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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » US keen to boost investment, trade with Sri Lanka

US keen to boost investment, trade with Sri Lanka

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sept 07, 2012 (LBO) – Sri Lanka's largest trading partner, the United States is keen to boost investment in the island and attract more Sri Lankan exports, the American chamber of commerce in Sri Lanka (AMCHAM) said.

"The US has expressed its desire to increase more FDI (foreign direct investment) flows to Sri Lanka and also see an increase in Sri Lankan exports to the US," Vijaya Ratnayake, president of AMCHAM Sri Lanka said.
The American chamber of commerce and the US embassy is to jointly hold a US trade show on September 16 in Colombo to promote business, trade and investment between the two countries.

The trade show will also facilitate match making with potential trading partners.

"This event provides an excellent opportunity for those who are interested in doing business with USA whether it is imports, exports, tourism, education or investment to obtain information and find partners," he said.

The US embassy said the main objective of the trade show is to encourage and strengthen economic ties between the US and Sri Lanka.

"The trade show will attract investors who will see Sri Lanka as a serious opportunity for investment," William Weinstein, Charge d' Affairs of the US embassy said.

The US trade show coincides with the 20th anniversary of the American chamber of commerce in Sri Lanka.

AMCHAM Sri Lanka is affiliated with the US Chamber of Commerce, the largest business federation in the United States representing the interest of over 3 million US companies.

"Our AMCHAM member companies set the standard for conducting business professionally and ethically,"

"We look to these firms to provide leadership in developing the much needed FDI Sri Lanka needs to develop its country and economy," Weinstein said.

Ratnayake also said Sri Lankan importers stand to benefit from a US national export initiative that aims to double US exports by 2015 and push exports from 1.57 trillion dollars in 2009 to 3.14 trillion dollars by 2015.
"Sri Lankan importers can benefit by incentives given to US exporters by finding the right trading partners to source high quality products from USA specially machinery, equipment, IT and other high tech devices," Raynayake said.

The US is Sri Lanka's biggest trading partner with 22 percent of the island's exports- mostly garments going to the American market.

The two countries trade goods to the value of around 2.4 billion US dollars out of which Sri Lankan exports fetch around 2.15 billion US dollars.

US-based investors bought about half of billion US dollar sovereign bond last year, and a similar pattern has been seen in earlier sovereign bonds.

Templeton, a US based fund management group is perhaps the largest foreign holder of rupee securities.
http://www.lbo.lk/fullstory.php?nid=975768714

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