US CoC hails SL’s economic transparency: More investment soon

April 20, 2024

political Current Affairs

US CoC hails SL’s economic transparency: More investment soon ^Featured

April 25, 2017

The American Chamber of Commerce agreed to further expand investment in Sri Lanka due to the country’s economic transparency, Finance Minister Ravi Karunanayake said. At the same time, the minister said that it was proposed to take necessary measures swiftly towards it. The minister also pointed out that the American Chamber of Commerce has hailed the financial disciplines maintained by the country. An opportunity to address the American Chamber of commerce is a privilege for Sri Lanka and, such an opportunity will pave the way for the country to attract more investment to the country, Minister Karunanayake said.

These remarks were made by the minister, who returned home on Sunday (23rd April) after participating in the IMF and WB semi-annual conference held in Washington.

Expressing his views, Minister Karunanayake said that Sri Lanka has become the gateway to Asia due to its business friendly policies. He also said that he reiterated to the American Chamber of Commerce about the potential business opportunities in the sectors of infrastructure development, agro processing, health, export base manufacturing and tourism industry.

Meanwhile, Sri Lankan Ambassador to the United States of America Prasad Kariyawasam who addressed the American Chamber of Commerce reiterated that business and economic friendly policies as well as strategic geo-political situation of Sri Lanka and its favorable physical environment have made the island a most suitable country for residence thereby becoming one of the best holiday destinations in the region.

The United States further remain the largest export market for Sri Lanka. The latest bilateral trade value is nearly USD 3.3 billion. At the same time, 28% of Sri Lanka’s exports in 2016 have been sent to the United States.

The Finance Minister also said that the economic development mechanism of Sri Lanka was given special accolade during the IMF and WB semi-annual conference held in Washington DC. The minister pointed out that he had separate discussions with participating heads of the IMF and WB during the conference. The conference started on 18th April and was concluded on Sunday.