AMCHAM business forum held in Colombo
The US Multi-Sector trade mission to Colombo held its first forum
last week in Colombo. The U.S. Embassy, in partnership with the US
Commercial Service, hosted this event with the prime focus of promoting
potential business and investment opportunities and foster trade between
the two countries, through the American Chamber of Commerce in Sri
Vice President, AMCHAM, Prasath
Nanayakkara, Managing Partner, KPMG, Reyaz Mihular, Vijaya
Rathnayake, President, AMCHAM, Economic Officer, Embassy of
the United States of America, Christopher T. Corkey and
Country Head and CEO, Citibank, Ravin Basnayake at the head
table. The American Chamber of Commerce, in collaboration
with the US Embassy in Sri Lanka at the forum in Colombo,
where business representatives from a group of US companies
This was an exclusive event that consolidated the main objective of
putting forth business entities and ideals to promote bilateral trade
between the US and Sri Lanka. USA considers Asia as its most important
trading partner and emphasise on trade and investment being vested into
Asia. The United States is Sri Lanka's largest trading partner, with
over dollars two billion in annual exports from Sri Lanka and $ 200
million in imports of US goods and services.
The trade mission included participating delegates from a group of US
companies that represented the education sector, IT, architecture and
engineering, food industries, medicine, airline services and
infrastructure development. These sectors would help provide a
considerable growth prospect to Sri Lanka.
The discussion was highlighted on Sri Lanka's position in the market.
Whilst emerging markets like Burma and Vietnam were a major attraction
for US investors, Sri Lanka should try to create the accurate
environment for investors and therefore, utilize this opportunity. The
American Chamber of Commerce in Sri Lanka is committed to support any
further action with regard to this.
A presentation conducted by Prasath Nanayakkara, Vice President of
American Chamber of Commerce in Sri Lanka, in which AMCHAM's role in the
partnership was emphasized. "The chamber has an annual growth rate of 12
percent. The American Chamber of Commerce's objective is to stimulate,
develop, promote, foster and facilitate commercial, industrial and
economical entities within the two countries," Nanayakkara said.
A special focus for 2013 was intended towards Small and Medium Sized
Enterprises (SMEs) where we could bring together multiple units to be
promoted and assist them in their future ventures.
"There is a demand in the fields of education and health. Sri Lanka's
volume in terms of market space is small and we need to raise awareness
that for an investor to come into Sri Lanka for a potential venture, the
volume needs to be considered considerably," Ravin Basnayake, Country
Head and CEO, Citibank said.