Thursday, 16th October 2014
The premier annual trade event in historic US-Sri Lanka relations opened for the eleventh time in Colombo yesterday and a top US institution that ensures, “Made in America” brand across the world, is renewing its ties with Sri Lanka after more than a decade.
“US-Sri Lanka Trade and Investment Framework Agreement (TIFA) is the premier dialogue for managing bilateral trade and investment relationship between both countries. This relationship amounts to $3 billion,” said Michael Delaney, the visiting Assistant United States Trade Representative for Central and South Asia) addressing the eleventh Joint Council Meeting (JCM) under the US-Sri Lanka Trade and Investment Framework Agreement (TIFA) at Hotel Taj Samudra, Colombo.
The technical session was co-chaired by Trade Representative Delaney and Anura Siriwardena Secretary, Ministry of Industry and Commerce of Sri Lanka. Twenty seven delegates from Sri Lankan side-including representatives from Industry and Commerce ,Agriculture, Economic Development, Labour Relations and Civil Aviation ministries were present. “US-Sri Lanka Trade and Investment Framework Agreement (TIFA) is the premier dialogue for managing bilateral trade and investment relationship between both countries. This relationship amounts to $3 bn.
As such, being the premier dialogue channel, we attach considerable importance to the TIFA and in our view, over the years, TIFA has proven itself that it has been successful in deepening our economic relationship” he said.
“We are pleased that this is the fourth occasion Delaney is visiting Sri Lanka. It is with satisfaction that recalls as to how you generated support of the US government for Sri Lanka’s Conflict Affected Widows Project and facilitated a significant monetary contribution for project commencement, thereby uplifting their lives”Industry and Commerce Minister Rishad Bathiudeen said.
“TIFA has become a very effective mechanism for the two governments to advance trade and investment interests, since it began in 2002. As Sri Lanka takes on a journey to become the Economic Hub of South Asia, it is clear that TIFA’s importance would continue to grow.”
The US is the single largest buyer of our exports since 1979. Bilateral trade between both countries increased by a strong 21 percent to 2.8 billion dollars in 2013, compared to 2012. US absorbs 23% of Sri Lanka’s annual total exports, of which 73% comes from high end apparels. The US, is an important source of foreign direct investments to Sri Lanka. So far there have been more than 220 US investment projects to the value of around US $ 400 million. Speaking of investments, I have been given to understand that the US Export Import Bank is has renewed its partnership with Sri Lanka after almost a decade. Through its facilitation, a US company has invested $65 Million in a water supply project in Badulla District.
I invite other US investors to make use of Export Import Bank’s benchmark initiative for infrastructure development projects in Sri Lanka.”
From : http://www.dailynews.lk/?q=business/us-sl-trade-talks-open-colombo
