Huge potential for trade, investment - President AMCHAM

By Lalin FERNANDOPULLE

There is huge potential for trade and investment between Sri Lanka and USA due to the cordial relations between the two countries, said President, American Chamber of Commerce (AMCHAM) in Sri Lanka, Vijaya M.B. Ratnayake.

Standing from left - Rifdi Fahmy, Suren Rajanathan, Chulante Jayasuriya, Rohantha Pieris, Asanka Ratnayake Seated from left - Edward Heartney, Glen Rase, Vijaya Ratnayake, Prasath Nanayakkara, Jerome Auvity, Suresh De Mel

He was addressing the 18th Annual General Meeting of the AMCHAM in Colombo on Thursday.

He said the balance of trade between Sri Lanka and USA is heavily in favour of Sri Lanka. Sri Lanka's exports to USA is over US$ 1.5 billion and exports from USA is US$ 259 million. The trade deficit is over US$ 1.3 billion. Apparel and clothing, rubber, precious stones, tea, coffee and spices, miscellaneous chemical products, plastics, fish and crustaceans, worn clothing and textiles, rags and electrical machinery and equipment are some of the main items exported by Sri Lanka to USA.

Sri Lanka imports from USA aircraft, spacecraft, cereals, cotton, machinery and mechanical appliances, paper and paperboard, electrical machinery and equipment, filaments, knitted or crocheted fabrics and plastics. The US Embassy in collaboration with AMCHAM has organised a Road Show which will commence from Colombo with a seminar on 'Doing Business' at the Jaic Hilton Hotel on October 15.

The objective of the Road Show is to increase ties and trade between Sri Lanka and USA, buying American buying quality and how small business could compete in the global economy.

The Road Show will be held thereafter in Galle, Kandy and Trincomalee.

Ratnayake who was appointed President of AMCHAM said the new Board members represent some of the best known companies in Sri Lanka which include representatives of four Fortune 500 Companies.

AMCHAM has around 250 companies as full and affiliate members who represent apparel and accessories. ICT, transportation and logistics, financial services, food and beverage, hotels, travel and leisure and healthcare and pharmaceuticals.

Ratnayake said AMCHAM has ample resources to achieve the main objectives of the chamber which is to develop and promote commercial, industrial, economic and business activities between Sri Lanka and the United States.