EU-backed export initiative prepares Sri Lanka SMEs for global markets

EconomyNext reports that the latest phase of the Sri Lanka Export Excellence Initiative ended with a presentation event in the ExpoScaleUp programme. Twenty-five small and medium-sized enterprises presented proposals for entering foreign markets. The Export Development Board said that about 750 firms have received support through the wider initiative, including awareness activities and business clinics.

EconomyNext reports that the initiative is run by the Export Development Board with the International Finance Corporation and the European Union. The EU support comes through its South Asia programme for climate-smart and inclusive infrastructure, linked to the Global Gateway strategy. Participating businesses work in areas including spices, prepared foods and drinks, coconut goods, handicrafts, ICT, business-process services and herbal cosmetics.

EconomyNext reports that 10 businesses were chosen for their plans and may move to ExpoConnect, which is intended to connect firms with overseas markets and buyers. IFC South Asia official Gregory Smith said that financing and expertise from the organisation have helped firms compete and reach new markets, and described SME support as important to jobs, resilience and economic development. EDB Chairman Mangala Wijesinghe said smaller businesses contribute to the strength and international reach of Sri Lanka’s export sector.

Newswire reports that Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe said the government is working to ready 300 to 400 SMEs for international business. He said German companies and other overseas partners are expected to help with technology, financial management and access to markets. He made the remarks at a Colombo gathering hosted by AHK Sri Lanka and the German Embassy. German Ambassador Felix Neumann, AHK Sri Lanka Head Martin Klose, Sri Lanka Ports Authority Chairman Parakrama Dissanayake, diplomats, business figures and policymakers attended.

Newswire reports that Abeysinghe described plans to widen trade relationships, gradually ease trade barriers by 2029 and pursue possible trade agreements. He also cited port and airport expansion, vocational training through cooperation between government and business, and a move towards technology-intensive, higher-value manufacturing. He said Sri Lanka had reached economic stability after recent difficulties and that the government’s next focus was reforms to speed up growth.

Written automatically by AI from the outlets’ own reports, and not reviewed by an editor. It can be wrong — the original report is the authority.