Sri Lanka urged to be more transparent in business

Feb 23, 2010 (LBO) - The top US diplomat in Sri Lanka said the country should address the issue of greater transparency in business dealings to build investor confidence and attract more American investment. The challenge is to have transparency in business interactions and confidence in the legal framework that if a contract is signed it will be honored, said US ambassador Patricia Butenis, speaking at an American Chamber of Commerce-Sri Lanka briefing.

US firms have invested over 200 million dollars in the island and others work with local joint venture partners.

The American Chamber of Commerce in Sri Lanka (AmCham) is arranging a Sri Lankan member visit to New York in May to deepen trade ties and discuss local investment opportunities with multilateral firms.

Increased trade with the US has a positive role to play in Sri Lanka’s economic revitalization, the ambassador added.

AmCham – where the US ambassador’s nominee is also a board member – has been working with government and other business associations to make business more transparent, reduce excessive taxes and import limits, protect intellectual property rights and encourage trade liberalization.