Sri Lanka aims for a $36 billion economy by 2030 by doubling exports and investments, with Industry Minister Sunil Handunneththi rallying diaspora entrepreneurs in Melbourne while promising an Australia-like nation of freedom and opportunity.

Sri Lanka’s Industry and Entrepreneurship Development Minister Sunil Handunneththi has set an ambitious target of building a $36 billion economy by 2030, driven by a decisive push to double exports and foreign investments. Speaking at the Sri Lankan Entrepreneurs’ Night 2026 in Melbourne on Saturday, the minister framed the goal as a national imperative that transcends global uncertainties and depends on partnership between Sri Lankans at home and the diaspora.

“We need to boost investment and business development in Sri Lanka. It is the Sri Lankan citizens that live in Melbourne and the people of Sri Lanka together who have brought a possibility to this shift. Our goal is to achieve a $36 billion economy by the year of 2030. Regardless of the international situation, we must pursue the target, doubling our country’s exports and investments,” Handunneththi declared.

The Melbourne gathering, organised by the Australia Sri Lanka Business Forum, has been described by the minister as the most successful business event of its kind held in Australia to date. Leading Australian investors and entrepreneurs expressed strong interest in direct investments across several priority sectors. Officials from the Board of Investment (BOI) and the Ministry of Industries participated, underscoring a coordinated government approach to convert dialogue into concrete projects.

From Raw Potential to Production Economy

Handunneththi emphasised a two-way flow of capital and enterprise. “There are many people running businesses in Australia, and as a country, now we need to bring their investments into Sri Lanka, just as we need to take Sri Lankan businesses there.” He noted that the traditional dynamic – in which entrepreneurs approached politicians – has been reversed. Politicians are now reaching out to business leaders to support expansion.

Discussions in Melbourne focused on sustainable energy, environment-friendly textile technology, commercial dairy and livestock development, recycling-based plastics in industrial zones, aquaculture, and eco-friendly tourism. Australian investors indicated readiness to back projects that strengthen Sri Lanka’s production economy. The minister assured them that a transparent, corruption-free and investment-friendly environment is already in place, with the necessary facilities prepared to accelerate implementation.

This outreach aligns with Sri Lanka’s broader National Export Development Plan (NEDP) 2026–2030, launched earlier this year with technical support from the Asian Development Bank. The plan targets export earnings of $36 billion by 2030 – nearly double the $17 billion recorded in 2025 – and identifies eight priority sectors: auto components, minerals-based industries, rubber-based products, marine industries including boat and shipbuilding, spices and concentrates, digital products and services, electrical and electronic components, and processed food and beverages.

Cross-cutting enablers include improved trade logistics and hub operations, trade facilitation (notably the long-delayed National Single Window), trade finance and investment climate reforms, market access and promotion, quality standards and ESG compliance, and skills development with entrepreneurship support. Handunneththi has repeatedly stressed that exports are not merely a source of foreign exchange but a driver of investment, innovation, productivity and quality employment.

Promise of an Australia-like Sri Lanka

Beyond the numbers, the minister offered a powerful political and social vision. Addressing the predominantly Sri Lankan audience, he acknowledged that many had left for education, business opportunities or a life of greater freedom and independence.

“A majority of those here are Sri Lankans. Despite the language we speak, we are from the same country, living at a 10-hour distance. You might have left for Australia for education, business, or for a life with freedom and independence. I promise today, alongside you and the 18 million people who voted for us, that within a short period we will transform Sri Lanka into a country like Australia, where future generations can study and live with freedom, with equal laws, and where you would want to reside.”

He urged overseas entrepreneurs to take a leading role in industrial and technological advancement, arguing that a strong production-based economy is essential to overcome remaining challenges. The government, he said, has already established the foundations of transparency and rule of law needed to make that vision credible.

Context of Recovery and Remaining Gaps

The ambition comes against a backdrop of hard-won stabilisation after the 2019–2024 economic crisis. Sri Lanka’s GDP surpassed $100 billion in 2025, reaching approximately $109 billion, with per capita income crossing $5,000. Real growth hit 5.0 per cent that year, inflation turned negative on average, and the country regained upper-middle-income status according to World Bank classifications. Fiscal performance improved markedly, with revenue rising and the primary balance turning strongly positive under the IMF Extended Fund Facility programme.

Yet structural constraints persist. Private investment and foreign direct investment remain below potential. Labour shortages, particularly of skilled workers who emigrated during the crisis, and low female labour force participation continue to limit capacity. Public debt, while on a declining path, remains elevated. External buffers have improved but are still rebuilding. Analysts note that sustained export growth and FDI inflows are critical to reducing debt dependence and building lasting resilience.

Handunneththi’s Melbourne message forms part of a wider pattern of engagement. Similar investor forums have been held or planned in other markets, and the government has prioritised value addition – banning raw mineral exports, for instance, in favour of domestic processing. Partnerships with India on textiles and minerals, and efforts to expand market access beyond traditional destinations in the US, EU and UK toward the Asia-Pacific, complement the Australia focus.

From Forum to Follow-Through

The minister described the Melbourne event as highly successful and promised rapid follow-up on the outcomes. With the BOI and Export Development Board actively involved, the government is positioning the diaspora not as a source of remittances alone but as partners in industrial transformation. Officials present included Sri Lanka’s Consul General in Melbourne, the EDB Chairman, the BOI Director General, and Australian parliamentarians, signalling bilateral interest.

Whether the $36 billion target – framed in Melbourne as the size of the overall economy and elsewhere as the export goal – can be met will depend on consistent policy execution, infrastructure delivery, skills development and the ability to convert expressions of interest into operational projects. Handunneththi’s dual appeal – to economic ambition and to a restored sense of national opportunity – seeks to mobilise both capital and commitment from Sri Lankans living abroad.