US attracts fastest growing businesses in Sri Lanka
View(s):The apparel industry recently launched the All World Network Sri Lanka Fast Growth 25 initiative together with the Harvard Business School aimed to showcase and rank the most innovative and dynamic fast-growth private companies in the country.
Brandix Lanka CEO and Joint Apparel Association Forum (JAAF) Founder Chairman Ashroff Omar addressing the business community said that with the US being Sri Lanka’s largest export market and with peace time in the country, the local companies would be changing gears towards achieving significant growth rates.
The event was attended by President Mahinda Rajapaksa with leading private sector business magnates and entrepreneurs, senior government officials and cabinet ministers.
The programme will establish the first definitive record of the fastest growing, most dynamic entrepreneurs in the country. The ranking will be published nationally and globally, giving visibility to emerging company stars that would ensure global recognition, a network of growth entrepreneurs via All WorldXChange, a revolutionary technology platform to match companies around the world for immediate growth and investment opportunity, a media release issued by the organisers stated.
Commenting on this initiative, Treasury Secretary Dr. P.B. Jayasundera said it was an optimistic event that would bring development a step forward.
He highlighted that Sri Lanka’s apparel industry needs to be on the top 10 in the world.
During his speech, Dr. Jayasundera spoke broadly on the targets and progress of the economy including the tax and trade regimes referring to the latter as “compatible.” He noted that the country’s growth was aimed at being 1 per cent more than that of Singapore.
US Ambassador Michele Sison said their goal was to expand business to business partnership as Sri Lanka offers business opportunities for corporate in the US as well.
The success of Sri Lankan companies provides opportunities to entrepreneurs in the US thereby resulting in a win-win situation for these counterparts engaged in business-to-business transactions, Ms. Sison explained.
All World Network co-founder Ms. Anne Habiby said this initiative was mainly brought about with the intention of addressing the unemployment issue in the world.
She explained that they intend to find the fastest growing companies in the world and those that grow faster that the economy. This would ensure the network would be able to chart the course forward and shape the contour of the business in the future and attract super fast growing companies in countries where we would excel in innovation.
Currently the network has been carrying out programmes in 17 countries, started in the Middle East and in Pakistan, India and Africa.
Ms. Habiby said the goal of AllWorld’s SriLankan 25 is to present a deeper picture of the country’s entrepreneurial and innovative capacity based on real time annual information.
Companies with a minimum of three year audited operating history with revenues, turnover of at least US$500,000 as of 2013; an independent, private, non-listed, for-profit corporation or partnership or proprietorship; with its primary location or majority of operations in Sri Lanka; must not be 51 per cent or more owned by a publicly traded company or from the public sector; and a smaller and younger companies could qualify as “Start-Ups to Watch.”