Sri Lankan Ambassador to the United Arab Emirates Prof. Arusha Cooray, Hanif Yusoof, Sri Lanka’s Presidential Special Envoy for Foreign Investment, Alexi Gunasekera,Consul General of Sri Lanka in Dubai and the Northern Emirates, Ghanim Al Falasi, Senior Vice President/Director General’s Office for Dubai Silicon Oasis (DSO), and other senior delegates at the event.. Photo: Shihab/ Khaleej Times
In the grand theatre of global economics, certain alliances emerge with the potential to redefine regional trajectories, and the burgeoning partnership between the United Arab Emirates and Sri Lanka appears to be precisely such a narrative. As the island nation navigates its path from recovery to relevance, a significant diplomatic and economic manoeuvre is taking shape in the form of the Comprehensive Economic Partnership Agreement (CEPA). This pact, which is being fast-tracked with a sense of strategic urgency, is not merely a collection of trade clauses but is, in fact, a transformative framework designed to weave the Sri Lankan economy into the sophisticated value chains of the Middle East and beyond.
The Architect of Investment: Hanif Yusoof’s Vision
The momentum behind this agreement was palpable at a recent high-level conference in Dubai titled ‘Recovery to Relevance: Sri Lanka’s Moment in the Evolving Global and Regional Economy’. Hanif Yusoof, Sri Lanka’s Presidential Special Envoy for Foreign Investment, articulated a vision that positions Sri Lanka not as a competitor to the UAE’s established dominance but as a complementary extension of its success.
“We expect to fast track the CEPA process. This will be transformative for the business environment,” Yusoof remarked, underscoring that the conclusion of this agreement is merely a matter of time. His perspective is rooted in the belief that by joining the value chain of a global trade hub like Dubai, Sri Lanka can catalyse its own industrial and services sectors. With bilateral trade already reaching a commendable $1.6 billion, the CEPA is viewed as the essential catalyst to propel these figures into a new echelon of prosperity.
Port City Colombo: The Epicentre of Growth
At the heart of this economic revitalisation lies the $20 billion Port City Colombo project, a venture that is being promoted as the strategic gateway between the UAE and the vast markets of South Asia. Harsha Amarasekera PC, Chairman of the Colombo Port City Economic Commission, described the project as a pivotal location for logistics and services, offering a low-cost alternative ancillary centre for global multinationals.
The Port City is envisioned as more than a real estate development; it is an integrated ecosystem designed to mirror the successful free zone models of Dubai. Already, over 250 companies have established a presence within this burgeoning hub, drawn by its position at the “epicentre of the Indian Ocean.” For UAE-based firms, the Port City offers a footprint to expand into a region inhabited by more than two billion people, providing a collaborative platform that leverages Sri Lanka’s unique geographical advantage.
A Shared Commitment to Sustainability
A notable pillar of this new alliance is the commitment to a green future. Sri Lanka has set an ambitious target to achieve 70 per cent renewable energy by 2030, a goal that requires a staggering $12 billion in investment over the coming years. This sector presents a significant opportunity for UAE investors, who possess extensive expertise in large-scale solar and wind projects. By aligning their environmental objectives, both nations are fostering a partnership that is as much about sustainable development as it is about fiscal growth.
The Human Element: Enablers of Trade
The strength of the UAE-Sri Lanka relationship is intrinsically linked to the 250,000 Sri Lankans living and working in the UAE. This vibrant segment of the global Sri Lankan community serves as a vital bridge between the two nations, providing the professional expertise and cultural understanding necessary to facilitate seamless trade.
Prof. Arusha Cooray, Sri Lanka’s Ambassador to the UAE, and Alexi Gunasekera, the Consul General in Dubai, have been instrumental in strengthening the institutional framework that supports these individuals and the businesses they represent. The recent signing of the Investment Promotion and Protection Act, along with Memorandums of Understanding between various chambers of commerce, further solidifies the foundation upon which this economic “power couple” is building its future.
Lessons from the Desert: The Dubai Model
The UAE’s contribution to this partnership extends beyond capital; it includes a blueprint for success. Ghanim Al Falasi, Senior Vice President at Dubai Silicon Oasis, noted that Dubai’s transformation into a global business hub was achieved by meticulously combining infrastructure, connectivity, and investor confidence. By sharing these lessons, the UAE is assisting Sri Lanka in creating its own integrated ecosystems that can attract international capital and foster innovation.
For the global Sri Lankan community, particularly those in Australia, Canada, and the UK, these developments offer a compelling reason to look back at their heritage with an eye for investment. Whether through the eLanka Business Directory or by engaging with new projects like Port City, the opportunities for collaboration are expanding rapidly.
As the negotiations for the CEPA continue to advance, the world watches as two nations, separated by the Indian Ocean but united by a shared vision of prosperity, forge a bond that promises to be instrumental in the regional economy for decades to come.
Source: https://www.khaleejtimes.com/business/economy/uae-sri-lanka-working-closely-towards-comprehensive-trade-pact, kindly email us at info@eLanka.com.au if any information needs to be corrected.
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