As a democratic nation with over 21 million highly-literate citizens, we have long been convinced of Sri Lanka’s attractiveness for commercial activity and investment, stated some of the biggest American multi-nationals writing a letter to US Secretary of State Hilary Clinton.
In fact, Sri Lanka has already demonstrated tremendous signs of economic progress, the letter signed by twelve leading American companies including Boing, Coca Cola and Textron stated.
As such, we look forward to working with you to find ways to enhance our nation’s commercial partnership with Sri Lanka, the letter added.
A Coalition for US-Sri Lanka Business to promote commercial activities will generate substantial benefits to both countries, including additional America jobs resulting from increased exports across a number of US industries, they said.
Following is the full text of the letter (dated June 21, 2011) sent by the companies:
It is with great pleasure that we announce that our companies have agreed to join the efforts being made to launch a Coalition for U.S. - Sri Lanka Business for the purpose of (1) ensuring that the growing relations between these two nations include a thriving economic partnership, and (2) promoting U.S. business involvement in the reconstruction and development of Sri Lanka as the nation sustains a new era of peace, hope and unity.
All of our companies are presently active in, have taken significant steps towards, doing business in Sri Lanka. As a democratic nation with over 21 million highly-literate citizens, we have long been convinced of Sri Lanka’s attractiveness for commercial activity and investment. And now, in a time of reconstruction, we see concrete opportunities for American participation in development projects in Sri Lanka.
In fact, Sri Lanka has already demonstrated tremendous signs of economic progress:
Sri Lanka’s economy is the second-fastest growing in Asia. Following an impressive growth of 8% in 2010, the island’s economy is expected to grow at an even faster rate of 8.5% this year.
Per capita income in Sri Lanka more than doubled over the past four years, prompting the IMF to upgrade the nation to "middle income" status.
For the first time in the country’s history, the rate of unemployment has dropped considerably from 14% about 6-7 years ago to less than 5% last year.
Sri Lanka has maintained a record low inflation rate.
Sri Lanka’s stock market was Asia’s top performer in 2009.
Tourist arrivals grew almost 50% last year and Sri Lanka expects 2.5 million arrivals in 2016.
We believe that the active engagement of U.S. businesses in the Sri Lankan economy will generate substantial benefits to both countries, including additional America jobs resulting from increased exports across a number of U.S. industries. As such, we look forward to working with you to find ways to enhance our nation’s commercial partnership with Sri Lanka.