US Companies to Invest in Sri Lanka

16thOctober 2009, www.dailymirror.lk, By Supun Dias

The 7th joint annual meeting under the trade and investment framework agreement (TIFA) between Sri Lanka and the United States was held yesterday. This was the first such meeting in the country after the war ended in May.

Minister of Export Development and International Trade Professor G.L Peiris said that the talks were productive and it was appropriate to hold the annual meeting in our country as the situation especially the economy is showing good signs of rapid growthThe US team traveled to areas outside Colombo especially to Trincomalee and its port to look for places where they have a potential investment opportunity.

In the last 15 years because of the tense situation the potential for foreign investments was carried out on a low key, but this perception has now changed. “The caliber of our national resources now can be used to accelerate our economy,” the minister said.

More than 40 American multinational companies participated in the tour to look into areas that are more suitable for investments. Companies such as General Electric, 3M, Caterpillar, and Ford participated during this tour.

The small and the medium scale enterprises are expected to benefit by these investments. The US government will also provide the basic requirements to those who are engaged in these enterprises.

US trade representative for South Asia Michael Delanny said that he was impressed with the talks. “We have a good trade-investment partnership but it is still far away behind the potential”, he said.

We will get the US private sector companies to invest in the most potential areas for business in Sri Lanka. Some of the companies who have shown their interest for investment in the country are also listed in the Fortune 500.

The country is now in a critical junction in its recent history. Therefore the US as a key trading partner of Sri Lanka will help the country to boost its economic capabilities.

The Sri Lankan Ambassador in the United States Jaliya Wickramasuriya said that he is confident that half of the companies that sent their representatives to the country will invest in the country in another couple of month’s time.