Sri Lanka has invited European investors to consider the country as a gateway to East and explore investment opportunities in export-oriented industries, small and medium-sized enterprises (SMEs), technology and infrastructure under the European Union’s Global Gateway investment strategy.
This was highlighted during a special discussion held yesterday (15) between Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe and Pēteris Ustubs, Director for Asia, Central Asia and the Pacific at the Directorate-General for International Partnerships (DG INTPA) of the European Commission, who is currently visiting Sri Lanka.
The discussion focused on strengthening bilateral industrial and economic cooperation between Sri Lanka and the European Union and exploring opportunities for Sri Lanka to benefit from the EU’s Global Gateway initiative, which aims to mobilise close to €300 billion in global investment for key sectors, including digital technology, climate and energy, transport infrastructure, healthcare, education and research.
Deputy Minister Abeysinghe highlighted the need to upgrade Sri Lanka’s small and medium-sized enterprises to meet international trade standards and enable them to make greater use of export market opportunities. He also emphasised the importance of establishing startup incubators to support early-stage entrepreneurs in transforming innovative ideas into viable businesses through structured assistance, resources and technical expertise.
In this regard, the Deputy Minister sought EU investment in capital and technology to strengthen local SMEs and establish startup incubators. He noted that such support could contribute to the development of a stronger, export-oriented industrial sector in Sri Lanka in both the short and long term.
Inviting European investors to consider Sri Lanka as a gateway to East, the Deputy Minister highlighted the country’s strategic location in the Indian Ocean, close to major international maritime routes. He also drew attention to Sri Lanka’s skilled workforce, transparent governance, quality of life and peaceful political culture as factors that could support investment.
The Deputy Minister briefed the EU delegation on the government’s ongoing economic reforms under the International Monetary Fund’s Extended Fund Facility (IMF-EFF) programme.
Pēteris Ustubs welcomed Sri Lanka’s successful completion of the fifth and sixth reviews under the IMF programme and noted that the progress of reforms sends a positive message internationally about the country’s economic direction and its potential to attract European investment.
The discussion also focused on strengthening regional energy connectivity in South Asia, promoting renewable energy projects and advancing transparent infrastructure development.
Deputy Minister Abeysinghe reaffirmed the government’s commitment to modernising Sri Lanka’s business and industrial systems and ensuring transparency in attracting foreign investment. He also expressed appreciation for the European Union’s continued diplomatic engagement and development cooperation, particularly its technical support for strengthening local entrepreneurs and contributing to the development of Sri Lanka’s infrastructure.
Galia Agiševa, Deputy Head of the Delegation of the European Union to Sri Lanka, and Virginie Lafleur-Tighe, Head of Cooperation at the EU Delegation, also attended the discussion.
