US Ambassador urges SL to strengthen investment climate for increased foreign investment
By: Isuru Parakrama
October 31, Colombo (LNW): The United States Ambassador to Sri Lanka, Julie Chung, has encouraged Sri Lanka’s new government to enhance its investment environment, tackle corruption, and promote governance that is transparent and business-friendly.
According to Ambassador Chung, these improvements would not only fortify Sri Lanka’s appeal to foreign investors but could also attract more international manufacturers to establish operations in the country.
The Ambassador made these remarks at a groundbreaking event for the Indiana-based SHIELD company’s new seatbelt manufacturing facility, marking a significant move as SHIELD relocates its production from China to Sri Lanka.
Highlighting this shift, Ambassador Chung remarked, “The decision by SHIELD to move its facility here underscores a rising interest in U.S. investment within Sri Lanka. The United States is already the largest export market for Sri Lanka, and we are thrilled to see this direct investment. It’s our hope to see bilateral trade and investment grow even further in the coming years.”
Chung further emphasised that such shifts in manufacturing, which align with global supply chain diversification trends, present a notable opportunity for Sri Lanka. She asserted that with a strengthened investment framework, Sri Lanka could attract more manufacturers like SHIELD.
“If you build it, they will come,” she said. “A robust investment climate will draw companies, leading to job creation, increased prosperity, and new research and development initiatives.”
Additionally, Ambassador Chung underscored the collaborative foundation of U.S.-Sri Lanka relations, which are built on mutual goals and respect.
She highlighted several joint efforts, from enhancing crop yields for local farmers to expanding school lunch programmes for underprivileged urban children in Colombo and bolstering Sri Lanka’s maritime security.
These projects, Chung noted, are part of a shared vision to support economic growth, improve quality of life, and ensure stability in the region.
