The US government is happy with the manner in which Sri Lanka has come to sign a debt restructuring deal with bi lateral creditors U.S. Ambassador Julie Chung told the inaugural Sri Lanka Strategic Trade Forum yesterday.
“This is a tremendous positive step.”
The U.S. Ambassador also said that though there is a long way to go, the implementation of the IMF program and the current reforms that are taking place too are praise worthy. The event was co-hosted by the U.S. Embassy and Sri Lanka Department of Import and Export Control and convenes a diverse audience from government and the private sector to raise awareness about trade security practices that can provide a competitive advantage for global trade hubs. The event was co-sponsored by the Joint Apparel Association Forum, Ceylon Association of Shipping Agents and Shippers’ Academy and funded by the U.S. Department of State’s Export Control and Border Security (EXBS) Program.
“While implementing short term reforms the country must also look at long term plans towards having permanent stability.”
The regional countries should also look at increasing interconnectivity which will not only increase trade and also woo more FDI to countries. “It also ensures good supply chain movement. This week an NXP Semiconductors and TSMC-backed Vanguard announced a US$7.8 billion joint venture to produce silicon wafers joining other chipmakers setting up plants in Singapore to diversify their manufacturing base.”
Taiwan’s Vanguard International Semiconductor Corp will invest US$2.4 billion for a 60 per cent stake, while NXP will invest US$1.6 billion and hold 40% in this investment. “I hope similar investments come Sri Lanka’s way as well.”
She also said that private sector development too should take place at a rapid pace and this is why the US government invested around USD 500 million plus in Colombo Port west container terminal with the local private sector.
The opening speech was delivered by the Deputy Secretary to the Treasury W.A. Sarath Kumara.
Shirajiv Sirimane
