Sri Lanka has asked the European Union (EU) for investment in small and medium-sized enterprises (SMEs), startups and export industries, at a meeting in Colombo on Thursday.
Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe made the request to Pēteris Ustubs, the European Commission’s Director for Asia, Central Asia and the Pacific at the Directorate-General for International Partnerships. He sought capital and technology for local SMEs and for startup incubators.
The investment would come under the EU’s Global Gateway initiative, which aims to mobilise nearly €300 billion worldwide in areas such as digital technology, renewable energy, transport, healthcare and education.
Abeysinghe said Sri Lanka’s SME sector needs to be upgraded to meet international trade standards. He also briefed the delegation on reforms under the International Monetary Fund (IMF) Extended Fund Facility programme.
Ustubs welcomed Sri Lanka’s progress under the programme, including the completion of its fifth and sixth reviews, and said it sends a positive signal to investors.
The two sides also discussed regional energy connectivity and renewable energy projects. No investment amount was announced.
