The Sri Lanka-Maldives Business Council (SLMBC) of the Ceylon Chamber of Commerce has emphasised a range of opportunities for Sri Lankan companies in the Maldives, particularly in sectors such as logistics, tourism, agriculture, boat construction, fishery, and construction.

A comprehensive report detailing these opportunities was presented to Export Development Board (EDB) Chairman Mangala Wijesinghe and High Commissioner of the Maldives Masood Imad. The report was compiled following SLMBC’s engagements with key stakeholders in the Maldives, including seven ministries and organisations such as Maldives Ports Ltd., Economic Development Ministry, and Tourism Ministry.

According to a report by the Daily FT, SLMBC President Sudesh Mendis highlighted the potential for increased trade between the two nations. “The Maldivian market currently offers vast opportunities across multiple sectors, including special concessions like a 50% tax discount for small boat operations. Increased trade will undoubtedly boost revenue for both nations,” Mendis stated at the report’s launch.

Mendis also reflected on the success of the exhibition held in May 2023, which unveiled new trade possibilities. “The exhibition introduced innovative solutions for cost-effective transportation, such as wooden boat services and ferry connections, improving logistical efficiency and regulatory frameworks to strengthen trade ties,” he added.

A delegation of 22 export companies participated in the event, with the Sri Lankan Government, through the EDB, subsidising 50% of stall costs for SME participants. Many of these SMEs showcased new products to the Maldivian market, leveraging the event to establish and expand business partnerships.

The Daily FT also reported that High Commissioner Masood Imad called for eased travel restrictions on Maldivian citizens travelling to Sri Lanka, noting that bilateral ties have faced challenges following the Easter attacks and COVID-19 pandemic. “Sri Lanka and the Maldives share a long history, but strict regulations have caused setbacks. With normalcy returning, we hope to see better relations and enhanced cooperation,” the High Commissioner said, adding that discussions with Sri Lankan officials are ongoing.

In addition to trade, SLMBC announced an upcoming CSR initiative aimed at improving eye and hearing health for residents of Fares-Maathoda Island in the Maldives. This initiative underscores the council’s commitment to fostering goodwill and community welfare between the two nations.

Since its establishment in 2007, the Sri Lanka-Maldives Business Council has played a pivotal role in enhancing trade and economic cooperation between the two countries, creating mutually beneficial outcomes and strengthening bilateral relations.