Keynote at Sri Lanka–USA Business Council AGM

US Ambassador to Sri Lanka Julie Chung, addressing the Annual General Meeting of the Sri Lanka–USA Business Council in Colombo, on Thursday, advocated for the prioritisation of structural reforms, market diversification, and institutional strength for Sri Lanka’s long-term economic success. Praising the resilience and innovation of Lankan businesses, amid recent challenges, Ambassador Chung highlighted the growing commercial ties between the two nations, called for deeper engagement in trade and investment, and urged local firms to tap into the vast potential of the US market. “Economic security and national security are two sides of the same coin,” she remarked, while reaffirming America’s commitment to be a steadfast partner in Sri Lanka’s path to prosperity.

She said: The Council has organised events that truly matter to businesses, from an information session on understanding capital markets with the Colombo Stock Exchange and the Securities and Exchange Commission to a thoughtful panel discussion on the impact of new US import tariffs and what those changes mean for Sri Lankan exporters.  I know we are all watching closely for the outcome of ongoing tariff negotiations, and, as President Trump has emphasised, 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.

The US-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 Defence Services Command and Staff College, 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 US companies, create jobs, and foster long-term economic growth, both in the United States and here in Sri Lanka.

American companies offer high-quality, innovative solutions across a range of sectors, including energy, infrastructure, agriculture, and digital services.  With deep expertise and a strong track record of performance, US firms are well positioned to support Sri Lanka’s growth priorities.  Sri Lankan companies, both large and small like those in this room, are ideal partners in this endeavour to bring the best and the brightest and most innovative approaches to achieve economic prosperity.  We welcome opportunities to work with the Sri Lankan government, your companies, and academic institutions to bring these capabilities to market.

At the same time, we encourage Sri Lankan firms to consider the opportunities available in the United States.  The US market is not only vast and dynamic; it is open, transparent, and full of potential for well-positioned international partners.

The United States continues to offer the world’s most attractive investment environment, including:

A transparent legal system that has an ecosystem to support new businesses;

A highly skilled workforce;

Unmatched innovation and research capacity; and

A stable, predictable regulatory framework.

Our $25 trillion economy, with 330 million consumers, accounts for nearly a third of global household spending.  US companies lead the world in product innovation, market research, and branding, making the United States an ideal destination for Sri Lankan investment seeking long-term returns.

With that in mind, I would like to invite all of you to participate in the 2026 SelectUSA Investment Summit, the premier event for foreign direct investment into the United States, taking place May 3-6 just outside Washington, D.C.  The 2025 Investment Summit drew over 5,500 participants from more than 100 countries, including investors and representatives from all 54 US states and territories, including participants from Sri Lanka.  The SelectUSA Investment Summit offers direct access to US partners, policy leaders, and actionable guidance on entering and expanding in the US market.  It will be an exciting opportunity and I hope Sri Lankan companies will take advantage of this venue to network and expand your businesses.

As business leaders, it is also critical to think about how you can make your economy more welcoming to business and investment.  A business climate at home that is transparent, predictable, and governed by the rule of law, can bring new opportunities to Sri Lanka, new investment, and new business partners.  Sri Lanka sits on critical trade routes in one of the fastest growing regions in the world and can seize this opportunity.  As market sector leaders, you are uniquely positioned to advocate for policies that ensure regulatory stability, reduce corruption, and attract investment that will grow the economy and create new, higher paying jobs.

Sri Lanka’s long-term economic success will depend on the strength of its institutions and the willingness of its private sector to push for reforms that promote accountability, reduce barriers, and encourage innovation.  Just this month (June), American giant Under Armour successfully obtained an interim injunction from the Commercial High Court of Colombo against House of Fashions, a local retailer, for selling counterfeit garments.  This is not just a win for a US company; it instills confidence in intellectual property rights and judicial processes for other foreign companies looking to do business here.  US officials can advocate with their counterparts on cases like this, but the responsibility also lies with all of you, here in this room tonight, to make this happen.

In closing, I remain optimistic about the future of US-Sri Lanka commercial ties.  With bold leadership from the business community and a continued commitment to economic reform, Sri Lanka can fully unlock its potential, and the United States stands ready to be your partner.  Sri Lanka has undergone some very tough times these past few years since I first addressed the Sri Lanka-USA Business Council.  But I know that you and your companies have consistently shown resilience, creativity, and determination to grow the economy here and across the Pacific with the United States.

A final thought: 56 years ago on July 21, Apollo 11 landed the first humans on the moon with American astronauts, Neil Armstrong and Buzz Aldrin.  It was a moment of pride in excellence and achievement, not only for us Americans, but for the world.  I visited the Museum of Natural History in Colombo that had an exhibit honouring this feat a few weeks ago.  It reminded me that despite all the challenges, the impossibilities, we humans can do great things when we are determined and resilient.

I have been here nearly four years as Ambassador and will probably finish my term next year before your next AGM.  If there is anything I learned in my time here, it’s knowing that Sri Lanka will continue to aspire and excel, and will always remain close friends and partners with the United States.