Commonwealth Enterprise and Investment Council (CWEIC) Chairman Lord Marland concluded a successful 3-day visit to Sri Lanka as part of a larger trip to South and South East Asia. The visit presented a significant opportunity to foster further ties between the government, business sector, and the CWEIC.
CWEIC is a commercial, not-for-profit membership organisation with an official mandate from the Commonwealth Heads of Government to facilitate trade and investment throughout the 56 Commonwealth member nations. CWEIC has multiple Strategic Partners (members) in Sri Lanka including Port City Colombo, Capital Maharaja Group, Hypower Engineering International, and LOLC Holdings from the Private sector. In 2023, the Government of Sri Lanka rejoined as a Strategic Partner. Lord Marland’s visit showcased promising opportunities for international investors, particularly in Sri Lanka’s vibrant hospitality, energy, and financial service sectors.
During the visit, Lord Marland engaged in productive discussions aimed at unlocking the immense potential for mutual growth and prosperity and he emphasized that the Commonwealth is a platform for collaboration and economic opportunity. With over 2.5 billion people and a combined GDP exceeding $13.1 trillion, the Commonwealth boasts 56 member states, including some of the world’s fastest-growing economies. This global network offers Sri Lanka a pathway to forge deeper partnerships worldwide. Moreover, a combination of cultural, legal, and economic factors means that it is 21% cheaper for Commonwealth countries to trade with one another, an effect known as the ‘Commonwealth Advantage’, which further offers Sri Lanka opportunities for growth.
During the meetings with H.E. President Ranil Wickremesinghe and State Minister of Investment Promotion Dilum Amunugama, the CWEIC reaffirmed its commitment to support the government as part of the Strategic Partnership. Furthermore, Lord Marland extended a formal invitation to H.E. President Ranil Wickremesinghe to participate in the Commonwealth Business Forum, which is one of the four official Forums that are convened alongside the Commonwealth Heads of Government Meeting in October in Samoa. Minister Dilum Amunugama is due to visit London in March as part of the Ministry of Investment Promotion’s investment drive. During the visit, CWEIC will convene Strategic Partners and stakeholders keen on investing in Sri Lanka for a roundtable discussion. Lord Marland also held a meeting with British High Commissioner H.E. Andrew Patrick during which he was informed of the way the United Kingdom is engaging in Sri Lanka and key priority areas such as renewable energy and education.
Port City Colombo (PCC) also hosted a special networking event with Lord Marland at the Port City Colombo Sales Gallery. This event served as a prime opportunity for PCC to showcase its upcoming investment opportunities, with Lord Marland expressing strong support for PCC’s investment promotion efforts. Minister Dilum Amunugama and various dignitaries were also in attendance. In his address, Lord Marland praised Sri Lanka’s resilience, hospitality, and entrepreneurial spirit, highlighting its current economic growth of 1.6% and positioning Sri Lanka as ‘a nation on the move’.
Throughout his discussions and media interviews, Lord Marland pointed out that Sri Lanka has been one of the cornerstone countries of the Commonwealth when it was founded after independence and has always been very active within the Commonwealth. He discussed the Commonwealth’s role in Sri Lanka’s economic recovery and the work of CWEIC and spoke of various key priorities for the Commonwealth, such as balancing the energy transition with economic development, as well as the role of the private sector in driving such sustainable economic growth. He elaborated that given Sri Lanka’s proximity to Commonwealth nations in South Asia, there is great potential to build on existing channels to expand into those markets. He also noted that Sri Lanka has got huge possibilities in Africa with its 1.4 billion population, 70% of who are under the age of 30.
The CWEIC aims to use the convening power and trusted network of the Commonwealth to drive trade and investment. CWEIC’s network includes over 140 business and government Strategic Partners. Every two years, CWEIC hosts the Commonwealth Business Forum in association with the host country of the Commonwealth Heads of Government Meeting (CHOGM).