The United Arab Emirates and Sri Lanka are moving closer to finalising a Comprehensive Economic Partnership Agreement (CEPA), a development expected to significantly enhance bilateral trade, investment and economic cooperation between the two nations. Speaking at the high-level forum titled “Recovery to Relevance: Sri Lanka’s Moment in the Evolving Global and Regional Economy” in Dubai, Sri Lanka’s Presidential Special Envoy for Foreign Investment, Hanif Yusoof, expressed confidence that the agreement would be fast-tracked and concluded in the near future.
The forum brought together senior business and diplomatic leaders from both countries. Among the key speakers were Prof. Arusha Cooray, Sri Lanka’s Ambassador to the UAE; Alexi Gunasekera, Consul General of Sri Lanka in Dubai and the Northern Emirates; Harsha Amarasekera, Chairman of the Colombo Port City Economic Commission; Revan Wickramasuriya, Director General of the Commission; and Ghanim Al Falasi, Senior Vice President of Dubai Silicon Oasis.
Officials noted that bilateral trade has already reached approximately US$1.6 billion, while the UAE ranks among Sri Lanka’s leading foreign investors. Discussions also focused on the US$20 billion Colombo Port City project, which is being positioned as a strategic gateway connecting the UAE with South Asian markets. With more than 250,000 Sri Lankans residing in the UAE, both countries see the proposed CEPA as a catalyst for a new era of economic partnership and regional growth.
