Sri Lanka to invite Russian investors to Colombo Port City

Colombo, March 30 (Daily Mirror) - The Sri Lankan government will this week make an invitation to the Russian Foreign Ministry for its investors to explore the possibility of investing in the Colombo Port City, which the Sri Lankan government is now trying to promote amongst international investors amidst the Middle Eastern turmoil.

Sources in the government told the Daily Mirror that Russia’s Deputy Foreign Minister Andrey Rudenko will arrive in the island on April 2 for high level discussions and both Russia and Sri Lanka will explore the opportunity of collaborating in several sectors.

This will include seeking cooperation in the economic, trade, cultural and political sectors. “The Russian Deputy Foreign Minister’s visit will not include discussions on fuel but it will be a political visit. We will look at several areas of cooperation including investments in the Colombo Port City and several other sectors,” the source said.

As the entire Gulf region remains volatile with the ongoing escalation of violence between Iran, Israel and the United States, the government is looking at promoting Sri Lanka as an ideal investment hub with its strategic location in the Indian Ocean and attracting investments into the already existing foreign projects.

The Colombo Port City, constructed under Chinese funding, even 12 years later is yet to reach its full potential as an international financial centre and investment hub, with the project being pitched to several foreign investors over the years. With political interference and weak investment laws including corruption, red tape, and delayed approvals, foreign investors have often pulled out of the country with some even resorting to taking legal action.

With the Gulf region now engulfed in tensions, the government is now engaging with several countries, including Brazil, to seek the opportunity of investments and trade in order to strengthen the frail Sri Lankan economy which usually takes a hit even if a war breaks out thousands of miles away from home.