US companies keen to invest in SL

By Lalin FERNANDOPULLE

“Around 30 American companies are keen to invest in Sri Lanka which is now on the global map for trade and investment”, said President American Chamber of Commerce in Sri Lanka, Vijaya Ratnayake.

A&E, Limited Brands, Brandot International Limited, Pets V Care, and Imminent Technology DiNi Communications are some of the major companies keen to invest in Sri Lanka.

He said the US perception on Sri Lanka has completely changed and investors are keen to make investments and develop trade and business links.

“US investments to Sri Lanka this year is around US$ 250 million and there is immense potential for investments to increase”, Ratnayake said. Trade between Sri Lanka and USA has been low due to lack of trade links and information on rules and regulations. Cordial relations between the two countries is expected to give a boost to trade and investment. Items exported by Sri Lanka to USA are apparel and clothing, rubber and rubber based products, precious and semi-precious stones, coffee, tea, spices, miscellaneous chemical products, plastics, fish and crustaceans and electrical machinery and equipment. Sri Lanka’s exports to USA last year were Rs. 182,600 million and imports Rs. 30,397 million.

Sri Lanka imports aircraft and spacecraft, cereals, mechanical appliances. cotton, electrical machinery, paper and paperboard, knitted or crocheted fabrics and man-made filaments from USA.

Ratnayake said USA feels that Sri Lanka’s potential for economic growth is much higher and that the country could reach double digit growth next year.

“US investors are positive about the economy of the country and Sri Lanka could go beyond expected GDP growth this year”, he said.