EU asked by President to invest in Sri Lanka to balance ‘regional hegemony’
ECONOMYNEXT – Sri Lanka’s President Gotabaya Rajapaksa has asked the European Union to look positively and invest in the island and contribute to the economic progress in a bid do rebalance ‘regional hegemony’.
The best way to overcome regional hegemony would be to assist small countries such as Sri Lanka to develop and move forward at the same pace as developed countries, the President had told a delegation of EU envoys who met him.
The EU envoy in Colombo, Denis Chaibi, The Kingdom of Netherlands envoy Tanja Gonggrijp, envoy of Romania Victor Chiujdea, envoy of France Eric Lavertu and Ambassador of Germany Jorn Rohde Deputy Head of Mission of the Embassy of Italy Allegra Baistrochchi, had called on the Presdient
He had called on the EU to look at Sri Lanka positively as an investment hub.
There had been concerns from India and the West about growing Chinese involvement in Sri Lanka.
China was initially financing infrastructure with debt. But several Chinese state companies have invested in ports, a sea reclamation project and is also expected to invest in energy and factory industry.
Sri Lanka however has chronic monetary instability, a constantly renewing record in expropriation, reversals towards control oriented policy as well as sudden interventions that provides a fluid foundation for private companies to operate, analysts have said. (Colombo/Jan01/2020)