Thursday, 23rd October 2014
In the aftermath of the successful Lanka-US trade talks and biz forums in Colombo last week, the on-going bilateral engagement between the two countries received yet another boost on October 17, as the powerful American trade emissary for South Asia himself called for the setting up of first SL-US Business Council in Colombo.
“As far I know there is no SL-US Business Chamber. Frankly, there should be,” said an excited Michael Delaney (Assistant US Trade Representative for Central and South Asia) on October 17 in Colombo.
US Representative Delaney was addressing the eager delegation of Sri Lanka’s first ever women’s chamber, the Women’s Chamber of Industry and Commerce (WCIC) on October 17, in the presence of Rishad Bathiudeen (Minister of Industry and Commerce) during a special facilitation session by Minister Bathiudeen towards Lankan women’s biz.
The Women’s Chamber of Industry and Commerce (WCIC), which commenced in 1985 and whose present membership is 120, is a Lankan non-profit consisting of professional women.
Vidyani Hettigoda (Director-Hettigoda Group, and the Leader of the Delegation) said, “The women’s businesses of Sri Lanka, like to partner with the US economy. However, we found that introducing our products to US market is not easy with many barriers to overcome. Such products as Lankan Ayurvedics are not familiar to the US market.”
“You all are presumably small biz and like to access the US market. We have similar biz chambers in the US and we can facilitate you to meet them” said US Rep Delaney responding to WCIC.
“As far I know there is no SL-US Business Chamber. Some research needs to be done on this-That is my thinking. I had conversations with Indians in the US over their Ayurvedic products. Their main concern is the Intellectual Property (IP). On the other hand, the registration process for a vitamin supplement is less comprehensive. There is a lack of IP in this area and I do not have a position with regard to this. What is clear is that addressing these can improve business and trade for both countries.”
In 2013, the US-Sri Lanka economic relations (both trade and investment) stood at $3 Billion. Bilateral trade between both countries increased by 21% to $ 2.8 Bn in 2013, compared to 2012. US is the largest buyer of Sri Lankan products, absorbing 23% of total annual exports, of which 73% consists of high end apparels. Other members from WCIC delegation too chorused: “We want to have a representative in US. If we have link with US Women’s Chambers, it’s easier. We visited Washington, and there are other Chambers such as the Indian Chamber, but no US-Sri Lanka Chamber.”
From : http://www.dailynews.lk/?q=business/lanka-us-economic-relations-3bn
