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Titled the EU- Sri Lanka Innovation Partnership, the program has been  promoting co-operation and innovation between the parties since 2020.  According to a statement made by the European Union as part of a new initiative  the program has brought together 20 incubators and accelerators and start-ups from all Europe and Sri Lanka with the hopes of exposing them to a wide variety  of ventures.  

These include stimulating networking, innovation collaboration, boosting  business co-creation and tech collaboration.  

Under the program the incubators and accelerators are to meet in 3 networking  events which would help support the portfolio start-ups across Europe and  South Asia. Sri Lanka plays the important role of acting as a gateway for the  future expansion of the project into the region. 

The program has managed to create a network of European and Sri Lankan  incubators/accelerators as well as establishing an EU- South Asia Start- up  helpdesk in the hopes of providing practical support to new start- ups that wish  to enter the market. 

Currently there are 8 ongoing EU- Sri Lanka incubator partnership. More than  24 start ups have requested support from the helpdesk while 18 have submitted  their applications to participate in the EU- SLIP agri- tech thematic platform.  Furthermore over 10 investment companies have launched open invitation calls  for European and Sri Lanka Start- ups.  

Many experts and authorities demonstrate optimism regarding the success of  the initiative and hopes that it will open doors for the inclusion of course modules  on entrepreneurship for university students, an important element that has yet  to be incorporated into the local education system.