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Tuesday, August 21 , 2012 - 5.59 GMT
US looking to triple bilateral trade, FDI with SL


US wants to explore new opportunities in resurgent Sri Lanka to boost bilateral trade levels to high levels through a new round of initiatives, the Ministry of Industry and Commerce said.

"Lotís of good things are happening here. We want to get a fresh start and we should look for more ways to strengthen US-Sri Lanka bilateral trade," said William Weinstein, the new Deputy Chief of Mission of US Embassy in Colombo recently.

During the successful TIFA talks held in March 2012 in Colombo, Michael J Delaney, Assistant US Trade Representative of South and Central Asia, who led the US trade delegation announced that US is now keen to triple the current bilateral trade levels within a few years. "Thereís tremendous potential here. I believe we can easily triple bilateral trade and investment over the next five years (by 2017) as long as we implement the proper policies" Delaney announced in his opening statement TIFA talks in Colombo.

In 2011, US became the second largest global trade partner of Sri Lanka (followed by India). Sri Lanka-US bilateral trade value stood at $ 2478.27 Mn in 2011 which was only $ 1,962.20 Mn in 2003. Bilateral trade rose 28% (year on year) from 2010.

Adding more on boosting bilateral trade and FDI, Weinstein said: "We want to support healthy democracies. We want to encourage more US FDIs flows to Sri Lanka as well as to encourage Sri Lankan exports to the US."

ďUS industriesí strong involvement in Sri Lanka translates to even stronger bonds between the two countries. The successfully concluded March 2012 TIFA talks were very important for us. Now lotís of good things are happening here. Now we want to get a fresh start and we should look for more partnering ways to strengthen US-Sri Lanka bilateral trade" Weinstein said.






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Last modified: August 21, 2012.

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