Sri Lanka has the potential to be a textbook example of a country that has expeditiously recovered from a debt crisis if the International Monetary Fund’s (IMF) reform agenda is fully implemented, said State Minister of Finance, Shehan Semasinghe.
He was speaking as the chief guest at the 31st Annual General Meeting of the American Chamber of Commerce in Sri Lanka (AmCham SL).
“As long as the reform momentum is continued, Sri Lanka has the chance of becoming the textbook case for recovery from a sovereign debt crisis; this sets up an enticing opportunity for investors to obtain first mover advantage in a market that is primed for a sustained, high quality growth over the medium to long term.”
The formalities of the 31st Annual General Meeting of the AmCham SL, saw Shirendra Lawrence representing MAS Holdings elected President for 2023/24, together with a Board. Newly elected President Shirendra Lawrence said: “As we look to the future, our corporate vision for 2023-2025 is firmly rooted in supporting the Government’s effort to attract Foreign Direct Investment and to promote a more diverse and thus more sustainable portfolio of exports.”
“This will facilitate market access both inward and outward, promoting trade and investment opportunities for our members.”
“Again, despite the difficulties that the business community has faced in recent years, which have considerably limited typical activities, the AmCham SL continued to record growth in both membership and financial reporting.”
He said that this vision is underpinned by three key pillars. Firstly, continued Advocacy on critical policy matters including Labor Reforms, Tax Regulations and Digitalization, secondly Best Practices to empower our members to thrive in an ever-evolving business landscape, and thirdly access to Markets, leveraging on strong international relations and networks through regional AmChams and other Business Chambers.
In keeping with over three decades of tradition, the AGM was held under the patronage of Julie J. Chung, the US Ambassador in Sri Lanka, who during her remarks commended the member business community on its strength and resilience in the face of unprecedented economic circumstances, and commitment to ensuring that Sri Lanka not only recovers but comes back even stronger and wiser.
Outgoing President, Lakshan Madurasinghe representing Coca-Cola Sri Lanka was appointed President Emeritus, and Economic Section Chief of the US Embassy in Sri Lanka, Phill Loosli was appointed as the US Embassy representative to the Board of Directors. – SS
