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Sunday, 19 October 2014

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'TIFA will strengthen SL-US bilateral relations'

The American and Ceylon Chambers of Commerce joined the Ministry of Industry and Commerce to co-host US-Sri Lanka Business Forum last week to coincide with the 11th Trade and Investment Framework Agreement (TIFA) Joint Council Meeting.

Assistant US Trade Representative for Central and South Asia, Michael Delaney and Ministry Secretary Anura Siriwardena spoke in support of expanded bilateral trade at the forum.

“Our TIFA meetings were cordial and productive,” said Delaney.

“We identified a number of ways we can deepen cooperation and boost two-way trade and investment,” he said. The forum introduced Sri Lanka business leaders and economic policymakers to a visiting delegation of US company representatives to discuss Sri Lanka's investment climate, economic outlook and trade opportunities and challenges.

It also capitalised on progress from the TIFA Joint Council Meeting on October 15 to foster new business-to-business partnerships.

The TIFA process has been the focal point of a sustained and multi-faceted high-level engagement between the United States and Sri Lanka, focusing especially on impediments to greater bilateral trade and investment flows.

One of the key objectives for the TIFA Joint Council is to reduce non-tariff trade barriers and improve the regulatory regimes for foreign investors and potential international partners to find success in Sri Lanka.

“The TIFA process will continue to broaden and strengthen the bilateral relationship between the US and Sri Lanka,” said President of the American Chamber of Commerce, Asanka Ratnayake.

“We also hope it will continue to open avenues for exploring mutually beneficial business opportunities between our two countries,” he said. The US business delegation represented a wide range of sectors ranging from infrastructure and energy to transportation and consumer goods, and included leading US companies such as GE, Lockheed Martin, and Johnson and Johnson.

The participation of such prestigious US companies highlights the enormous potential Sri Lanka's private sector holds for international partners.

With approximately US$2 billion in project proposals in various stages of the approval process, US companies are exploring the possibility of bringing in world-class products and services to Sri Lanka at competitive prices.

These companies often transfer to their Sri Lankan partners’ knowledge and technology that usually accompany US business ventures.

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