Business Times

US companies keen on Lankan investments

US companies are looking at new investments in Sri Lanka after the end of the war, US Ambassador in Sri Lanka Patricia A. Butenis said. The Ambassador in an interview with the Sunday Times last week said US firms were interested in construction projects, agriculture, and information technology among others. “There is great potential for additional U.S. investments and U.S. imports”, she added.

“We also hope to increase US exports to Sri Lanka. Unlike some Asian countries, the United States has a large trade deficit with Sri Lanka. For example, in 2008 Sri Lanka exported $1.9 billion in goods and services to the United States, but the U.S. only exported $227 million of goods and services to Sri Lanka”, she said.

“We remain Sri Lanka’s single most important trading partner, as the U.S. received 23% of Sri Lankan exports, and 40% of Sri Lanka’s garment exports. The US Government has worked with Sri Lanka to increase the trade links between the two countries”, she added.

The Ambassador said in October, the United States and Sri Lanka held the seventh annual Trade Investment Framework Agreement (TIFA) talks, where senior trade officials met to resolve trade issues.
“The 2009 TIFA talks were here in Colombo, and the two countries brought a trade mission of over 40 US firms to Sri Lanka to investigate business opportunities. We also went to Trincomalee to encourage investment in the Eastern part of Sri Lanka”, she said.

Commenting on the garment sector, she said Sri Lanka has developed a world class apparel industry and is a major producer for elite American brands such as Victoria’s Secret. “It is true that Sri Lankan exports to the United States have fallen, but our apparel imports have generally dropped because of the recession. The United States does not have a specific plan to help Sri Lankan exporters, but we will treat Sri Lanka equally with other Asian apparel exporters”, she added.

“The US Agency for International Development has provided assistance to train 600 workers in the Brandix factory in Batticaloa District. I visited this very impressive factory, where Brandix has made a point of hiring employees from all ethnic communities. USAID provided a stipend of $100,000 to help train 600 workers,” she added.

 
Top to the page  |  E-mail  |  views[1]
 
Other Business Times Articles
Election violence up; free and fair election uncertain- BT poll
Rajapaksa’s New Year SMS smacks of bias towards one candidate-experts
LIOC: No–win situation in fuel price issue
Discussion on economic policies of Rajapaksa, Fonseka
IMF on CB move
Comment - Polls: Fonseka proposes, Rajapaksa disposes
Using intelligence network to combat corruption
Leadership challenges for government organisations, state corporations
Colombo biz community looking for change through Fonseka
Global Campaign “Coca-Cola Open Happiness” unveiled in Sri Lanka
Vanik shareholders urge Rajapaksa, Fonseka to intervene
Tourist Hotels Association sues PCs over taxes
Sri Lanka -The place to be in 2010
Hospital investments by Hemas
World Bank implements Emergency Recovery Project for North
Unethical, and possibly unlawful, election propaganda by ICTA
MTI Corporate Finance to help local companies go public
CRIB and what it stands for
Crocodile donates Rs. 3.6 million worth of wheel chairs
JKH helps disabled soldiers
EFC cautions on further intervention on estate wages
MyCola to expand to fruit drinks market
Orange Sewing Solutions moves to new location
Tigo extends coverage to Sripada
Voting rights urged for migrant workers, other Sri Lankan residents overseas
HSBC appointed Settlement Bank of CDS at Colombo Stock Exchange
Sri Lankan professionals in UK help victims of war
Taking Sri Lanka around the world via Mobitel broadband
Etihad Airways back in Sri Lanka
Elpitiya Plantations' Factories receive ISO 22000
Emirates flies Sri Lankan novelists to Galle Literary Festival
Swedish investor undeterred by war, conflict in Sri Lanka
Colombo Port project on track
Corporate stewardship and board room governance
Foreign fund Janus has 12% stake in JKH
Ceylinco bldg, hotel for depositors
African investors urged to look at Sri Lanka
Safeguarding Metro Kids – The eternal parental challenge
Sri Lanka's largest wind power project in Puttalam soon
SIA continues to be praised across the world
US companies keen on Lankan investments
ICASL marks 50 years with special publication
Top Asian chamber group to hold summit in Colombo
Finance companies still weak but expected to do better in 2010
CEO forum "Entering the Corporate Arena"
PC Pharma helps in awareness on lesser-known medical issues
Hameedia's "Open Market" initiative for differently-abled persons
Brandix 2010 calendar features vessels that graced homes and palaces

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution