https://sputniknews.in/20260721/sri-lanka-eyes-deeper-india-russia-ties-and-brics-push-official-11727819.html
Sri Lanka Eyes Deeper India, Russia Ties and BRICS Push: Official
Sri Lanka Eyes Deeper India, Russia Ties and BRICS Push: Official
Sputnik India
Sri Lanka is looking to strengthen economic engagement with India and explore new opportunities with Russia through platforms such as BRICS, the Minister of... 21.07.2026, Sputnik India
2026-07-21T17:22+0530
2026-07-21T17:22+0530
2026-07-21T17:22+0530
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Sri Lanka is rebuilding its economy with a focus on industrial growth, investment and export expansion, Sunil Handunneththi said in an interview on the sidelines of Bharat Tex.However, under the Free Trade Agreement (FTA), which has been in place since 2000, Sri Lanka has been allocated a quota of only eight million pieces, a relatively small amount given the size of the Indian market, he added. The minister said Sri Lanka had urged India, particularly during discussions with the new Textiles Minister, to increase the quota. He added that a higher quota would also benefit India, as Indian fabric could be exported to Sri Lanka for value addition before being shipped to other countries under the trade concessions.Sri Lanka aims to build partnerships by leveraging its strengths in sectors such as gems, minerals, tourism, fisheries and apparel, Handunneththi stated, highlighting India's rise as a manufacturing and technology hub.The minister said Sri Lanka's economic recovery strategy is focused on creating a more investor-friendly environment through streamlined approvals, industrial zones and greater transparency. He pointed to reforms aimed at reducing delays in setting up industries and attracting foreign investment.Russia EngagementSri Lanka is exploring greater economic cooperation with Russia in areas including energy, infrastructure and industry, the minister stressed. The country has held discussions with Russia on securing oil and gas supplies and upgrading Mattala Airport.Sri Lanka is also looking at broader cooperation in manufacturing, technology and trade facilitation, though the minister noted that such initiatives require coordination among multiple government agencies.BRICS and the Global SouthSri Lanka views BRICS as a platform to diversify trade partnerships and expand access to emerging markets. The minister said Colombo does not want to depend on a limited number of markets and is exploring new economic opportunities across regions.Sri Lanka's interest in BRICS comes as developing economies seek greater representation in global economic decision-making and look for alternative avenues for trade, investment and cooperation. Closer engagement with BRICS could help Sri Lanka promote its traditional and emerging industries, according to the minister.With ongoing geopolitical shifts, BRICS could become a stronger voice for the Global South, the minister said.Supply Chains and New Investment PushGeopolitical uncertainty in Europe and West Asia is encouraging investors to look for stable and transparent economies, the minister underscored.Sri Lanka is expanding industrial infrastructure through new industrial zones and investment facilitation initiatives. The country is also working to strengthen manufacturing linkages between small and medium enterprises and export-oriented industries.Sri Lanka's focus is on ensuring economic growth benefits a wider section of society through "public-private-people's partnership" model, he added.Sri Lanka's economic future will depend on cooperation with multiple partners, including India, Russia, China and emerging markets, while building on the country's unique industries and strategic location in the Indian Ocean, he concluded.
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Interview with Sri Lanka's Minister of Industry and Entrepreneurship Sunil Handunneththi
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Interview with Sri Lanka's Minister of Industry and Entrepreneurship Sunil Handunneththi
2026-07-21T17:22+0530
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Sri Lanka Eyes Deeper India, Russia Ties and BRICS Push: Official
Sri Lanka is looking to strengthen economic engagement with India and explore new opportunities with Russia through platforms such as BRICS, the Minister of Industry and Entrepreneurship told Sputnik India.
Sri Lanka is rebuilding its economy with a focus on industrial growth, investment and export expansion, Sunil Handunneththi said in an interview on the sidelines of Bharat Tex.
"India is our closest friend and a brother country, which is why there is a massive import-export cooperation between our two nations. Last year, we conducted trade worth approximately$5 billion. We believe there is a significant opportunity for our main exports to India, specifically in the apparel and textile industry," Handunneththi underlined.
However, under the Free Trade Agreement (FTA), which has been in place since 2000, Sri Lanka has been allocated a quota of only eight million pieces, a relatively small amount given the size of the Indian market, he added. The minister said Sri Lanka had urged India, particularly during discussions with the new Textiles Minister, to increase the quota. He added that a higher quota would also benefit India, as Indian fabric could be exported to Sri Lanka for value addition before being shipped to other countries under the trade concessions.
Sri Lanka aims to build partnerships by leveraging its strengths in sectors such as gems, minerals, tourism, fisheries and apparel, Handunneththi stated, highlighting India's rise as a manufacturing and technology hub.
"We never expect to compete with India. However, we think that a large share of India's market can be captured for the development of our country," he said. "Considering India's population and vast size, we cannot match that scale. But we have our own manufacturing industries and services with their own unique identities."
The minister said Sri Lanka's economic recovery strategy is focused on creating a more investor-friendly environment through streamlined approvals, industrial zones and greater transparency. He pointed to reforms aimed at reducing delays in setting up industries and attracting foreign investment.
"We have removed the main barriers now. At the political level, no investor needs to pay commissions or seek political support to get investment approval. There is a mechanism now," he emphasised.
Sri Lanka is exploring greater economic cooperation with Russia in areas including energy, infrastructure and industry, the minister stressed. The country has held discussions with Russia on securing oil and gas supplies and upgrading Mattala Airport.
"Currently, we have started separate discussions with Russia to obtain the oil and gas required for Sri Lanka," he said, adding that the Russian-Sri Lanka Business Council is supporting engagement in energy-related sectors. "Especially in petroleum-based and petrochemical industries, Russia's contribution is significant."
Sri Lanka is also looking at broader cooperation in manufacturing, technology and trade facilitation, though the minister noted that such initiatives require coordination among multiple government agencies.
BRICS and the Global South
Sri Lanka views BRICS as a platform to diversify trade partnerships and expand access to emerging markets. The minister said Colombo does not want to depend on a limited number of markets and is exploring new economic opportunities across regions.
"We never like to limit ourselves to a single country or a single market. Therefore, we always consider new countries and new markets," he stated.
Sri Lanka's interest in BRICS comes as developing economies seek greater representation in global economic decision-making and look for alternative avenues for trade, investment and cooperation. Closer engagement with BRICS could help Sri Lanka promote its traditional and emerging industries, according to the minister.
"If we have the possibility to get engagement with BRICS, then we will have the best opportunity for tourism, wellness, the cosmetic industry, Ayurvedic products, minerals, gems, and all our other main products," he said.
With ongoing geopolitical shifts, BRICS could become a stronger voice for the Global South, the minister said.
Supply Chains and New Investment Push
Geopolitical uncertainty in Europe and West Asia is encouraging investors to look for stable and transparent economies, the minister underscored.
"Countries that have transparency and stability… will become important economic destinations. It is not just the size of a country that matters," Handunneththi stressed.
Sri Lanka is expanding industrial infrastructure through new industrial zones and investment facilitation initiatives. The country is also working to strengthen manufacturing linkages between small and medium enterprises and export-oriented industries.
Sri Lanka's focus is on ensuring economic growth benefits a wider section of society through "public-private-people's partnership" model, he added.
Sri Lanka's economic future will depend on cooperation with multiple partners, including India, Russia, China and emerging markets, while building on the country's unique industries and strategic location in the Indian Ocean, he concluded.
