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Summarised by Centrist
Deputy Prime Minister Winston Peters is in Sri Lanka this week to deepen New Zealand’s economic ties focused on trade, tourism and agriculture.
Sri Lanka is still recovering from an $83 billion debt crisis that led to bankruptcy in 2022. The country secured a $2.9 billion IMF bailout in 2023 and is now seeking $17 billion in debt relief from creditors.
Peters met with Foreign Affairs Minister Vijitha Herath in Colombo on Monday, where discussions focused on reducing trade barriers and expanding cooperation in sectors such as dairy, processed food, and fresh produce. “We also explored expanding trade links in high-potential sectors,” Herath said, praising New Zealand’s role in transforming Sri Lanka’s rural dairy industry.
In 2024, New Zealand exported $335 million worth of goods to Sri Lanka, while importing just $64 million, including tea, rubber, and garments.
“We discussed the growing number of New Zealand companies working with and investing in Sri Lanka,” Peters said, citing tourism, healthcare and agriculture as key sectors for collaboration.
The visit marks a strengthening of diplomatic relations, following the opening of a New Zealand embassy in Colombo in 2021 and Sri Lanka’s reciprocal move this year.
Peters’ five-day visit is part of a broader foreign policy push to expand New Zealand’s footprint in the Indo-Pacific and support regional stability through trade-led diplomacy.
