At the Annual General Meeting of the Sri Lanka–USA Business Council held in Colombo, U.S. Ambassador Julie Chung addressed business leaders and officials, highlighting ongoing collaboration between the two countries. She commended the Council for organizing events relevant to businesses, such as information sessions on capital markets and discussions on new U.S. import tariffs.
Ambassador Chung referenced current trade talks and emphasized structural reforms needed for Sri Lanka’s economic competitiveness: “I know we are all watching closely for the outcome of ongoing tariff negotiations, and as President Trump has emphasized, the trillion-dollar trade deficit the United States carries with the world, including with Sri Lanka, is not sustainable. Whatever the outcome of those talks, it is clear that structural reforms, market diversification, reducing non-tariff barriers and inefficiencies in state-owned enterprises, and investing in human capital and productivity will be imperative for Sri Lanka to compete and thrive in the decade ahead.”
She described commercial ties as a central part of bilateral engagement: “The U.S.-Sri Lanka commercial relationship is a key focus of our bilateral engagement and an important part of our broader effort to advance American prosperity through trade, investment, and commercial diplomacy. As I told a group of students at the Defense Services Command and Staff College earlier this month, economic security and national security are two sides of the same coin. This means securing and diversifying reliable supply chains, and securing ports and cybersecurity in both our countries and the region. We are focused on achieving meaningful commercial outcomes that support U.S. companies, create jobs, and foster long-term economic growth, both in the United States and here in Sri Lanka.”
Ambassador Chung noted that American firms have experience across sectors like energy, infrastructure, agriculture, and digital services. She encouraged further cooperation between U.S. businesses and their Sri Lankan counterparts: “American companies offer high-quality, innovative solutions across a range of sectors...We welcome opportunities to work with the Sri Lankan government, your companies, and academic institutions to bring these capabilities to market.”
She also invited Sri Lankan firms to explore opportunities within the United States: “The U.S. market is not only vast and dynamic; it is open, transparent, and full of potential for well-positioned international partners.” She pointed out advantages such as a transparent legal system supporting new businesses; a skilled workforce; innovation capacity; regulatory stability; an economy accounting for nearly one-third of global household spending; leadership in product innovation; market research; branding.
Ambassador Chung promoted participation in next year’s SelectUSA Investment Summit near Washington D.C., which brings together investors from over 100 countries with representatives from all 54 states or territories.
On improving local conditions for investment she said: “A business climate at home that is transparent...can bring new opportunities to Sri Lanka...As market sector leaders you are uniquely positioned to advocate for policies that ensure regulatory stability...” She cited Under Armour’s recent legal victory against counterfeit goods sales as evidence supporting confidence among foreign investors.
Chung concluded by expressing optimism about future ties: “With bold leadership from the business community...Sri Lanka can fully unlock its potential...” Reflecting on her tenure as ambassador during challenging times for Sri Lanka’s economy she added: “But I know that you and your companies have consistently shown resilience...to grow the economy here…”
She ended her remarks recalling Apollo 11’s moon landing anniversary as inspiration for determination amid challenges before stating her belief that strong partnership would continue after her term ends next year.