Transparency and governance reforms key to attracting manufacturers to Sri Lanka - US Ambassador
Thursday, 31 October 2024 - 10:10 pm
The United States Ambassador to Sri Lanka Julie Chung states that if the new gove ment can strengthen the investment climate, implement anti-corruption measures, and strengthen business-friendly gove ance and transparency, there is potential for attracting more inte ational manufacturers to invest in the country.
Joining the groundbreaking ceremony for Indiana-based SHIELD company’s new seatbelt factory in Sri Lanka, the US Ambassador said that SHIELD’s decision to shift its facility in China to establish a manufacturing facility in Sri Lanka is a testament to the growing interest of U.S. investment in Sri Lanka.
“The United States is already the largest export market for Sri Lanka, and it’s wonderful to see greater U.S. investment directly here, as well. We want to see even greater bilateral trade and investment expand both ways in the years to come”, she added.
Speaking further during the event, Ms Chung added: “Manufacturing moves like this one, driven by customer demand to diversify supply chains, represent a great opportunity for Sri Lanka. If the new gove ment can strengthen the investment climate, implement anti corruption measures, and strengthen business-friendly gove ance and transparency, there is potential for even more manufacturers to make similar moves.”
“You’ve heard the phrase: “If you build it, they will come.” I strongly believe companies will come if the investment climate is strong. And that means more jobs, prosperity, more R&D for Sri Lanka.”
“The partnership between the United States and Sri Lanka is built on shared goals and mutual respect. From boosting farmers’ crop yields to, expanding the school lunch program to address the urban poor in Colombo, to strengthening Sri Lanka’s maritime security, our collaboration is driven by a common vision: improving lives, fostering economic growth, and ensuring regional stability”, the US Ambassador highlighted.
