EU commits to help ending bribery culture to attract FDIs to Sri Lanka

By Nuzla Rizkiya

The European Union (EU) has voiced strong support for Sri Lanka’s renewed commitment to wiping out bribery and corruption which according to the union is a crucial step to attract more Foreign Direct Investment (FDI) into the country.

At a recent meeting with the Export Development Board (EDB), the European Union (EU) Ambassador to Sri Lanka Carmen Moreno said that the EU is pleased with the government’s determination to fight the culture of bribery in the nation through its efforts to strengthen anti-corruption institutions.

This approach, she noted, will make Sri Lanka a more attractive destination for international investors who primarily look for stable and trustworthy markets.

“Sri Lanka’s progress on anti-money laundering efforts and countering the financing of terrorism had been steady and commendable. Also, significant efforts had been made to implement the multilateral environmental conventions apart from demonstrating compliance on both forced labour as well as child labour,” Moreno said at the meeting.

The EU and Sri Lanka have developed a strong economic partnership over the years, with trade relations dating back to the late 1980s.

In recent months, the EU has provided notable support to Sri Lanka including technical assistance that helped the country obtain its first-ever Geographical Indication (GI) certification for Ceylon Cinnamon in February 2024. 
The certification recognises the special quality and origin of the spice, giving it a competitive edge that will help it to stand out in the market and increase sales.

Another important initiative by the EU was the funding of the National Export Strategy of Sri Lanka (NES 2018-2022).

Developed under the EU-Sri Lanka Trade-Related Assistance project, the strategy helped several local small and medium-sized enterprises (SMEs) gain access to eight new markets in Europe and Asia, especially in the IT, BPO, F&B and spice sectors.

Under the project, 120 SMEs received specialised training to improve their export skills and over 300 business meetings were organised to help them build valuable international connections.