The Sri Lankan Financial Times reported on January 8 that the EU and Sri Lanka signed an agreement to provide 8 million euros (equivalent to 650 million yuan) to fund a joint project led by the Sri Lankan Ministry of Plantations and Community Infrastructure, in cooperation with the Ministry of Rubber Development and the Rubber Research Institute, and implemented in cooperation with the EU.

The initiative aims to support Sri Lanka's transition to green economic growth, while enhancing the competitiveness of certain value chains within the rubber industry and promoting sustainable agricultural development.

It is understood that in 2024, Sri Lanka exported 27 different types of rubber and rubber products to the European Union, including solid or cushioned tires, gloves, new pneumatic tires and vulcanized rubber products, with a value of US$337.7 million (equivalent to RMB 2.34 billion). The European Union is the main destination for Sri Lanka's value-added rubber exports.