By: Isuru Parakrama
November 01, Colombo (LNW): The recent announcement by Shield Restraint Systems to relocate its operations from China and establish a new manufacturing facility in Sri Lanka marks a significant milestone for US investment in the region.
This sentiment was echoed by US Ambassador to Sri Lanka, Julie Chung, during the groundbreaking ceremony held yesterday at the Wathupitiwala Export Processing Zone in Nittambuwa.
With an initial investment of US$ 8.5 million, Shield Restraint Systems is poised to create over 500 new jobs, showcasing the potential for economic growth and job creation in the country. Ambassador Chung highlighted the critical role that a supportive investment climate plays in attracting further manufacturing initiatives.
“If the new government can enhance the investment environment, implement anti-corruption measures, and promote transparent governance, there is a real opportunity for more manufacturers to follow suit. You have heard the phrase: ‘If you build it, they will come.’” she said.
Emphasising the positive outlook for future investments, Ambassador Chung noted, “A robust investment climate will draw companies, leading to increased job opportunities, prosperity, and more research and development initiatives for Sri Lanka.”
She pointed out that the United States currently serves as Sri Lanka’s largest export market, and the arrival of more US investments is a promising development.
Chung further expressed her hopes for the growth of bilateral trade and investment, stating, “We aspire to see even greater trade relations expand in both directions in the coming years. Initiatives like this manufacturing facility, driven by customer demand for diversified supply chains, present a tremendous opportunity for Sri Lanka.”
The groundbreaking event was seen as a reaffirmation of commitment to mutual goals, with a focus on building inclusive communities and strengthening local economies.
“We eagerly anticipate the positive impact this factory will have on the local economy, creating jobs and encouraging further innovation,” she added.
The Chairman of the Board of Investment (BOI), Arjuna Herath, praised the expansion of Shield Restraint Systems as a reflection of the strength and vision of the company and the significant potential Sri Lanka has in the global aerospace and defence sector.
He also noted the contributions of AmSafe Bridport, which has made an annual contribution of US$ 5 million to the Sri Lankan economy.
