Chung urges bold reforms, hails resilience of Lankan businesses

Keynote at Sri Lanka—USA Business Council AGM

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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.