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Saudi Arabia to assist Sri Lanka to develop technology and renewable energy

Saudi Arabia and Sri Lanka have agreed to strengthen bilateral relations with a focus on economic cooperation, following the inaugural visit of the Kingdom’s foreign minister to the South Asian country on Monday.

Prince Faisal bin Farhan met President Goatabaya Rajapksa and  Sri Lankan Foreign Minister , G.L. Peiris, in Colombo as part of his trip to the island nation.

Officials said the prince’s visit was the first by a Saudi foreign minister to Sri Lanka on a bilateral level.

Saudi Arabia is ready to assist Sri Lanka with renewable energy generation, Saudi Arabian Foreign Minister Faisal bin Farhan Al Saud said. He said this at talks with President Gotabaya Rajapaksa in Colombo Monday 

The President had informed the Saudi Arabian Foreign Minister that he would like to invite Saudi Arabia to make direct investments in several sectors.

The President pointed out the opportunities available for foreign investment in the sectors of agriculture, renewable energy generation, and technology based development and at the Colombo Port City.

Prince Al Saud was briefed on the impact of the Covid-19 pandemic on the Sri Lankan economy. The President also pointed out the impact of low remittances, the collapse of the tourism industry, the impact of dry weather on hydropower generation and the rising demand for fuel.

The Saudi Foreign Minister said that his country was also paying special attention to renewable energy generation and that they are ready to assist Sri Lanka in this sector.

The Saudi  and Sri Lankan Foreign Ministers and Sri Lankan Foreign Ministers alos agreed to strengthen relations “on a multitude of areas of bilateral interest for mutual benefit,” the Sri Lankan Ministry of Foreign Affairs said in a statement.

“We want to transform Sri Lanka-Saudi Arabia bilateral relations into a results-oriented, multi-faceted partnership,” Peiris said.

Saudi Arabia also stressed its commitment to “further deepen the already buoyant bilateral relations between the two countries,” and “emphasized economic cooperation” during the meeting, the statement said.

“Saudi Arabia Vision 2030 is meant to transform Saudi Arabia from the present dependency on oil to a digital economy in the Middle East region,” Prince Faisal said, referring to the Kingdom’s plan to diversify the economy.

Trade relations between Saudi Arabia and Sri Lanka are currently based on two commodities — tea and petroleum — and were worth $82 million in 2020.

Prince Faisal also met President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa during his visit.

The President and the Saudi Foreign Minister also discussed further strengthening of bilateral relations in a number of areas.

Sri Lankan Justice Minister Ali Sabry, who was part of the welcoming party for the prince, said that Monday’s talks were focused on trade and investment as well as plans for high-level visits.

“The bilateral trade and investment is small in number and this has to be developed with new areas of cooperation,” Sabry, who previously served as Colombo’s consul general in Jeddah, said 

The South Asian nation is also keen to provide more skilled workers to Saudi Arabia and encourage tourists from the Kingdom.

Saudi Arabia has funded a number of infrastructure projects in Sri Lanka, including Kinniya Bridge — the country’s longest — and a trauma care center at the National Hospital, with the help of more than $600 million in soft loans from the Saudi Fund for Development.

Sri Lanka’s Ambassador to Saudi Arabia Packeer Mohindeem Amza said he was optimistic Prince Faisal’s visit would improve relations between the two countries.

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