US firm signs $15 million investment in Sri Lanka for accreditation facilities
EconomyNext: STEMedical of the United States signed a 15-million-dollar investment deal with Sri Lanka’s Institute of Biotechnology (SLIBTEC) to establish a laboratory with internationally recognized accreditation, President’s Media Division said.
A Memorandum of Understanding (MoU) was signed on Tuesday (15) for the project which will be conducted under the guidance of the National Initiative for Research and Development Commercialisation (NIRDC).
Hans Keirstead, founder of the American company STEMedical signed on behalf of the U.S. firm while SLIBTEC Chairman Samitha Hettige and Chief Operating Officer Amali Ranasinghe signed on behalf of the local firm.
Professor Gomika Udugamasooriya, Senior Presidential Advisor on Science and Technology, said such accreditation facilities would help the government’s objective of doubling the country’s export revenue by the year 2030.
The laboratory is expected to function as a main lab, working in conjunction with existing laboratories across the island, to ensure the quality of goods and services in various fields.
Keirstead of STEMedical said the project would bring many benefits to the country both clinically and economically.
He also said the new investment would attract the attention of economic experts and generate revenue by bringing items, such as medicines, from other countries to Sri Lanka for accreditation.
OSL take:
The expansion in economic activities in line with Sri Lanka’s overall economic expansion has created many business/investment opportunities. These opportunities range from direct to indirect ones and cover a wide range of industries and related sectors. The investment by a US company to develop an accreditation laboratory in Sri Lanka indicates the wide-ranging business/investment opportunities emerging in the country. With Sri Lanka working towards becoming a hub in the South Asian region along with strong trade ties with many foreign countries that include trade agreements as well as trade concessions, Sri Lanka is growing fast as an emerging business destination in the region. Given the steady growth and increasing business potential in many economic sectors in the country, foreign businesses/investors could explore the expanding business/investment opportunities while also looking at further expanding operations through local collaborations.
| Article Code : | VBS/AT/20250717/Z_1 |