Sri Lanka has decided to apply for the membership of the BRICS and the New Development Bank, the country’s Foreign Minister Vijitha Herath said on October 14.

Hertah said that he nor the country’s new president, Anura Kumara Dissanayake, will be able to attend the BRICS summit to be held in Kazan, Russian Federation from October 23-24 due to the upcoming parliamentary elections which will be held on November 14.

Sri Lanka will be represented at the summit by the secretary foreign affairs and will place on record the request for membership, the country’s Ministry of Foreign Affairs said quoting Herath. Colombo has already sent letters to its counterparts in the BRICS member states seeking support, the ministry said.

“We consider BRICS to be an effective partnership to realise aspiration for mutually beneficial cooperation, peace and development, through strengthened and inclusive multilateralism within the framework of the UN Charter,” Hareth said.

BRICS was established in 2006 and the consisted of Brazil, and Russia, as well as India and China, the four fastest-growing emerging economies at that time. In 2011, South Africa joined the group and ‘S’ was added to the acronym. In January this year, Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia, became full-fledged members of the group.

Colombo believes joining BRICS would positively impact its economy, infrastructure development, and geopolitical positioning. Sri Lanks also expects financial support from BRICS development funds and reduced reliance on West-backed institutions like the World Bank and IMF. Sri Lanka’s location, part of major maritime trade routes, positions it as an attractive destination for investment in infrastructure projects. Colombo is trying to reduce its reliance on tourism as the biggest driver of the economy. It is trying to attract investments in sectors like infrastructure and technology, among others.

However, the most important reason for Sri Lanka’s decision to apply for BRICS membership is its proximity to India, one of the world’s fastest-growing economies and the country’s steadfast ally.

In May this year, Sri Lanka’s then-foreign minister Ali Sabry told news agency ANI that BRICS is a good body, more so as India is part of it.

The Sri Lankan economy is facing headwinds and experienced a major crisis in 2022. Former President Ranil Wickremesinghe told Press Trust of India in June this year that Sri Lanka survived two difficult years of its economic crisis which was possible because of the financial support of $3.5bn from India.

Given these factors, BRICS offers promising opportunities for Sri Lanka and can play a prominent role in shaping the future of economic governance and cooperation.

Russia assumed the BRICS’ year-long presidency in January this year. It has invited 36 foreign leaders to attend the BRICS summit. According to Russian news agency TASS, 18 have already accepted the invitation.