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  • Army Officer martyred in mine blast on LoC in Naushera sector
  • Cabinet ministers, top officials join people of Punjab in bidding adieu to state's Pulwama martyrs
  • Terrorism should be condemned in the strongest of terms: Mamata
  • Jharkhand Congress demands Rs 50 lakh compensation for Pulwama martyr
  • RLSP leader Kanti Prakash resigns from party
  • The mortal remains of Martyr Soldier H Guru confined to flames with full State honour
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  • Iran warns Saudi Arabia, UAE of "retaliation" over terrorist acts
  • Iran's IRGC accuses Pakistan for 'sheltering' terrorists
  • The northern region "Kerala Samarakshana Yathra" by LDF gets underway
  • PM to visit Barauni in Bihar on Sunday, to lay foundation stone of Patna Metro Rail
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Integrate foreign partners to reduce Chinese risks : European Chamber of Commerce to Srilanka

Integrate foreign partners to reduce Chinese risks : European Chamber of Commerce to Srilanka

Colombo, Feb 11 (UNI) The Ambassador of the European Chamber of Commerce in its visit to Srilanka has urged the country to diversify its financial and economic strategy to include more foreign partners to reduce geopolitical risks.

Tung-Lai Margue, the Ambassador of the European Delegation to Sri Lanka said " If there are too many Chinese eggs in one basket, it can become a danger.

"I'm saying this not from a diplomatic point of view but a common sense point of view," he said, giving his personal opinion.

He said Sri Lanka is dependent on China to a great extent on loans, infrastructure, and investments. India too is involved heavily, he said.

He said China's Belt and Road Initiative is not viewed negatively by Europe and regions such as South Asia and South East Asia would stand to benefit from it, Economy next reported.

"But it also depends on a lot of factors and governments need to remain vigilant," he said.

Margue said Sri Lanka could balance risks out by enabling European foreign direct investments into export-oriented industries.

"Something could be done and must be done to counterbalance that element and for European enterprises to enter into the market," he said.

"We are your biggest export market but when we want to come here, invest and export, we are quite low."

He said European businesses value stability, a better investment climate, transparency, and less bureaucracy.

"Bureaucracy in general is always a burden," he said.

"More bureaucracy means people are afraid to invest because it's going to take time."

"Then there's the elephant in the room, corruption," Margue said.

He said while the situation has improved recently, there is much room for improvement with stronger anti-corruption activities.

Margue said attractive tax incentives, more special economic zones and longer business visas would also attract European investments.


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