Re-elected President Sanjeewa Perera outlines a new programme focused on private-sector links, SME participation and opportunities beyond traditional trade
The Sri Lanka–Maldives Business Council has used its 18th Annual General Meeting in Colombo to formalise closer cooperation with the Maldives Business Chamber, while business and government leaders called for stronger trade, investment and people-to-people links between the two Indian Ocean neighbours.
Published: 18 August 2026
The Sri Lanka–Maldives Business Council (SLMBC), operating under The Ceylon Chamber of Commerce, signed a Memorandum of Understanding with the Maldives Business Chamber (MBC) during the AGM. The agreement is intended to create a stronger institutional platform for business-to-business engagement, knowledge sharing and new commercial partnerships.
The meeting brought together public- and private-sector leaders at a time when bilateral trade is growing but remains well below its potential. Figures presented at the AGM placed two-way trade at approximately US$137 million in 2025, comprising about US$132 million in Sri Lankan exports to the Maldives and US$5 million in imports.
A Business Partnership Moves into a New Phase
The MoU was signed by Ceylon Chamber of Commerce Chairperson Krishan Balendra and Maldives Business Chamber President Ahmed Amjad. Sri Lanka’s Minister of Trade, Commerce, Food Security and Co-operative Development, Wasantha Samarasinghe, attended as Chief Guest, while Maldives High Commissioner to Sri Lanka Masood Imad was Guest of Honour.
SLMBC President Sanjeewa Perera, who was re-elected for another term, described the agreement as an important milestone for bilateral commercial relations. Its practical value will depend on whether the two chambers can turn institutional cooperation into market access, investor introductions, business delegations and sustained engagement between companies.
Sri Lanka–Maldives Business Momentum
A new chamber-level agreement supports closer trade, investment and business-to-business cooperation.
Sanjeewa Perera Re-Elected with a Wider Agenda
Perera’s new-term priorities extend beyond increasing merchandise exports. The Council plans to strengthen public-private dialogue, identify and address trade barriers, improve market access and create a more enabling environment for companies operating across the two markets.
It also wants more Sri Lankan businesses—including small and medium-sized enterprises—to assess opportunities in hospitality, construction, renewable energy, education, digital transformation and professional services. A parallel objective is to encourage greater Maldivian investment in Sri Lanka by presenting the country as a competitive regional business destination.
During the preceding year, the Council worked with the Sri Lanka Export Development Board to facilitate the participation of 40 Sri Lankan companies at the Hotel Asia exhibition in the Maldives. That initiative gave local suppliers a platform to demonstrate their capabilities, meet buyers and build commercial relationships in a market where proximity gives Sri Lanka a natural advantage.
Sri Lanka’s Share of a Growing Import Market
The commercial opportunity is clear. According to figures presented by Perera, total Maldivian imports increased from around US$2 billion in 2016 to approximately US$3.6 billion in 2025. Sri Lanka’s share remained below 5%, although it reportedly improved to about 4.7% from 4.4% in 2024.
This modest improvement points to progress, but it also shows how much of the Maldivian market is still being supplied by competitors. Sri Lanka’s advantages include geographic proximity, frequent transport links, established business relationships and the ability to provide goods and services required by the tourism-led Maldivian economy.
The challenge is to convert those advantages into consistent supply, dependable logistics, competitive pricing and sector-specific market strategies. Export promotion alone will not be enough; companies will need stronger distribution networks, better intelligence on procurement requirements and sustained relationships with Maldivian buyers.
Healthcare and Education Remain High-Potential Sectors
Healthcare and education were identified as areas where Sri Lanka has a strong base but faces increasing regional competition. For many years, Maldivians travelled to Sri Lanka for medical treatment, including care supported through the Maldives’ Aasandha national insurance system. Sri Lankan hospitals, specialist doctors, geographic proximity and cultural familiarity continue to provide a compelling foundation.
However, other destinations have strengthened their healthcare partnerships and promotion. The SLMBC therefore sees a need for a coordinated strategy involving government, hospitals, educational institutions and industry bodies if Sri Lanka is to reinforce its position as a preferred destination for Maldivian patients and students.
The Council plans a healthcare-focused corporate social responsibility initiative alongside an education and wellness exhibition. If delivered with clear institutional participation and practical information for Maldivian families, these activities could support both social value and long-term service exports.
Financial Connectivity Could Support Trade Growth
Improved financial connectivity is another priority. The Council has made a formal submission supporting the establishment of a Bank of Maldives presence in Sri Lanka. Perera said progress had been made and expressed hope that the remaining regulatory processes would be concluded positively.
A stronger banking link could make cross-border payments, investment and trade finance more convenient for businesses and individuals. It could also support Sri Lankan companies operating in the Maldives, Maldivian investors considering Sri Lanka and families with financial commitments in both countries.
Where Bilateral Business Can Grow
The Council’s programme combines goods, services, investment, mobility and institutional cooperation.
Connect Sri Lankan suppliers and service providers with Maldivian tourism and infrastructure demand.
Reinforce Sri Lanka as an accessible destination for treatment, learning and professional development.
Develop partnerships suited to island economies seeking resilient and cleaner energy solutions.
Expand collaboration in technology, transformation, advisory and specialised business services.
Bring more smaller enterprises into export promotion, buyer engagement and bilateral business networks.
Improve the systems that support payments, investment, mobility and cross-border commercial activity.
Government Calls for Broader and More Inclusive Engagement
Minister Wasantha Samarasinghe said business councils become more important when the global economy is under pressure. He encouraged companies to move beyond conventional trade and explore a wider range of opportunities, while reaffirming the Government’s intention to maintain a stable, transparent and investor-friendly business environment.
Potential areas identified at the meeting included food and agricultural products, tea, tourism, hospitality, traditional and holistic medicine, education and healthcare. The Minister also urged the Council to increase its engagement with SMEs and emerging industries, recognising that future growth will depend on innovators and new business leaders as well as large corporations.
That emphasis is particularly relevant for Sri Lanka. Many products and services suitable for the Maldivian market are supplied by smaller firms that may lack direct market intelligence, export documentation support or access to buyers. A chamber-to-chamber mechanism can help reduce those barriers by aggregating opportunities and creating trusted introductions.
Maldives Business Chamber Commits to Joint Action
Maldives Business Chamber President Ahmed Amjad said the new partnership would support bilateral trade, investment opportunities, business-to-business networking and connections between entrepreneurs and investors.
For the MoU to produce measurable results, the two organisations will need to maintain a working calendar of delegations, sector meetings, buyer introductions and follow-up mechanisms. A formal agreement creates the framework; consistent execution will determine its commercial impact.
People-to-People Links Remain an Economic Foundation
High Commissioner Masood Imad placed the relationship in a wider historical and social context. He said more than 30,100 Sri Lankans were employed in the Maldives through active and newly issued work permits. He also referred to 238 student visas and 616 dependent visas, illustrating how employment, study and family life connect the two countries.
The High Commissioner noted that the Maldivian community in Sri Lanka had declined to around 1,700 people and argued that the depth of the countries’ friendship was not yet fully reflected in their economic relationship. His message was that a successful partnership should be experienced through accessibility, fair treatment, business confidence and opportunity in both directions—not only through diplomatic statements or headline trade totals.
Next Steps for the 2026–2027 Term
The SLMBC and Export Development Board plan to organise a dedicated Sri Lanka Pavilion at the 20th Hotel Asia exhibition in the Maldives from 28 to 30 September 2026. The Council also intends to lead a business delegation to the Maldives and pursue the healthcare, education and wellness initiatives outlined at the AGM.
These actions provide near-term tests of the new MoU. Strong participation, carefully matched business meetings and transparent follow-up could help companies move from general interest to actual orders, partnerships and investment discussions.
The SLD Perspective
Sri Lanka and the Maldives are close neighbours with unusually strong links in tourism, employment, education, healthcare and professional services. Yet proximity alone does not guarantee commercial success. Competing countries are actively pursuing the same Maldivian buyers, patients, students and investors.
The 18th AGM matters because it moved the relationship from broad goodwill towards a defined private-sector framework. The MoU, the Council’s new-term priorities and the September Hotel Asia programme give businesses practical channels through which to engage.
The next measure of success should not be the number of meetings held. It should be whether Sri Lankan exporters increase their market share, SMEs gain reliable access to buyers, service providers secure long-term partnerships, financial links improve and Maldivian companies find credible opportunities in Sri Lanka.
With two-way trade at approximately US$137 million against a much larger Maldivian import market, the room for expansion is substantial. The opportunity now is to convert long-standing friendship into balanced, accessible and sustainable economic value for both countries.
