(MENAFN) Sri Lanka and Saudi Arabia unveiled their inaugural Joint Business Council on Wednesday, a development officials describe as transformative for bilateral economic relations between the South Asian island nation and the Gulf kingdom.

Vijitha Herath, who serves as Sri Lanka's minister overseeing foreign affairs, foreign employment, and tourism, confirmed the establishment via social media platform X. He revealed witnessing Tuesday's Memorandum of Understanding ceremony between the Federation of Saudi Chambers (FSC) and the Federation of Chambers of Commerce and Industry of Sri Lanka, held at FSC headquarters in Riyadh, the Saudi capital.

Speaking before the FSC, Herath presented Sri Lanka's commercial landscape and investment potential, extending invitations to Saudi business leaders to pursue collaborative ventures across strategic industries—particularly tourism, energy, and agriculture sectors.

According to Herath, establishing the Joint Business Council fulfills a longstanding objective, creating essential infrastructure to accelerate private enterprise partnerships while expanding trade volumes, foreign investment inflows, and tourism exchanges between both countries.

Since last year, Colombo has intensified efforts to expand its international trade portfolio, with particular emphasis on cultivating stronger economic relationships throughout the Middle East and across African markets.

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