The Sri Lankan Minister of Trade, Commerce, Food Security and Cooperative Development Wasantha Samarasinghe has called on yesterday for the further strengthening of the economic connection between Maldives and Sri Lanka by stepping beyond regular trade.

During the 18th Annual General Meeting of the Sri Lanka–Maldives Business Council that was held in Colombo, the minister said that during a time where there are obstacles within the world economy, the role of institutions such as the Business Council is very important.

While calling for the beginning of a new economic chapter between the two nations, Minister Samarasinghe said in order to make use of the economic opportunities that have not been taken advantage of between the two island nations, they need to go beyond the boundary of regular business customs and to find new industries they can cooperate within.

"Sri Lanka and Maldives are two friendly and close small island nation neighbors within the Indian Ocean. Our relationship is not just within our governments. There is economic cooperation between the two countries in terms of business and tourism," said the minister.

While highlighting the business being conducted between Maldives and Sri Lanka, Samarasinghe said Sri Lanka has exported goods worth USD 132 million to Maldives within the previous year, with import of goods from Maldives to Sri Lanka worth USD 5 million. He also pointed out that electricity wires and cables were the highest exported goods from Sri Lanka to Maldives.

Business between Maldives and Sri Lanka within the last year:

"Discussions have been held in the past between our two countries regarding how business can be strengthened. We need to move forward with that effort with renewed courage. I urge businessmen from both nations to go beyond the boundaries of regular business practices,"  the minister said.

While repeating that their government prioritizes the establishment of a trustworthy, transparent and friendly environment for businessmen, the minister said sustainable economic growth can only be found within the strong relationship between the government and the private sector.

He noted industries both nations can expand business in such as fresh fruit, wheat flour, vegetables, tea and various tea packaging, electricity equipment, nuts and related processed foods. Additionally, he said there is an opportunity for joint efforts in the industry of canning fish products in Maldives.

Samarasinghe said that looking at the tourism industry, Maldives ranked 16th in the highest number of tourists who went to Sri Lanka last year, and that more than 37,000 Maldivian tourists had gone to Sri Lanka.

"This is the reason why the tourism, hospitality, holistic medicine, education and medical sectors need to be prioritized once more," stated the minister.

The minister requested more attention be paid by the Sri Lanka–Maldives Business Council to small and medium enterprises and the new industries that are being formed. He said that the economic futures of both countries will be built not only by large companies, but upon the new generation of entrepreneurs and innovative ideas.