Sri Lanka, Saudi Arabia establish 1st joint business council

Sri Lanka and Saudi Arabia have established their first-ever Joint Business Council, marking a major step toward strengthening economic cooperation between the two countries, a senior Sri Lankan minister said on Wednesday.

Vijitha Herath, Sri Lanka's minister of foreign affairs, foreign employment, and tourism, announced the launch in a post on social media platform X, saying he witnessed the signing of a Memorandum of Understanding between the Federation of Saudi Chambers (FSC) and the Federation of Chambers of Commerce and Industry of Sri Lanka at the FSC headquarters in Saudi capital Riyadh on Tuesday.

During his address to the FSC, Herath outlined Sri Lanka's trade and investment opportunities, inviting Saudi investors to explore new partnerships in key sectors including tourism, energy and agriculture.

Herath said the formation of the Joint Business Council represents a long-awaited milestone that will serve as a platform to boost private sector collaboration and deepen trade, investment, and tourism ties between the two nations.

The Sri Lankan government has renewed its efforts to diversify its trading partners since last year, and is paying special attention to building relations with Middle Eastern and African countries.