The two leaders will sign a memorandum of understanding on "further strengthening the economic and trade ties between the two countries".
Before the sanctions regime, Iran had been a key buyer of Sri Lankan tea, the island's main export. Sri Lanka's only oil refinery is geared to handle Iranian light crude.
Iran pledged USD 450 million for an irrigation project in Sri Lanka in 2008, but the funds were delayed due to the sanctions.
Sirisena's office said he will also attend a special investment and trade forum organised by the Iran Chamber of Commerce.
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