday.
Sri Lankan Prime Minister Dinesh Gunawardena made this proposal to the visiting UAE Minister of State for Economic and Trade Affairs of the Foreign Ministry Ahmed bin Ali Al Sayegh on Wednesday, according to the press release.
The UAE minister agreed that negotiations should commence soon to finalize the Cooperation of Economic Partnership Agreement for enhancing economic ties as there is immense potential in trade, energy, hospitality and tourism, as well as increasing investments in renewable energy projects in Sri Lanka.
Gunawardena said the UAE now has the opportunity to invest in new sectors, such as agriculture, as new economic zones have been set up to grow food crops for export.
He thanked the UAE for its support and assistance to Sri Lanka for the development and for employing nearly 300,000 Sri Lankan workers.
The UAE is the eighth export destination for Sri Lanka, with the total export value from Sri Lanka amounting to 345.8 million U.S. dollars in 2022, while the total imports from UAE to Sri Lanka for the same period were over 950 million dollars, according to official data.