Sri Lanka has sought European Union (EU) investments to strengthen its small and medium-sized enterprises (SMEs), startup ecosystem and export-oriented industries under the EU’s Global Gateway investment initiative.
The proposal was discussed during a meeting held on Thursday (15) between Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe and visiting European Commission official Pēteris Ustubs, Director for Asia, Central Asia and the Pacific at the Directorate-General for International Partnerships (DG INTPA).
The EU’s Global Gateway initiative aims to mobilise nearly €300 billion in global investments across key sectors, including digital technology, renewable energy, transport infrastructure, healthcare, education and research.
During the discussion, Deputy Minister Abeysinghe highlighted the need to upgrade Sri Lanka’s SME sector to meet international trade standards and strengthen its access to export markets.
He also emphasised the importance of establishing startup incubators to support emerging entrepreneurs in transforming business ideas into commercially viable ventures.
Accordingly, the Deputy Minister sought EU investments in capital and technology to support local SMEs and establish startup incubators, with the aim of developing Sri Lanka’s export-oriented industries.
He further invited European investors to consider Sri Lanka as a strategic gateway to Asian markets, citing its location along major international maritime routes, skilled workforce and ongoing governance reforms.
The Deputy Minister also briefed the EU delegation on economic reforms being implemented under Sri Lanka’s International Monetary Fund (IMF) Extended Fund Facility programme.
Meanwhile, EU official Pēteris Ustubs welcomed Sri Lanka’s progress under the IMF programme, particularly the successful completion of its fifth and sixth reviews, stating that these developments send a positive signal to international investors regarding the country’s economic direction.
The discussions also focused on strengthening regional energy connectivity in South Asia, promoting renewable energy projects and advancing transparent infrastructure development.
Deputy Minister Abeysinghe reiterated the government’s commitment to modernising Sri Lanka’s industrial and business sectors while ensuring transparency in attracting foreign investments.
The meeting was also attended by Deputy Head of the EU Delegation in Colombo Galia Agiševa and Head of Cooperation at the EU Delegation Virginie Lafleur-Tighe. (Newswire)
