Economy

Sri Lanka to invite Russian investors to Colombo Port City

Published

10 hours ago

April 2, 2026

The Sri Lankan government will this week make an invitation to the Russian Foreign Ministry for its investors to explore the possibility of investing in the Colombo Port City, which the Sri Lankan government is now trying to promote amongst international investors amidst the Middle Eastern turmoil.

Sources in the government told the Daily Mirror that Russia’s Deputy Foreign Minister Andrey Rudenko will arrive in the island on April 2 for high level discussions and both Russia and Sri Lanka will explore the opportunity of collaborating in several sectors.

This will include seeking cooperation in the economic, trade, cultural and political sectors. “The Russian Deputy Foreign Minister’s visit will not include discussions on fuel but it will be a political visit. We will look at several areas of cooperation including investments in the Colombo Port City and several other sectors,” the source said.

As the entire Gulf region remains volatile with the ongoing escalation of violence between Iran, Israel and the United States, the government is looking at promoting Sri Lanka as an ideal investment hub with its strategic location in the Indian Ocean and attracting investments into the already existing foreign projects.

Economy

Sri Lanka ranked second most unaffordable housing market in Asia

Published

4 days ago

March 29, 2026

admin

Sri Lanka has been ranked the second in the world’s most unaffordable housing markets as per a report published by ‘The Economist’.

According to the report, Cities in developing countries such as India, Indonesia and the Philippines are gaining hundreds of millions of people.

“This urbanisation is only getting started. In South Asia, for example, barely 35% of the population is urban, compared with 80% in North America,” the report said.

“Yet problems in Asia’s great metropolises are mounting. The likes of Delhi, Jakarta and Manila suffer from awful pollution, traffic and crime. The greatest challenge is a shortage of decent and affordable housing. Fixing that would improve millions of lives. It would also boost economies by making city-dwellers more productive.

Economy

Middle East Tensions Trigger Surge in Demand for Sri Lankan Tea

Published

7 days ago

March 27, 2026

admin

The Sri Lanka Tea Board has reported a significant rise in demand for Ceylon Tea from Middle Eastern nations.

Chairman Raj Obeyesekere says that the ongoing regional conflicts have prompted citizens to stockpile food supplies, leading to increased demand.

While the local tea auction saw a slight dip during the initial week of the conflict, the Chairman noted that both prices and demand have since stabilized.

At last week’s auction, the average selling price for a kilogram of tea stood at Rs. 1,153.

Currently, the unsold volume at auctions remains between 8% and 10%, consistent with standard market trends.

Chairman Obeyesekere highlighted that exports to several countries, including Kuwait, Saudi Arabia, and Iran, have been disrupted due to the closure of the Strait of Hormuz and related regional hostilities.

However, the Tea Board has successfully initiated exports to other Middle Eastern nations, such as Turkey and Iraq, via alternative shipping routes.

As a result, the adverse impact of the Middle Eastern crisis on the local tea market is gradually diminishing.

Economy

Sri Lanka’s Gross Official Reserves Record Steady Growth into 2026

Published

1 week ago

March 26, 2026

admin

Sri Lanka’s gross official reserves increased to USD 7.3 billion by end-February 2026, continuing the upward trend from USD 1.9 billion in 2022, according to latest Central Bank data.

The Central Bank also recorded USD 0.7 billion in net FX purchases during the first two months of 2026.