US-Sri Lanka ties poised for growth in biotechnology and energy: policy expert

Eric Hontz

Sri Lanka has significant opportunities to collaborate with the United States in the fields of biotechnology and energy, according to a US policy expert.

As the administration under President Donald Trump seeks to restructure trade policies, Sri Lanka could benefit from strengthened ties, particularly in biotechnology, to mitigate crop losses that threaten food security, noted Center for International Private Enterprise (CIPE) Director Eric Hontz.

Speaking at a joint webinar hosted by the Pathfinder Foundation and the Heritage Foundation,  Hontz opined that the US is now inclined towards blending economic policies with national security policies as a strategy to facilitate more supportive and profitable free markets in the world. 

He further shared that the new administration is keen to work with chambers and associations to implement what he referred to as a “regulatory guillotine” to restructure or rebuild new institutions in a free-market-driven world.

Such approaches, he suggested, could help Sri Lanka address its trade deficit with key partners.

Supporting Hontz’s sentiments, representatives from Sri Lanka at the webinar acknowledged the ongoing changes occurring in the US and its relationship with allies, as well as the potential impact these shifts could have on bilateral relations. 

They pointed out that, despite Sri Lanka enjoying a favourable trade balance with the US, several opportunities for significant investments in energy and port development have failed due to the shifting circumstances brought about by these changes.

The Center for International Private Enterprise (CIPE) is a non-profit organisation that works to strengthen democratic institutions and market-oriented economic reforms worldwide. 

As an affiliate of the U.S. Chamber of Commerce, CIPE collaborates with governments, business associations and civil society organisations to promote entrepreneurship, transparent governance and economic development.  (NR)