On the evening of 5th August 2023, Dr. Alireza Yavari, the Vice-President of CACCI, attended a business dinner banquet planned by the Business Magnates Association (BMA) in Tehran. It was at this event that Dr. Yavari had the honor of engaging in a comprehensive discussion with the Foreign Minister of Sri Lanka, Mr. Ali Sabri.

The crux of their conversation delved into the commercial activities prevalent in the APAC region. The three primary topics discussed were:

1. APAC Region Trade: The importance of commercial activities in the APAC region was highlighted, with an emphasis on enhancing trade relations among CACCI’s member states.

2. Tourism in Sri Lanka: Focus was on Sri Lanka’s growing tourism sector, covering:

• The rise in foreign investments in hotels, especially luxury brands like Shangri-La.
• The involvement of Emirati investors in the hotel sector.
• The popularity of boutique hotels.

3. Economic Strategy of Sri Lanka: Minister Sabri discussed:

• The nation’s success in reducing inflation from 70% to 6.7% swiftly.
• Steps taken included raising interest rates, removing subsidies, and introducing social security for the poorest 20%.
• These efforts led to Sri Lanka’s inclusion in the IMF program, reflecting economic stability and a confirmed $8 billion funding over four years from institutions such as the IMF and ADB, promising steady economic growth and recovery.