On October 14, Sri Lanka’s Foreign Minister, Vijitha Herath, declared the country’s intention to seek membership in the BRICS alliance and the New Development Bank. Despite this significant step, Herath and the newly elected President, Anura Kumara Dissanayake, will be unable to attend the BRICS summit in Kazan, Russia, on October 23-24, due to upcoming parliamentary elections on November 14.
Sri Lanka’s representation at the summit will be led by the Secretary of Foreign Affairs, who will officially submit the country’s membership application. According to Herath, Colombo has already reached out to BRICS member nations, seeking their support for the bid. “We see BRICS as a valuable platform for fostering mutually beneficial cooperation, peace, and development through strengthened multilateralism, aligned with the principles of the UN Charter,” Herath stated.
BRICS was initially formed in 2006 by Brazil, Russia, India, and China—four of the world’s fastest-growing emerging economies at the time. South Africa joined the bloc in 2011, and in early 2024, additional countries such as Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia were welcomed as full members.
Sri Lanka views BRICS membership as a strategic opportunity to boost its economy, infrastructure, and geopolitical standing. The country aims to reduce its reliance on Western financial institutions like the World Bank and the IMF, and sees BRICS development funds as a potential source of financial support. Given Sri Lanka’s advantageous position along major maritime trade routes, Colombo seeks to attract investment in infrastructure, technology, and other sectors to diversify its economy beyond tourism.
The proximity to India, a key BRICS member and long-standing ally, is a major factor influencing Sri Lanka’s decision to join. Earlier this year, then-Foreign Minister Ali Sabry acknowledged BRICS as an important organization, especially due to India’s involvement.
Sri Lanka’s economy is still recovering from a severe crisis that peaked in 2022. The country managed to navigate through two challenging years, thanks in part to $3.5 billion in financial aid from India, according to former President Ranil Wickremesinghe.
With Russia currently holding the BRICS presidency and 36 international leaders invited to the upcoming summit—18 of whom have already confirmed their attendance—Sri Lanka hopes to capitalize on the opportunities presented by joining this influential economic group.
