By: Staff Writer
August 06, Colombo (LNW): U.S. Ambassador to Sri Lanka Julie Chung has emphasized the need for structural reforms, market diversification, and stronger institutions as critical pillars for Sri Lanka’s long-term economic stability. Speaking at the Annual General Meeting of the Sri Lanka–USA Business Council in Colombo, she praised the resilience of Sri Lankan businesses while outlining new opportunities for deeper economic cooperation with the United States.
Amid growing commercial ties between the two countries, Ambassador Chung stressed that “economic security and national security are two sides of the same coin,” underscoring the importance of secure supply chains, ports, and cybersecurity in both nations. She reaffirmed America’s continued commitment to being a “steadfast partner” in Sri Lanka’s journey to economic recovery and growth.
Referring to recent engagements by the Council, Chung noted discussions on capital markets and new U.S. import tariffs have been timely and critical. While acknowledging concerns over ongoing tariff negotiations, she reiterated that regardless of the outcome, Sri Lanka must pursue urgent reforms, especially in state-owned enterprise efficiency, non-tariff barrier reduction, and human capital investment.
Chung called on Sri Lankan businesses to explore the vast U.S. market, describing it as “transparent, open, and full of opportunity.” She cited America’s robust legal system, skilled workforce, unmatched research and innovation capacity, and a $25 trillion economy that accounts for nearly a third of global household spending.
Highlighting upcoming prospects, she invited Sri Lankan firms to participate in the 2026 SelectUSA Investment Summit in Washington D.C., a premier event promoting foreign direct investment into the U.S. The 2025 summit drew over 5,500 participants, including Sri Lankan investors, offering direct access to U.S. business partners, policymakers, and investment opportunities.
Chung also pointed to a recent legal victory where U.S. brand Under Armour secured an interim injunction from the Colombo Commercial High Court against a local retailer selling counterfeit goods. She hailed this as a significant step in building confidence in Sri Lanka’s rule of law and intellectual property protection.
Addressing the business community directly, Chung urged leaders to advocate for transparency, accountability, and a stable regulatory framework. “Sri Lanka’s location on vital trade routes in one of the world’s fastest-growing regions gives it an edge,” she said, “but tapping into that potential requires bold reforms and policy stability.”
Concluding her speech, Ambassador Chung reflected on her four-year tenure in Sri Lanka, expressing optimism for the future of bilateral commercial relations. “With bold leadership and a commitment to reform, Sri Lanka can unlock its true potential—and the United States stands ready to be your partner every step of the way.”
