Sri Lanka has significant opportunities to collaborate with the United States in the biotechnology and energy sectors, according to a US policy expert.
As the administration seeks to restructure trade policies under President Donald Trump, Sri Lanka could benefit from stronger ties, particularly in biotechnology, to reduce crop losses that threaten food security, said Eric Hontz, director of the Center for International Private Enterprise (CIPE).
Speaking at a joint webinar hosted by the Pathfinder Foundation and the Heritage Foundation, Hontz said the United States is now inclined to blend economic policy with national security policy as a strategy to facilitate the world’s most supportive and profitable free markets.
He further shared that the new administration is keen to work with chambers of commerce and associations to implement what he called a “regulatory guillotine” to restructure or rebuild new institutions in a world based on a free market.
Such approaches, he suggested, could help Sri Lanka close its trade deficit with key partners.
Supporting Hontz’s sentiments, Sri Lankan delegates at the webinar acknowledged the changes taking place in the United States and its relationship with allies, as well as the potential impact these shifts could have on bilateral relations.
They pointed out that although Sri Lanka enjoys a favorable trade balance with the United States, several opportunities for significant investment in energy and port development have failed due to the changing circumstances brought about by these changes.
The Center for International Private Enterprise (CIPE) is a non-profit organization that works to strengthen democratic institutions and market-oriented economic reforms around the world.
As an affiliate of the U.S. Chamber of Commerce, CIPE collaborates with governments, business associations, and civil society organizations to promote entrepreneurship, transparent governance, and economic development.
