Speaking at the launch of the US-Sri Lankan Chamber of Commerce (USCC) in New York, the Minister of Enterprise Development and Investment Promotion Anura Priyadharshana Yapa promised American entrepreneurs their investments will be free of any restrictions permitting them to repatriate all profits, fees and capital.
”We have never nationalized any foreign property and foreign direct investment (FDI) is protected under the Sri Lankan constitution
,” he told a large gathering of businessmen at New York’s Harvard Club.The theme of his address was “Emerging Peace and Investment Opportunities in Sri Lanka.”
Duminda Ariyasinghe, Executive Director of the Board of Investment (BoI) spoke on the subject of “Transatlantic Business Opportunities: Sri Lanka.”
Anil Vitarana, who heads the North American organization of the multinational United Arab Shipping Company, was elected the first president of USCC. A Sri Lankan expatriate who has lived in the US for over 20 years, Vitarana also serves on the Boards of the Maritime Association of the Ports of New York and New Jersey and the International Institute of New Jersey.
The minister, who headed a delegation of senior government officials, pointed out that there are currently 76 American enterprises in Sri Lanka which have collectively invested about $200 million as foreign direct investment (FDI).
Most of those investments are in the information and technologies (IT) sector. It is therefore clear that much more can be done in that regard, he added.
Addressing the Manhattan Chamber of Commerce, he said: “I also want to add that it is a particularly great honour to meet the representatives of the Manhattan Chamber of commerce, which is the voice of over 100,000 companies in the vibrant City of New York, and represents over 1.6 million employees in the United States and 4.6 million overseas.”
With annual revenue of its enterprises totaling over US$ 630 billion, the Chamber is very significant worldwide.
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