Oct 15, 2013 (LBO) – Sri Lanka and the US, the top buyer of island’s exports has further room to grow, officials had said following a visit by business delegation. Though nationalists are trying to bring curbs, US imports of off-shoring services also raises living standards of residents and makes exports more competitive.
Exports (and imports) of goods and services eventually results in the flattening of wage levels across the world (a process known as labour arbitrage), raising overall living standards across national boundaries limiting the need for migration to reduce unemployment.
Among the business delegation was Mahesh Amalean chairman of MAS Holdings, Ashroff Omar, chief executive of Brandix; Sumal Perera, chairman of Access group and Ajith Gunawardane, deputy chairman John Keells Group.
Others included Jeevan Gnanam chief executive of Orion Management Consortium, Keith Modder, chief executive of Virtusa, Lawrence Perera, chief executive of Micro Holdings and Niro Cooke, director of Kings Holdings.
“We are the biggest single customer for Sri Lanka, and that’s something we are very proud of,” the Sri Lankan embassy in Washington quoted as