Washington: Ambassador of Sri Lanka to the U.S., Mahinda Samarasinghe, participated in a Business Roundtable organized by the U.S. Business Council for International Understanding, in collaboration with Washington Global Advisors. The roundtable took place in Washington, D.C., engaging potential international investors who were impressed by Sri Lanka’s commitment to transparency, its anti-corruption stance, and its respect for investor interests.

According to Ministry of Foreign Affairs – Sri Lanka, over twenty-five representatives of corporate entities in Washington, D.C., including former U.S. Ambassadors who previously served in Sri Lanka, attended the roundtable. The participants were aware of the significant political changes in both Sri Lanka and the U.S., which reignited their interest in investing in Sri Lanka. This interest is primarily fueled by the new Sri Lankan government’s focus on combating corruption.

During the discussion, Ambassador Samarasinghe addressed the severe financial crisis Sri Lanka faced in 2022, emphasizing that the crisis was perceived as a result of economic mismanagement, nepotism, and corruption, alongside a lack of governance checks and balances. He recalled his initiative to propose sending a high-level IMF team to engage with the then-President of Sri Lanka, which laid the groundwork for the Extended Fund Facility (EFF) program. He expressed gratitude for the unwavering support from the U.S. during this process, highlighting the crucial role played by the U.S. Treasury in securing the facility.

Ambassador Samarasinghe highlighted Sri Lanka’s recovery trajectory from negative to anticipated positive growth, projecting a 5% growth in 2025. He noted the country’s current capacity to fund nearly four months of imports and the renewed investor interest following this recovery. Additionally, he stated that the IMF endorses Sri Lanka as a role model for economic policy continuity and private sector confidence despite political changes.

The Ambassador also emphasized Sri Lanka’s advantages for attracting foreign investment, such as its high literacy rate, skilled labor force, strategic location in the Indian Ocean, and constitutional guarantees for foreign direct investment. He specifically mentioned the Port City development and incentives like a 25-year tax holiday and the oil tank facility in Trincomalee.

Participants were also informed about President Dissanayaka’s initiatives to digitalize the economy, aiming to create an equitable environment for foreign investors while ensuring transparency and corruption-free dealings. For further information, the Economic and Commercial Section of the Embassy of Sri Lanka in Washington, D.C. can be contacted at [email protected].