The European Union's ambassador to Sri Lanka and the Maldives, Tung Lai-Margue, told Sri Lanka to ensure transparency in the financial sector, end corruption and cut duties in order to make the country appeal to foreign investors.
“The conflict had a major impact on Sri Lanka’s economy but almost eight years have passed and the time is opportune for Sri Lanka to catch up," Mr Lai-Margue was quoted by Economy Next as saying at an event organised by the European Chamber of Commerce of Sri Lanka (ECCSL) and the European Union Delegation to Sri Lanka and Maldives.
“Sri Lanka’s increase in duties and levies has made the cost of imports exorbitant in some sectors,” he said. “Also Sri Lanka imports raw material and this had a negative impact on exports too. Duties and taxes need to be rationalised.”
“Long term visas for investors, transparent tenders, and no corruption would make Sri Lanka an even better location for investors. Work has started but decisions need to be implemented,” he added
“Some companies want to invest to take advantage of your duty free access to the EU.”