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LOS ANGELES, Calif - Opportunities in Sri Lanka are increasing for US businesses due to the lasting peace developing in the region. Major Western corporations have begun investing in Sri Lanka and have opened the roads for more western and US businesses to establish trade and investment ties with Sri Lankan partners.

In response to the growing opportunities in Sri Lanka, prominent Sri Lankan businessmen living in the US, in conjunction with the Consul General of Sri Lanka to the West Coast are launching the Sri Lanka America Business Council (SLABC). The creation of SLABC is endorsed by the Government of Sri Lanka, the Sri Lanka Board of Investment (BOI), the American Chamber of Commerce in Sri Lanka, the US Department of Commerce and the County of Los Angeles.

The mission of SLABC is to promote mutually beneficial private sector relationships between the two countries in trade and tourism, direct investment and technology transfer through advocacy and education, SLABC is a non-profit and non-political organisation. SLABC's Board of Directors comprises Tissa Wijeratne, Consul General of Sri Lanka to the West Coast, Patron; Tony Perera, Chairman; Chintaka Deraniyagala, President; Mahasen Samaravijaya, Vice President; S. Chandramohan, Vice President, Robert Sharp, Vice president; Munir Akbar, Treasurer, Tara Norton, Assistant Treasurer, Donalie Young Fitzgerald, Secretary, Para Amarasinghe, Assistant Secretary; M.H. Khalid, Board member and Jeewaka Fernando, Board member.

The official launch of SLABC was held at the Los Angeles Area Chamber of Commerce on July 18. It was hosted by the Consulate General of Sri Lanka and co-sponsored by the Centre for International Trade Development of Citrus College, the Los Angeles Area Chamber of Commerce, the Los Angelese County Office of Small Business, the Los Angeles Office of International Trade and The World Trade Centre Association, Los Angeles - Long beach.

Lanka-Gateway to South Asia

Sri Lanka has a population of more than 18 million people, and its history is more than 2,500 years. Sri Lanka is at the crossroads where the East meets the West and is thus regarded as the outward gateway to the South Asian Region.

Sri Lanka was the first country in South Asia to establish a free market economy, and the government recently took steps to put the country back on the road to prosperity. The most notable development in the country's recent history is the ceasefire agreement between the government and LTTE rebels to end the ethnic conflict. There is widespread support nationally and internationally for the peace process. In response to this peace, the Government has already established a comprehensive economic plan to develop the country.

Opportunities for US businesses in Lanka

The Sri Lanka Government has identified areas for development with investment potential, thus encouraging foreign investment and portfolio investment through appropriate incentives. One hundred percent foreign ownership is permitted in most sectors, such enterprises are permitted to own land.

Due to the present improved country situation and growing investor confidence, Sri Lanka is expected to obtain foreign investments of up to $ 240 million in 2002. The US continues to remain Sri Lanka's major trading partner accounting for two-fifths of exports and more than one-tenth of imports.

The Sri Lanka apparel industry accounts for 52% of the country's exports, and two-thirds of those exports are being sent to the US. The cessation of the Multifibre Agreement (MFA) in 2005 will have a significant effect on the Sri Lanka apparel industry. The negotiations and assistance required to sustain this industry offer excellent opportunities for US businesses.

US contributions to Sri Lanka's economic growth have been significant, with most of the assistance channelled through USAID programs. The recent conclusion of the Open skies Aviation Agreement between Sri Lanka and the US is a landmark decision. The agreement breaks new ground in creating opportunities to strengthen economic relations between the two countries through closer links in transport, trade and tourism.

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