Sri Lanka woos US firms, assures Govt. support

Wednesday, 25 February 2015 00:11 - - {{hitsCtrl.values.hits}}

Finance Minister Ravi Karunanayake, Policy Planning and Economic Affairs Deputy Minister Dr. Harsha de Silva, State Defence Minister Ruwan Wijewardena and Power and Energy Minister Champika Ranawaka at the AMCHAM Forum yesterday By Channa Fernandopulle The Government yesterday called on American companies to explore fresh investment opportunities in Sri Lanka, assuring an era of good governance and support as well as a favourable climate. The request was made by Finance Minister Ravi Karunanayake during an interactive breakfast meeting organised by the American Chamber of Commerce (AmCham). Supporting the positive outlook were top-level policy makers such as Cabinet Spokesman and Health Minister Rajitha Senaratne, Power and Energy Minister Patli Champika Ranawaka, State Minister of Defence Ruwan Wijewardene, Deputy Minister of Policy Planning and Economic Development Dr. Harsha De Silva and State Minister of Higher Education Prof.Rajiva Wijesinha.

Addressing the gathering, Karunanayake criticised the handling of foreign relations by the previous regime and went on to emphasise the importance of developing strong trade and investment relationships with countries like India, China and the United States. “The previous regime had a penchant of making enemies out of our friends and so it was decided that this Government would not follow the same course. There is no necessity to ensure that we go on bended knee to anyone – we have our own policies – but we thought it was necessary to engage the world and the friends that we do have with us, to ensure that we reach the targets that we have set up,” he explained. Reassuring the gathering that his Government would take all steps to streamline the investment process while shaving off unnecessary bureaucratic obstacles, Karunanayake noted with disapproval that ‘entry costs’ had proven to be a large disincentive to American investment in Sri Lanka in the past. “I’ve been told by many members of AmCham that they would have liked to invest in Sri Lanka but owing to past practices ‘entry costs’ were considered prohibitive and there were no consistent policies, due to which they were unable to contribute to the forward march of this country. “Today the situation is entirely different. There are no entry costs, corruption is a thing of the past and we have policies that are put together as a cabinet of ministers and not just pushed through by individual minister. Nepotism is non-existent and I’m sure with your support it will be eradicated entirely. Once the next election is behind us, we will have created a sound platform that you will be able to invest in,” he enthused. In that context, Karunanayake extended his thanks to the American Chamber of Commerce which he commended for providing excellent support in facilitating discussions with American businesses during his journey to Washington last week. “The support of AmCham has been invaluable and the investments that were made during our last couple of days in America were so stupendous that I was wondering why these companies had not come into Sri Lanka before. But when you looked into it, the main problem was in the hidden costs and in future our Government will ensure that you will be able to come in to this country and invest without any of these hidden start-up costs. “Today we have the Indians coming to invest, the Chinese who are not sure exactly what needs to be done, and the Americans who are ready, willing and able to ensure that they come in because all investments are required. But the first thing we want to do is develop a strong Sri Lankan economy and thereafter we want to ensure that any area that can be supported with technology will be brought in and it is then that we will call in foreign investments,” Karunanayake stated.

National Govt. Cabinet to expand with SLFP on board: Rajitha

Cabinet spokesman and Health Minister Rajitha Senaratne - Pix by Upul Abayasekera Cabinet Spokesman and Health Minister Rajitha Senaratne yesterday confirmed that the Cabinet would be expanding to make space for the SLFP within a stronger National Government framework. Speaking at an interactive breakfast meeting organised by the American Chamber of Commerce, Senaratne explained that with the last Sunday’s agreement – which officially brought the SLFP into the fold – the number of Cabinet portfolios would be increased to 45 members while a further 55 deputy ministers and state ministers would also be appointed in the coming weeks. “There is already a National Government in place and while the TNA and JVP are in the Opposition, they still sit with us on the National Executive Council. While the SLFP had said in earlier discussions that they would support the 100-day program while staying in the Opposition, after discussions with the President they agreed to join and support the National Government based on 10 policies,” he stated. Previously representing the core of the United People’s Freedom Alliance (UPFA), the cementing of the SLFP into the Sirisena-Wickremesinghe-led coalition is likely to leave minor UPFA parties in the lurch, with many prominent members within the alliance having expressed vehement opposition to the move. Meanwhile, commenting on the status of the National Health and Drugs Policy currently being formulated, Senaratne stated that the support of SLFP leaders had also been extended to national policies on education and health. “I have been involved with the medical profession for the last 15 years but the main challenge we face today is chronic kidney disease. However, I am told that the American Government and USAID have both promised my friend Ravi Karunanayake that they will provide him with funds, the majority of which will be allocated towards healthcare,” he announced. In that regard, Senaratne appealed to Sri Lanka’s business community to aid in his endeavours to start up a manufacturing industry for pharmaceutical drugs and medical equipment in Sri Lanka. “There is a lot of potential if we use our FTAs with India, Pakistan and China. There will be BOI concessions as well and so I appeal to business leaders to bring in investors and join us in helping to produce our own drugs, materials and equipment, not only for our market but also for our neighbours,” he elaborated. (CF)