News Today: BOI invites exporters to discuss alternative measures against US tariffs

In a critical move to protect Sri Lankan exports, the Chairman of the Board of Investments (BOI), Arjuna Hearth, invited the top 50 BOI-registered exporters to an urgent roundtable discussion to address the impact of recently imposed reciprocal tariffs by the United States. This session focused on exploring strategic alternatives to mitigate the long-term effects of these tariffs on Sri Lanka’s key export industries.

Duminda Hulnagamuwa, senior advisor to the president, also attended the high-level meeting and outlined the government’s recent initiatives to engage the U.S. through diplomatic channels. He confirmed that discussions have already taken place with U.S. trade officials, and Sri Lankan diplomats in Washington, DC, are actively coordinating with their counterparts at the White House trade department. According to international reports, nearly 70 countries have already opened bilateral tariff consultations with the U.S.

Sri Lanka currently exports a wide array of goods to the United States, and around 200 of those exporters operate under BOI status. In 2024 alone, the U.S. goods trade deficit with Sri Lanka reached $2.6 billion, with U.S. imports from Sri Lanka totaling $3 billion, while U.S. exports to the island stood at $368.2 million.

Leaders from the apparel, rubber, food, and ornament industries participated, sharing concerns about how U.S. tariffs and varying global tariffs affect competitiveness. While the recent 90-day pause on the tariffs helped resume customer orders, businesses seek long-term stability and alternative trade routes.

The BOI emphasized exploring new market opportunities in emerging economies, reducing reliance on traditional partners, and fostering resilience through diversified supply chains. This approach could future-proof Sri Lankan exports amidst uncertain global trade dynamics.