By: Staff Writer
February 05, Colombo (LNW): A high-powered Sri Lankan delegation, led by Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe, has engaged in strategic talks with senior officials of the Saudi Public Investment Fund (PIF) in Riyadh. The meeting marks one of the most significant diplomatic and financial outreach efforts by Sri Lanka since its economic crisis intensified.
Abeysinghe delivered a detailed presentation aimed at showcasing Sri Lanka’s competitive advantages and investment opportunities, especially in areas where the island nation can generate rapid economic returns. The delegation also used the platform to spotlight Sri Lanka’s capital market potential, a sector Sri Lanka has repeatedly identified as critical for rebuilding investor confidence.
Officials from the Securities and Exchange Commission (SEC) including Chairman Senior Prof. D.B.P.H. Dissabandara and CEO Rajeeva Bandaranaike outlined the country’s recent policy changes and regulatory reforms. These reforms are designed to strengthen transparency, boost investor protection, and accelerate market growth through sustainable mechanisms. The SEC leaders emphasized that Sri Lanka is now positioning itself as a more attractive destination for international capital.
From the Saudi side, PIF Senior Director Mulham Albakree revealed the Fund’s strategic priorities for 2026–2030, signaling interest in global markets that can deliver long-term growth and stable returns. Albakree also highlighted the need to finalize a Bilateral Investment Protection Agreement (BIPA) between Sri Lanka and Saudi Arabia a move that would provide legal safeguards for investors and reduce political and financial risks.
Both sides agreed to establish a continuous communication channel to follow up on the meeting’s discussions, which indicates that Sri Lanka is seeking a long-term partnership rather than a one-off investment.
Sri Lankan Ambassador to Saudi Arabia Ameer Ajwad briefed the delegation on existing bilateral agreements, including the Avoidance of Double Taxation Agreement, which could provide a fiscal incentive for Saudi investors. Also present were senior representatives from the Colombo Stock Exchange (CSE) and SEC, demonstrating a unified national approach toward attracting foreign capital.
The PIF is one of the world’s most influential sovereign wealth funds, holding assets valued at SAR 3.4 trillion (about $910 billion) as of 2024. It has played a central role in Saudi Arabia’s Vision 2030, diversifying the economy through investments in energy, infrastructure, technology, and capital markets.
For Sri Lanka, the meeting is more than a diplomatic visit it is a strategic attempt to attract the kind of deep-pocketed investment that could help stabilize an economy still recovering from severe financial turmoil.
