AMCHAM to further strengthen US-SL bilateral trade in 2013

By Shabiya Ali Ahlam

The American Chamber of Commerce in Sri Lanka (AMCHAM) presented its plans for 2013 to the US delegation which visited recently, convincing them to tie-up with local companies to promote bilateral trade between the two countries.

Providing a network for American businesses in Sri Lanka, AMCHAM – which was established in 1992 and recently celebrated its 20th anniversary – brings together approximately 350 members representing leading Sri Lankan and American companies based in the nation engaged in trade, businesses and investment activities.

AMCHAM Vice President Prasath Nanayakkara announced at the US delegation briefing session that the chamber was noted to have an average growth rate of 12% per annum.

Looking at the US trade in goods with Sri Lanka, statistics released by AMCHAM showed that in 2012 the closing value for exports and imports stood at US$ 223.9 m and US$ 2,257.4 m whereas for 2011 values were US$ 302.7 m and US$ 2,085.5 m respectively.

To further strengthen bilateral trade between the US and Sri Lanka, AMCHAM has devised a comprehensive plan for 2013. Other than starting the new year by facilitating the US multi-sector 3C trade mission in Colombo, the first item on the agenda is to concentrate on establishing business ties with small and medium US companies in South Asia and the Asia Pacific region.

Nanayakkara said: “We will identify those interested in doing business with Sri Lanka and facilitate the corporation with our members.”

In addition to this, the chamber plans to match-make potential trading partners, facilitate knowledge sharing between member companies, and provide networking opportunities for the AMCHAM communities.

Good governance between member companies would be treated as top priority whereas strategic alliances with organisation that share similar goals are hoped to be established. With results-oriented action committees such as membership development and retention, trade and investment, intellectual property rights, and a few others, already in operation, AMCHAM further intends on establishing committees within strategic business sectors.

“For 2013 we wish to strengthen our existing sub committees and add new ones in important emerging sectors such as gem and jewellery, domestic aviation, education and FMCG for facilitating trade, building skills, and sharing knowledge among member companies,” Nanayakkara added.

AMCHAM expects to further strengthen its role as the apex body promoting trade and commerce between Sri Lanka and the US while it also hopes to become a strong facilitator between the Sri Lankan and US Government, and US business entities through the US Embassy, US Chamber of Commerce and the Asia Pacific Council of American Chambers.

Recognised to be the voice of American business in Sri Lanka, AMCHAM’s membership includes multiple economic sectors where its top three sectors are information and technology, apparel, and financial services, which contribute 17.9%, 17.1% and 11.1% respectively.

Based on the membership structure presented by Nanayakkara, it is noted that AMCHAM has yet to effectively tap into the Fast Moving Consumer Goods (FMCG), furniture and interior décor and the advertising arena as it currently contributes a mere 1.7%, 1,3% and 1.7% to the membership.

AMCHAM plans for 2012 included top events and activities such as TIFA talks 2012, partnership with IESC for facilitation of OPIC loans, US trade exhibition, lobbying and advocating on membership issues, and participation at the APCAC regional Trade Forum, all which concluded 2012 for AMCHAM on a high note.

Pix by Lasantha Kumara