Won’t prevent U.S. companies from investing in Port City: U.S. Ambassador

29 July 2021 03:58 pm - 8 - {{hitsCtrl.values.hits}}

A A A

U.S. Ambassador Alaina B. Teplitz said today her country would not prevent its companies from investing in the Colombo Port City, but she was still concerned about the new Act governing its businesses because of loopholes for corrupt practices and money laundering.

Making her remarks during an online roundtable discussion with a select group of journalists, she said she expressed concerns about this piece of legislation earlier, and she continued to remain so because there appeared to be openings for money laundering. The ambassador said the U.S. companies would vary about it because they wanted to keep their balance sheets clean in conformity with international norms and her country’s Foreign Corrupt Practices Act which prohibits U.S. citizens from paying bribes.

“We are not preventing the U.S. companies from investing. But, we have been raising concerns about the legal environment,” she said.

The ambassador, however, said the port city laws was yet incomplete because the imposition of new regulations under it was yet to be completed, and she was awaiting more details in this regard. She emphasized the priority was to encourage investments and economic engagement with Sri Lanka. (Kelum Bandara)

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 8

Cisco Thursday, 29 July 2021 04:37 PM

This is hypocrisy. On one hand, they are telling investors to cautions in the investment of SL and on the other and tey slowly allow US company to drag the power sector.

German Thursday, 29 July 2021 05:05 PM

I don't understand why the West bothers to invest in Sri Lanka anyway anymore when I read these comments. Have you any idea how many millions of Dollars and Euro's charity Sri Lanka receives from Europe and USA? All paid by taxpaying USA-and European citizens

vithura Thursday, 29 July 2021 06:23 PM

On the contrary, she has made the US position very clear; they are not keen on port city, but would still want to invest elsewhere in other sectors outside Port City.

Sam Silva Thursday, 29 July 2021 05:07 PM

If the country has corrupt practices why do you want encourage us investors. Does not make any sense.

Fatima Lai Thursday, 29 July 2021 05:09 PM

With the pace China is growing, by the time Port City establishes, there is a chance that the world looks towards Chinese investments than the US.

dickie bird Thursday, 29 July 2021 11:15 PM

Grman - Y have UK paid Pounds 53.4m to the Gulf Corparation Council between 2016-20 via Integrated activity Fund

US CEO Thursday, 29 July 2021 11:17 PM

Shall not risk the lives of my employees in a state where cold blooded murderers are pardoned and let loose - Port City or not. No notmalization, no US investments. Our Madam Ambassodor should take note.

Abhaya Premawardena Friday, 30 July 2021 05:40 AM

in the first place, anyone who knows about US industry knows they don't listen to petty bureaucrats like ambassadors. So the question is pointless.

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Won’t prevent U.S. companies from investing in Port City: U.S. Ambassador

Comments - 8

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Gota fires back at Cardinal, rebuts allegations

New Visa procedure implemented

Street food vendor arrested for verbally harassing foreigner

Racing event tragedy leaves seven dead including eight-year-old child

Sri Lankan among NASA’s new crew for next simulated Mars journey

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

MIRROR CRICKET

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

TODAY'S HEADLINES

Foreign powers intensify surveillance on Presidential elections as strategic interests take centre stage

New uterine loop for monkey birth control

Sajith avoids reception hosted for Iranian President

Do not be afraid to use weapons, Minister Alles tells police

Pakistan lose key players for last two T20Is against New Zealand

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings

Army forms committee to probe Diyatalawa Fox Hill Supercross accident