The Sri Lanka – Australia Trade and Investment Framework Arrangement (TIFA) which was signed on 02nd November 2017, has played a crucial role over the years to enhance the bilateral trade and investment relations between Sri Lanka and Australia which marked 75 years of diplomatic relations in 2022.
While reaffirming the commitment in further exploring economic and trade opportunities, both parties signed the TIFA agreement for another five years period with effect from 11 October 2023.
The renewed TIFA agreement was ceremoniously signed by Mr. A.M.P.M.B. Atapattu, Secretary to the Ministry of Trade Commerce and Food Security and H.E. Mr. Paul Stephens, Australian High Commissioner to Sri Lanka, witnessed by Hon. Nalin Fernando, Minister of Trade, Commerce and Food Security of Sri Lanka and Hon. Tim Watts, Assistant Foreign Minister of Australia.
The TIFA action plan includes government to government collaborations in multiple sectors such as facilitating quarantine process for agricultural exports, investment promotion programs, market access for SME exports, attracting high-end tourists and partnerships for greater use of digital technology.
Both countries anticipate that, TIFA agreement will set a firm foundation to reach new heights in bilateral trade relations in terms of continuing productive dialogues for new business opportunities, proactive engagements with business communities in both countries while encouraging and facilitating trade and investment, transferring modern technology and by resolving trade and investment related issues to create a conducive business environment.
The signing ceremony was represented by Dr. Lakmini Mendis, Actg. Director General of Commerce and the officials from the Department of Commerce which is the focal point for the TIFA and senior officials from the Ministry of Trade, Commerce and Food Security. Australia was represented by senior officials from the Australian High Commission in Colombo.
Department of Commerce
11.10.2023
President Ranil Wickremesinghe took part in a high-profile business roundtable discussion titled “Economic Opportunities in Sri Lanka” which was held on 18th September 2023 in the Pierre Hotel-New York in conjunction with the 78th session of the United Nations General Assembly.
Addressing the business leaders gathered at the event, President Wickremesinghe outlined the current economic situation of the country while highlighting the economic reforms that the government has undertaken to further stabilizing the economy leading towards achieving rapid economic growth in the immediate future to ensure the country’s journey towards a prosperous nation.
The President clarified the government’s standpoint answering various questions raised by the attendees related to their commercial interests in the country and invited the US companies to visit Sri Lanka and to consider investing in the country and become development partners.
Foreign Minister, Ali Sabry, Ambassador of Sri Lanka to USA, Mahinda Samarasinghe, President’s Secretary Saman Ekanayake, Foreign Secretary Aruni Wijewardena, UN Permanent Representative Mohan Peiris, Chairman, BOI & Colombo Port City, Dinesh Weerakkody and President’s Senior Adviser on Climate Change, Ruwan Wijewardena alongside other senior officials representing the government of Sri Lanka attended this significant roundtable discussion used the opportunity to network with the US companies.
The business roundtable discussion aimed to foster economic opportunities and strengthen bilateral relations between the two nations saw participation from more than 45 business entities keen on exploring investment and trade prospects in Sri Lanka.
Top executives of leading US companies that includes some “Fortune 500 companies”, Franklin Templeton, Cognizant, Proctor & Gamble,UPS, Auerbach Grayson,Bell Flight, Shearman & Sterling, McLarty Associates, Alvarez & Marsal Holdings, Jockey International Inc., Tomorrow.io, Arbiter Partners, Ethos Asset Management, Ergotron, Roche Diagnostics, Briarwood Chase Management, Thatcher & Co., Amerasian Corporation, Rank One Computing, Perdue Agribusiness, Templeton Asset Management, Morgan Stanley Investment Management, Woods Capital LLC, Rushmore Advisors and Greenlink Global Consulting Inc. attended the Discussion.
Alongside them were prominent representatives from Sri Lanka’s private sector led by top executives of, John Keells Holdings PLC, Aitken Spence PLC, Softlogic Holdings, Hayleys PLC, Gardiner Group of Companies/Galle Face Hotels, Abans PLC, Aggreko International Power, Melsta Corp., Colombo Stock Exchange, Capital Alliance, Standard Chartered Bank, Commercial Bank of Ceylon PLC, Hatton National Bank PLC, Hatch Works and NCINGA participated at the Discussion.
This event was jointly organized by the Business Council for International Understanding (BCIU) and the Embassy of Sri Lanka to the USA in Washington DC.
Embassy of Sri Lanka
Washington D.C.
22 September 2023
