Recent trends indicate that US companies are currently looking for new destinations and Sri Lanka is obviously considered potential for relocation, said Sri Lankan Ambassador in the USA, Ravinath Ariyasinghe delivering his welcome speech at the recently concluded Sri Lanka Investment forum.
Ambassador Ariyasinghe stated that the Sri Lanka Mission in Washington has introduced a network to connect the Sri Lankan Americans who are interested in investing in Sri Lanka, as well as taking advantage of their knowledge regarding the business and investment climate in Sri Lanka to attract more FDI from potential US companies.
The USA has been an important investment partner for Sri Lanka since 1978 and currently is the 10th largest investor in Sri Lanka. Latest data shows over 130 US based projects which account for nearly 500 million US Dollars. The most popular investment sectors for US companies are apparel and textiles, software development, tourism and leisure, infrastructure, and manufacturing.
“We must also note that with the US being Sri Lanka’s main export destination accounting for 26% of Sri Lanka exports, there is always the potential for greater investment with buy-back and arrangements which involve the US as well.”
Charge d’ Affairs of the Embassy of the United States of America in Sri Lanka, Martin Kelly making the keynote address said, “Sri Lanka was among the first countries in the region to open its economy and offers the highest standards of living among other advanced indicators in South Asia.”
“Over the last seventeen years, the country continued to transition from an agriculture commodity based economy to become world leader in textile and apparel, a major exporter of IT and Communication related services and of course a world class destination for international tourists. “
The Government of Sri Lanka has promoted pro-business policies including tax benefits to attract US and other foreign direct investments and has pledged to address the pending policy issues. “I am confident that once the pandemic subsides, concrete efforts will begin to improve ease of doing business and ensure the required facilitation for US investors.”
Ambassador in the USA, Ravinath Ariyasinghe and Charge d’ Affairs, Martin Kelly
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