Sri Lanka should be re-assessed by US business: Asst. Trade Rep

Oct 13, 2010 (LBO) - Sri Lanka should be re-assessed by US businesses after the end of a 30-year war as the country moves forward in a peaceful environment though ethnic reconciliation remained a challenge, a top US trade official said.

Michael Delaney, assistant US trade representative said US foreign direct investment in Sri Lanka was only a modest 200 million dollars so far.

"These can be increased," Delaney told US businesses participating in a business forum in Colombo jointly organized by the island's embassy in Washington and US authorities.

"I would urge you to re-calibrate Sri Lanka. Make a new assessment because it is a different situation."

"Sri Lanka is entering a new and much happier chapter in its history."

Delaney will also participate in the trade and investment framework arrangement (TIFA) talks with Sri Lanka this week.

The annual talks are aimed at removing trade barriers and strengthening technical co-operation and intellectual property.

Delaney said Sri Lanka faced a challenge in political reconciliation as the country recovered from a war.

"It is likely to be slow," he said. "A 30-year conflict takes a while to resolve social and political issues. “We wish you well in that.”

"We think that political reconciliation could be greatly accelerated with economic growth. We need to create employment and inclusive economic growth."

US business representatives and officials from both countries had also participated in a similar forum in Jaffna in the northern peninsular a day earlier.

Sri Lanka's envoy to Washington, Jaliya Wickremasuriya said the government was putting about a billion dollars a year to rebuild roads, rail and other infrastructure in former war torn areas.

"We had a very productive time in Jaffna," he said. "It is clear that it is booming”.

He said elsewhere in Sri Lanka also ports were infrastructure was being built including a port in Hambantota in the South as well as roads and airports.

He said infrastructure was being built in other parts of the island as well including a port in the Sourthern district of Hambantota as well as roads and airports.

"It is a nation moving forward. There is no reverse gear," he said. "The early bird catches the worm. Please go ahead now."


source - www.lbo.lk