US firms show interest in local ventures - Minister Bathiudeen

US Assistant Trade Representative for Central and South Asia Michael Delaney met the Minister of Industries and Commerce Rishad Bathiudeen in Colombo last week and discussed trade promotion between the two countries.

Michael Delaney meets with Minister Rishad Bathiudeen

The minister pointed out that US companies have shown a great interest to enter into partnerships with Sri Lankan private sector companies consequent to the US - Sri Lanka business forum held in October 2010. This was evident when the high level delegation of top US companies visited Sri Lanka in the latter part of March this year.

The Minister hosted a special luncheon for Delaney in Colombo.

Responding to a query raised by the Minister, Delaney said that no change could be expected on Sri Lanka's GSP status in the immediate future. However, he said that the GSP review is very much dependent on the US Senate's Finance Committee and if permitted after its review, even benefits Sri Lanka lost during suspension could be paid back on a retroactive basis.

After the conflict ended US investors have been looking for investment opportunities in Sri Lanka. \

The high level US business delegation visited in March comprised over a dozen US companies. Among them were representatives from Boeing, Caterpillar, John Deer, AGL Partners, Venture Global, AECOM, Program Rail Service EMD, Burson Marsteller, Coca Cola and ASBI Corporation.

The companies were exploring opportunities for investments and businesses in sectors such as air transportation, roads, railway, as well as IT, renewable energy, communication, real estate and Infrastructure. Secretary of Industry and Commerce Tilak Kollure and Acting Director General, Department of Commerce Bandula Somasiri attended the discussions with the US assistant trade representative.

GW