Monday Aug 10, 2026
Monday Aug 10, 2026
Monday, 10 August 2026 00:08 - - {{hitsCtrl.values.hits}}
Ceylon Chamber of Commerce Chairperson Krishan Balendra (second from left) and Maldives Business Chamber President Ahmed Amjad exchange the MoU. Others from left: Sri Lanka-Maldives Business Council President Sanjeewa Perera and Maldives Business Chamber General Secretary Ali Mohamed
Sri Lanka-Maldives Business Council new office-bearers 2026-2027
The Sri Lanka-Maldives Business Council (SLMBC), under The Ceylon Chamber of Commerce and the Maldives Business Chamber (MBC), recently signed a Memorandum of Understanding (MoU) to boost ties between the private sectors of the two countries.
The MoU was signed during the 18th Annual General Meeting of the SLMBC at which Chief Guest was Trade, Commerce, Food Security and Cooperative Development Minister Wasantha Samarasinghe and Guest of Honour was Maldives High Commissioner Masood Imad.
The signatories were Ceylon Chamber of Commerce Chairperson Krishan Balendra and Maldives Business Chamber President Ahmed Amjad.
SLMBC President Sanjeewa Perera described the MoU as a “significant step forward” and an “important milestone” in bilateral business relationships. The MoU aims to foster greater business opportunities for the private sector of both Sri Lanka and Maldives.
“The partnership will provide a strong institutional framework to enhance business-to-business collaboration, facilitating knowledge sharing and creating new opportunities for companies in both Sri Lanka and the Maldives,” said Perera in his speech at the AGM after being re-elected for another term.
He said that the presence of Minister Samarasinghe at the AGM was a strong reflection of the Government's commitment towards enhancing Sri Lanka's international trade relations and strengthening economic engagement with the Maldives.
The SLMBC looks forward to working closely with the Minister and the Ministry to identify opportunities, overcome challenges, and create greater value for business in Sri Lanka and the Maldives. Perera also thanked Maldives High Commissioner for the continuous support, encouragement, and active engagement with SLMBC. He said the High Commission has been instrumental in strengthening the long-standing friendship and cooperation between the two nations, and SLMBC greatly values the partnership.
He also thanked the Export Development Board and its Chairman Mangala Wijesinghe for their continued partnership and support. “EDB has been valued collaborating in many of our initiatives, particularly in promoting Sri Lanka business in international markets,” Perera said.
Additionally SLMBC Chief also extended gratitude to Ceylon Chamber Chairperson Krishan Balendra for their leadership and ongoing support towards the work of the council. This was in addition to recognising the contribution of the outgoing committee members whose dedication and commitment enabled SLMBC to achieve meaningful progress during the past year.
The AGM was told that the relationship between Sri Lanka and the Maldives, unique in nature, has been built upon decades of friendship, geographical proximity, cultural connections, and strong economic cooperation. The partnership extends across multiple sectors, including tourism, trade, education, healthcare, and construction, financial services, and professional services.
However, Perera said “while we have achieved considerable progress, there remains significant untapped potential. The responsibility of the Business Council is therefore to act as a bridge in connecting businesses, facilitating investment, encouraging collaboration, and creating sustainable economic value for both nation countries.”
Detailing some of the recent initiatives, Perera said SLMBC working closely with the Export Development Board, successfully facilitated the participation of 40 Sri Lankan companies at the recent Hotel Asian Exhibition in the Maldives. This provided an important platform to showcase Sri Lankan capabilities, strengthen commercial relationships, and create new business opportunities.
SLMBC also engaged extensively with key stakeholders and government institutions in the Maldives to identify opportunities for greater trade and investment collaboration.
Recognising the potential in the healthcare and education sector, SLMBC facilitated and initiated initiatives aimed at positioning Sri Lanka's preferred destination for Maldives students and patients seeking quality education and healthcare services.
During the visit of Maldives President Mohamed Muizzu, the SLMBC worked with the Ministry of Economic Development of the Maldives and the High Commission of the Maldives in Sri Lanka in coordinating the Maldives Sri Lanka Business Forum.
Perera said the visit by Maldives President s was an important milestone in strengthening investment and business linkages between our two countries.
Outlining the priorities for the new term, Perera said SLMBC will focus further strengthening public-private dialogue between both countries to address trade barriers, enhance market access, and create a more enabling environment for businesses.
Secondly, encouraging most Sri Lankan companies, including SMEs, to explore opportunities in the Maldives across sectors such as hospitality, construction, renewable energy, education, digital transformation, and professional services. Thirdly, promoting greater Maldives and investments into Sri Lanka while positioning Sri Lanka as a competitive and attractive region or business destination.
Potential to increase SL’s market share of Maldives imports
Perera revealed that total imports to the Maldives have increased from $2 billion in 2016 to $ 3.6 billion in 2025. However, Sri Lanka's share of Maldives imports hasn’t increased significantly but remained below 5% despite the potential.
"Over time, a number of other countries have taken a more targeted and focused approach, and as a result, Sri Lanka shares gradually eased. That said, through the collective efforts of the council, the support of our government partners, and the commitment of the business community, we are starting to see positive momentum. Sri Lanka's market share has improved to about 4.7 from 4.4 in 2024.
“This is a welcome step in the right direction, but it also underlines the scale of opportunities still ahead of us. Sri Lanka has a complete advantage from quality products and services to geographical proximity and strong people-to-people relationships. Objective must be to further strengthen our presence and regain greater participation in this important market. Healthcare is another sector where considerable opportunity exists,” SLMBC President Perera said.
Sri Lanka’s exports to the Maldives amounted to $132 million in 2025 and imports from the Maldives were valued at $ 5 million.
Tapping opportunities in healthcare for Maldivians
For many years, Sri Lanka has been one of the preferred destinations for Maldives seeking medical treatment under the Aasandha National Insurance Scheme. However, the competitive landscape has evolved with other countries increasingly strengthening their healthcare partnerships promotional strategies. So these developments present both a challenge and an opportunity for Sri Lanka.
Sri Lanka continues to have highly qualified medical professionals, internationally recognised hospitals, and strong healthcare capabilities.
To fully capitalise on this opportunity, Perera said Sri Lanka must adopt a more coordinated approach involving government, institutional healthcare providers and industry stakeholders. A strong national strategy will enable us to position Sri Lanka once again as a preferred destination for Maldives. Another important area of focus for SLMBC has been strengthening financial connectivity between Sri Lanka and the Maldives. The Council made a formal submission for consideration in support of the establishment of a Bank of Maldives branch presence in Sri Lanka, recognising the importance of enhancing financial linkages, facilitating trade flows, and supporting great economic cooperation. “We are happy to see some progress on this important initiative, and remain hopeful that the relevant authorities in Sri Lanka will conclude the remaining formats positively, paving the way for greater collaboration and mutual benefit between our two nations,” Perera said.
The SLMBC together with the Export Development Board of Sri Lanka will once again organise a dedicated Sri Lanka Pavilion as the 20th Hotel Asia exhibition in the Maldives from 28 to 30 September 2026. In parallel, SLMBC intends to lead a business delegation to the Maldives to further strengthen commercial partnerships and create new opportunities for Sri Lankan enterprises. It also plans to undertake a healthcare-focused CSR initiative together with an education wellness exhibition, supporting objectives of positioning Sri Lanka as a preferred destination in these important sectors.
Perera told SLMBC members that the success of the Council depends on collective efforts, shared vision, and collaboration. “Together, we can strengthen the Sri Lanka Maldives economic partnership, create new opportunities for business, and contribute towards sustainable growth for regional nations. Let us move forward with renewed ambition, stronger collaboration, and a shared determination to build a more prosperous and mutually beneficial future,” he added.
Govt. committed to boost ties with Maldives: Trade, Commerce, Food Minister Wasantha Samarasinghe
Trade, Commerce, Food Minister Wasantha Samarasinghe said work of institutions such as SLMBC has become more important at a time when the global economy is facing challenges hence welcomed efforts to strengthen current partnership and build new ones that are beneficial to both countries.
“There have been discussions in the past about how to best improve trade relations to benefit both countries, which we should continue with renewed renewable energy. I also encourage business from both countries to think beyond environmental trade, conventional trade,” the Minister said.
He said while trade between Maldives and Sri Lanka has continued to grow over the years, there remains considerable unstable potential. There are opportunities across many sectors, including fresh fruit, wheat flour, vegetables, black tea, black tea packing, electrical conductors, nuts and others, seeds, prepared or preserved wood.
“We also need to refocus on sectors such as tourism, hospitality, and holistic medicines, education, and healthcare. Let us continue to promote trade, tourism, and other opportunities between our countries,” Minister said, adding “The Sri Lanka Government is committed to creating a stable, transparent, and investor-friendly business environment. We believe that sustainable economic progress is achieved through strong partnership between government and the private sector.”
He encouraged SLMBC to continue expanding its engagement with small and medium-sized enterprises, and. emerging industries. “The future of our economy depends not only on corporations but also on the next generation of innovators and business leaders,” he added.
Maldives Business Chamber committed to work closely with Sri Lanka-Maldives Business Council
Maldives Business Chamber President Ahmed Amjad expressed sincere gratitude to SLMBC for partnering with the Chamber and placing trust and commitment to strengthening the bilateral business relationship.
“Our two countries have enjoyed a close friendship and business ties for many years, and this partnership marks another important step in enhancing our economic cooperation. Through this collaboration, we aim to promote bilateral trade, encourage business and investment opportunities, facilitate B2B networking and create meaningful partnerships between entrepreneurs and investors from both countries,” he said.
“The Maldives Business Chamber is committed to work closely with the Sri Lanka Maldives Business Council to build a stronger and more prosperous business relationship for the benefit of both nations. We look forward to achieving many successful milestones together,” Amjad added.
Maldives High Commissioner’s genuine reflection on bilateral ties
Maldives High Commissioner Masood Imad in his remarks said Sri Lanka and Maldives Business Council is playing an important role in strengthening the economic partnership between the two countries.
“Maldives and Sri Lanka have enjoyed a friendship for centuries. It goes far beyond geography. History, culture, commerce, education, and family ties have bound our people together. Sri Lanka remains one of Maldives' most valued trading partners. It provides essential goods and services that contribute greatly to our economy and to the well-being of our people. If we are honest with ourselves, we must also recognise an important reality: our friendship is deep; it is genuine. Yet our economic relations have not fully reflected the strength of that friendship.”
He said despite the goodwill that continues between, there is a growing sense that has drifted from the shared spirit of balance and reciprocity, I convey this not in a condescending manner, but in an invitation for genuine reflection. True friends should be able to speak truth, difficult truth, respectfully and sincerely. To restore the energy that once defined our partnership, we must first understand what had gradually weakened it. It serves neither the Maldives nor Sri Lanka if policies, administrative practices, or perceptions create unintended barriers between two countries, whose destinies have been intertwined for generations and centuries. We often speak of a special relationship, and rightly so. But it is our shared responsibility to ensure that this friendship is not only spoken about, but experienced by people and our businesses every day.
He said that over 30,100 Sri Lankans were employed in the Maldives through active and newly issued work permits. During the same period, we also issued 238 student visas and 616 dependent visas. You know, students in government schools are free; they go to school free from grade one to grade 1012, now. Sri Lankans live, work, study, and contribute to the Moldovan society. This is something very important. These figures represent more than labour mobility. It's not labour mobility. They reflect the confidence that Sri Lankan professionals, entrepreneurs, families continue to place in the Maldives. At the same time, the Maldivian community in Sri Lanka has declined to around 1,700 people. That's a toll on the Sri Lankan economy.”
“Sri Lanka used to be the only place where Maldivians come for medical and education, at least during a time. But yes, with the opening of the world, the Maldives opening itself to the world, there are so many other options have come to our attention, and people move, but Sri Lanka still remains has a has an advantage over all the other countries because it's just obstacle away from Maldives, you know,” said the High Commissioner adding there over 16 flights per day between Colombo and Male’.
However the High Commissioner posed a question: “Does the experience of our people truly reflect the friendship we proudly process? This is the million-dollar question. True partnership is not measured only by numbers and trade balances. It is measured by confidence, accessibility, fairness, and trust. It is measured by whether businesses feel welcome, where the families can move with confidence, and whether opportunities exist in both directions. These are the qualities that sustain enduring partnerships, and this is what Sri Lanka and the Maldives has to strive for.”
Against this backdrop, the High Commissioner expressed the hope that practical issues affecting people-to-people mobility, business confidence will continue to receive thoughtful attention. “It would also send a powerful message that our long-standing friendship continues to grow through mutual beneficial cooperation. Friendship between nations is not preserved by history alone. They are strengthened through continuous effort, mutual understanding, and a willingness to adapt. Maldives approaches this relationship with optimism, openness, and goodwill. We remain committed to working closely with the Sri Lankans to remove unnecessary obstacles, expand trade and investment, deepen people-to-people ties, and ensure that the next chapter in our relationship is remembered not only for its proud history, but also for its shared future.”
