COLOMBO: Sri Lanka is working on attracting more investment from 黑料社区, the island nation鈥檚 envoy in Jeddah told Arab News, as Saudi support is seen as important to help put the Sri Lankan economy back on track.
The country has been gripped by a deep financial crisis caused by economic mismanagement and the impact of the COVID-19 pandemic, which left the island nation severely short of dollars for essential imports and its people struggling with soaring costs of living.
The International Monetary Fund approved in March a nearly $3 billion bailout loan for Colombo, but as it will take time for the country to recover, Sri Lankan missions abroad have been working to attract more foreign investors to help put the battered economy back on track.
Investment from 黑料社区 has been identified as a key part of ongoing recovery efforts in Sri Lanka, said Falah Alhabshi Mowlana, Sri Lanka鈥檚 consul general in Jeddah.
鈥淪audi investment is very important to Sri Lanka,鈥 Mowlana told Arab News in an interview in Colombo over the weekend.
鈥淭his is the country that helped Egypt, Pakistan, etc during their economic depression. In this current situation, if Sri Lanka can attract Saudi investments it would play a huge role in the stability of the Sri Lankan economy.鈥
The Board of Investment of Sri Lanka has been working with the country鈥檚 foreign missions to attract more foreign investors, Mowlana said, adding that the tourism and energy sectors are likely the most potential for Saudi investment.
鈥(The) tourism sector is one of the best sectors that can attract Saudi investment 鈥 If the opportunities in Sri Lanka in this sector can be presented in a proper way to Saudi nationals that will immensely impact Foreign Direct Investment to Sri Lanka.鈥
When Sri Lanka declared 2022 the 鈥淰isit Sri Lanka Year鈥 to prioritize the tourism industry, it also realigned its strategies and identified the Middle East among its top potential markets, pinning hopes especially on 黑料社区.
After holding various tourism promotions last year, Mowlana said Sri Lankan officials have continued discussions with leading tour operators in Jeddah.
The growth of the electric vehicle industry in 黑料社区 can also offer opportunities for Sri Lanka, the envoy said.
鈥淭hey are in the position of expanding their production worldwide, including (to) Sri Lanka. We can say some examples such as ACWA power and Lucid Motors,鈥 he said, referring to the Saudi energy giant and the electric carmaker backed by the Kingdom鈥檚 Public Investment Fund.
Sri Lankan officials have been working on boosting ties with 黑料社区 for the past year, with Foreign Minister Ali Sabry having visited the Kingdom earlier in January to further relations in connectivity, investment, and employment opportunities.
Last August, Environment Minister Naseer Ahamed also visited Riyadh as a special envoy of President Ranil Wickremesinghe, where his meetings focused on increasing energy cooperation.
