US Ambassador Julie Chung has urged the new government to prioritise transparency, good governance, and streamline trade regulations to attract foreign investment.
Addressing the Sri Lanka Apparel Exporters Association Annual General Meeting at the Cinnamon Grand Hotel on Monday, Ambassador Chung reaffirmed the strong and enduring economic partnership between the United States and Sri Lanka.
“As the new Sri Lankan government establishes its trade and investment priorities and plans, we are encouraged by the focus on transparency, good governance, and reinforcing the importance of a welcoming business environment, as I have discussed in recent weeks with senior officials. A clean and transparent procurement process, a level playing field for all investors, and the honoring of contracts will be watched keenly by foreign investors,” she said:
She said: The apparel industry, with its focus on ingenuity, creativity, and adaptability, plays a vital role in driving the global economy. It is an industry that not only shapes trends and consumer behaviour but also fuels economic growth, creates jobs, and fosters cross-border partnerships. Today, as we gather to celebrate the remarkable contributions of the Sri Lankan apparel sector, we recognize its critical role in global trade, with innovative designs and high-quality manufacturing that continue to make an impact around the world.
Speaking of ingenuity, the U.S. athletic footwear and apparel corporation Nike was started in 1964 by a young man selling shoes out of the trunk of his car. At the time, it was a small-scale operation with big dreams. Today, Nike is a $100 billion company with nearly 80,000 employees worldwide. This incredible success story is a testament to the power of determination, innovation, and commitment to producing a high-quality product. It shows us that with vision and drive, even the most humble beginnings can lead to extraordinary global success.
I would also like to remember Martin Trust, a native of Brooklyn, a giant of the apparel industry, and a dear friend to many of you. In 1970, Trust and his wife began an apparel business out of their apartment with a $1,000 initial investment. In the 1980s, Trust introduced U.S. manufacturing expertise and production techniques to the apparel industry right here in Sri Lanka. Today MAS Holdings, one of the companies Trust helped build, has invested back into the United States with a state-of-the-art design-to-delivery hub in Asheboro, North Carolina. Their Cetwick Product Development Hub and Support Center provides high-quality American jobs to individuals working in design, digital product creation, and logistics, while supporting U.S. universities and institutes engaged in research on apparel material sciences and other technologies.
The journey of companies like Nike and MAS remind us that success in the apparel industry is driven by a blend of creativity, resilience, and innovation – qualities that are clearly evident in the Sri Lankan apparel sector. From large-scale manufacturers to local entrepreneurs, your contributions are shaping the future of the global market. And as we continue to strengthen partnerships like the one between the U.S. and Sri Lanka, I am confident that the apparel industry will remain a key driver of prosperity, growth, and opportunity for both our nations.
The apparel industry–with so many connections to partnering with and adapting U.S. innovations–plays an indispensable role in Sri Lanka’s economic growth, with clothing and textiles remaining one of the country’s leading foreign currency earners. You are an important part of the foundation on which Sri Lanka’s growth depends. In a world that is changing rapidly, I know that the road ahead will undoubtedly present some unique challenges and opportunities – all twists and turns that I trust you’ll approach with the same tenacity, creativity, and commitment to innovation.
Last week, President Trump took office and outlined a clear set of priorities to make America safer, stronger, and more prosperous. I want to really underscore that the United States is open for business, and we look forward to welcoming even more business and investments in the coming years. U.S. apparel manufacturing is vibrant and diverse and has shown remarkable strength and continuous growth in the last several years. In fact, U.S. apparel manufacturing is projected to generate $365 billion in revenue in 2025 while employing 83,000 Americans. The U.S. market is not only one of the largest and most lucrative in the world, but it also provides unparalleled access to advanced technology, skilled labor, and a robust infrastructure that can significantly enhance your own production capabilities. By establishing operations in the United States, you can benefit from reduced shipping times, lower tariffs, and the ability to respond swiftly to market demands.
Investing in the United States is not just a strategic business move; it is a step toward building a more resilient and competitive future for your companies in the global marketplace.
As we know, the apparel industry is not immune to global shocks. How will you maintain resilience and innovation in a competitive global environment? As the new Sri Lankan government establishes its trade and investment priorities and plans, we are encouraged by the focus on transparency, good governance, and reinforcing the importance of a welcoming business environment, as I have discussed in recent weeks with senior officials. A clean and transparent procurement process, a level playing field for all investors, and the honoring of contracts will be watched keenly by foreign investors. The ability of the private sector to drive growth, unhindered by red tape and excessive regulation, is crucial for fostering economic progress and will be a key factor in the months ahead.
As the global apparel industry continues to evolve, Sri Lanka’s position as a leader in quality manufacturing and ethical practices can set a positive example. The United States remains a friend and partner in Sri Lanka’s journey. I hope all of you in the room tonight agree that U.S. partnership stands out for its commitment to transparency, ethical practices, and long-term collaboration, ensuring sustainable growth and mutual prosperity for both Sri Lanka and the United States. Together, we can drive economic growth in both of our countries while setting new standards for excellence on the global stage.
