‘BOI needs to stand out to attract investment’ - US Ambassador | Daily News

‘BOI needs to stand out to attract investment’ - US Ambassador

Alaina B. Teplitz, Ambassador of the United States of America to Sri Lanka, AmCham Sri Lanka President, Presantha Jayamah and  Guest of Honour  Dr. Nalaka Godahewa MP, State Minister of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness at the event.
Alaina B. Teplitz, Ambassador of the United States of America to Sri Lanka, AmCham Sri Lanka President, Presantha Jayamah and Guest of Honour Dr. Nalaka Godahewa MP, State Minister of Urban Development, Coast Conservation, Waste Disposal and Community C

The Board of Investment needed to stand out to attract investment and it was already putting in a lot of effort in this regard, US Ambassador to Sri Lanka Alaina B. Teplitz told the American Chamber of Commerce in Colombo on September 29

Teplitz highlighted the ease of trade with the US and the scope for increased utilisation of trade schemes. Teplitz called on for private sector lead growth models.

Teplitz said, “Sri Lanka has, in my opinion, a lot to offer investors. It’s got a strategic location along international shipping routes, a talented labour force, a strong tradition of quality exports, and a free trade agreement with one of the world’s largest markets. But these assets are going to mean little if Sri Lanka’s investment rivals have fewer investment barriers.”

She also called for transparent and consistent policies. Sri Lankan exporters can obtain GSP concessions by checking the box on the customs form for export. 50% of Sri Lankan exporters of national flags to the US miss out on a saving of approximately US$ 180,000 by not doing so. The US provides direct employment through Sri Lankan exporters for over 150,000 people.

The Ambassador recognised Sri Lanka’s role in producing Personal Protective Equipment and noted that a lot of Americans are using masks manufactured in Sri Lanka.

Teplitz said, “I applaud those in the Sri Lankan government who want to position Sri Lanka to attract diverse investors from around the world.”

Sri Lanka has been able to increase exports to over US$ 1 billion in July from an all-time low in April. The US Development Finance corporation with a portfolio cap of US$ 60 billion shall pay special focus to Sri Lanka. Teplitz noted the pivotal US election shortly.

Teplitz commended President Rajapaksa’s vision. She said “Sri Lankan business owners want to enact President Rajapaksa’s vision of a resilient and growing economy. These are the business practices that must become second nature. Business practices and investment from and partnership with American companies can bring them. Just get a few more big investments here and hopefully, the floodgates will open.”