The Sri Lankan government needs to look at its policy reforms and ease of doing business in order to attract foreign investment, the US Ambassador in Colombo Alaina B. Teplitz said yesterday (15).

Addressing an online round table discussion with journalists, Ambassador Teplitz further stated that the only comprehensive economic development plan Sri Lanka needs is one of its own making given the massive disruption to the world economy from the COVID-19 pandemic.

“The only comprehensive economic development plan for Sri Lanka is Sri Lanka’s plan for itself and I hope there is one. As I mentioned in my opening statement, the economic future of this country like many is now a little bit in question given the enormous disruption of the pandemic. Hence, It is definitely the time to have a comprehensive plan going forward.”

“The Government needs to look at its policy reforms and ease of doing business if it’s going to attract foreign investment and take advantage of the supply changes that will come in the future,” she said.

Speaking further Ambassador Teplitz said that the country should look to its private sector to spearhead economic development instead of infrastructure.

“United States wishes to engage with Sri Lanka to ensure that there is free trade and that both of our countries are in a position to best enable our private sectors. I think for a place like Sri Lanka what we are looking at is more of a Philosophical approach and we are going to continue to put resources both technical and financial into those spaces because we think that is how a sustainable economy is developed.”

“Infrastructure led growth is probably not going to deliver right now because there is so little fiscal space for the government of Sri Lanka and as I said manufacturing and other ways to grow the economy is the way to lead into some of the other needed infrastructure development," she added.