President Anura Kumara Dissanayake has returned to Sri Lanka on February 13 after completing a three-day official visit to the United Arab Emirates at the invitation of UAE President Mohammed bin Zayed Al Nahyan. The visit, which commenced on February 10, aimed to enhance bilateral economic ties and explore investment opportunities in key sectors such as energy, ports, and tourism.
During his time in Dubai, President Dissanayake held discussions with several global leaders and influential business figures. He met with Kuwaiti Prime Minister Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah, Pakistani Prime Minister Shahbaz Sharif, and former British Prime Minister Tony Blair. Additionally, he engaged with Sheikh Abdullah bin Mohammed Al Qassim, CEO of Master Investment Group and nephew of the Ruler of Ras Al Khaimah, as well as Almar Latour, CEO of Dow Jones, and Mike Cecilia, Executive Vice Chairman of Oracle. These meetings focused on fostering bilateral cooperation and attracting foreign investment to Sri Lanka’s key economic sectors.
According to a statement from the Presidential Media Division, the President invited the leaders and business executives he met to visit Sri Lanka and consider investment opportunities in areas such as healthcare, ports, and tourism. A significant development from the visit was a discussion with Oracle Executive Vice Chairman Mike Cecilia, during which Oracle expressed interest in providing Oracle Cloud infrastructure to support Sri Lanka’s digital transformation. The company also indicated its willingness to establish an office in Colombo Port City as a South Asian hub for Artificial Intelligence and Cloud computing, aligning with its regional digital expansion strategy.
A key outcome of the visit was the signing of a Promotion and Mutual Investment Protection Agreement between Sri Lanka and the United Arab Emirates. This agreement was signed by UAE’s Minister of State for Finance, Mohammed bin Hadi Al Hussein, and Sri Lanka’s Minister of Foreign Affairs, Vijitha Herath. The bilateral agreement is designed to strengthen economic relations between the two countries by providing a secure legal framework that facilitates investment opportunities and ensures the protection of foreign investments. It includes provisions for comprehensive investment protection, dispute resolution mechanisms, and policy frameworks that safeguard investor rights while promoting economic collaboration.
The agreement is expected to reinforce global economic partnerships and encourage new investment opportunities in Sri Lanka. It highlights the importance of bilateral economic development and financial stability, demonstrating the commitment of both countries to strengthen their economic cooperation. Moreover, it aims to create a transparent and stable investment environment while supporting trade and business expansion in Sri Lanka. The initiative also underscores Sri Lanka’s efforts to increase Foreign Direct Investment (FDI) and boost investor confidence, which in turn is expected to drive economic progress and generate new business opportunities.
