Lankan companies yet to make full use of GSP facilities - Ambassador Teplitz | Daily News


 

Lankan companies yet to make full use of GSP facilities - Ambassador Teplitz

Sri Lankan companies are yet to make full use of the GSP facilities when exporting to the USA and this should be perused and maximised, Ambassador of the United States of America to Sri Lanka and the Maldives. Alaina B. Teplitz said.

“Trade can still grow and one way Sri Lankan companies can maximize trade with the United States by taking better advantage of existing trade preferences,” she said addressing the Sri Lanka - USA Business Council (SLUSABC) of Ceylon Chamber of Commerce AGM.

“Many exporters did not know that exports to the USA under the Generalized System of Preferences (GSP) accounted for 5.32% of the total exports to the U.S. in 2019.”

“That seems like a very small percentage. A total of 196 million in exports were eligible for cost savings under GSP. This is a marketing advantage that Sri Lankan firms should be broadcasting to prospective buyers as a reason to buy from these companies.”

“It’s an advantage that, in fact, we do not want to be kept a secret. We want Sri Lankan businesses to know about these opportunities, which is why the embassy facilitated discussions as recently as last week explaining how GSP exporters can take better advantage of GSP benefits and we’ll continue to discuss that topic if there is further interest”.

President of the Council, Dr. Asanka Ratnayake said, “Today, we are all faced with an unforeseen challenge, that is, Covid-19 pandemic - which is the biggest disrupter of life and commercial activities in recent history. It has transformed the world. We can either lead this transformation or we can wait for it to disrupt us.However, the Pandemic also gives us reasons to be optimistic.” In recent years, Sri Lanka has been increasingly featured in discussions on the Asian Geopolitical Environment. “Undoubtedly our strategic location across the Indian Ocean sea-lanes has been attracting the interest of major powers such as India, China and more recently, Japan and the US.”

“Whist this has its own merits and demerits, I hope Sri Lanka will be able to withstand a new role on Asia’s rapidly changing geopolitical stage and convert it to the country’s own long-term economic benefit.(SS)

Dr. Asanka Ratnayake, heads Sri Lanka - USA Business Council

Sri Lanka – USA Business Council (SLUSABC) which functions under the aegis of the Ceylon Chamber of Commerce held its fourth Annual General Meeting recently, re-electing Dr.Asanka Ratnayake, Director, Hayleys Advantis Ltd as the President of the SLUSABC for 2020/2021

Sanji De Silva, Bileeta (Pvt) Ltd was elected as the Vice president and Mohan Mendis, Heritage Teas (Pvt) Ltd was elected as the Treasurer for the period 2020/2021.

CBL Natural Foods (Pvt) Ltd, Dipped Products PLC, Fanam International (Pvt) Ltd, Global Rubber Industries Pvt Ltd, HVA Foods PLC, MAC Holdings (Pvt) Ltd and Regency Teas (Pvt) Ltd were elected from the membership to serve on the Executive Committee of the Council.