AmCham Sri Lanka launched the first and second phase of its project titled ‘TRADESHIFTS: Opportunities for Sri Lanka from Global Supply Chains Shifts.’ TRADESHIFTS is an initiative of AmCham Sri Lanka in collaboration with the United States Agency for Interna- tional Development (USAID) focused on identifying and attracting, increased export revenues to Sri Lanka, by capturing a portion of the large supply change shifts taking place across Asia. As the first phase of this project, a detailed study was con- ducted by USAID’s Partnership for Accelerating Results in Trade, National Expenditure and Revenue (PARTNER) activity, to understand the current and future shifts in supply chain strategies across the short and medium-term, identify the drivers of such shifts, and highlight the opportunities for Sri Lanka. The TRADESHIFTS project authored by Deloitte LLC, was launched online to a selected group of GoSL representatives, representatives of local industry and busi- ness Chambers/Associations, and top leadership of Sri Lanka’s blue-chip organizations in the selected sectors. Dur- ing phase II of the project, 40 captains of industry representing the industry bodies of the 18 industries identified as high- potential beneficiaries for trade shifts by the phase I study and report authored by Deloitte LLC, participated in a series of sectoral discussions and study sessions. Presantha Jayamaha, President of AmCham Sri Lanka, stated that the op- portunity for Sri Lanka from the current shifts in the global supply chain were tremendous with countries like India, Vietnam, Bangladesh, and Indonesia al- ready benefiting from this change. He noted that recognizing this opportunity for Sri Lanka, AmCham Sri Lanka col- laborated with USAID to create and imple- ment this three-phased project. He stated that the estimated trade volume that may be shifted over the next four to five years was over 100 billion US dollars, and emphasized that, “This opportunity for Sri Lanka is real; and available. None of this is possible by any of us doing it alone. This is an opportunity for the pri- vate sector, the various chambers, indus- try groups and the Government of Sri Lanka to achieve the outcome of at- tracting this trade to Sri Lanka.” Reed Aeschliman, Mission Director for USAID Sri Lanka and Maldives, noted that this is a timely initiative given the changes that are happening in global supply chains. He stated that companies are looking to geographically diversify their supply chains to lessen market-risks, and in a competitive investment land- scape, Sri Lanka may benefit from trade shifts by pursuing the most promising opportunities. The Keynote Address was delivered by Prabhash Subasinghe, Chairman of Export Development Board. Prabhash Subasinghe agreeing with Reed Aeschliman noted that this was in- deed a timely and ‘game-changing ini- tiative for Sri Lanka’, and that the Export Development Board was pleased to see a private sector led event studying the po- tential on trade-shifts and how Sri Lanka as a country can capitalize on this. He noted that the EDB as the lead Government agency responsible for exports, values this strategy, and believes it is a timely activ- ity given its interest to diversify the Sri Lankan export basket along with bring- ing further investment to Sri Lanka. As the highlights of the session, the study and report prepared by USAID PARTNER as the project’s first phase was presented by Stewart Pierce-Gardnerm, Trade & Logistics Expert, Deloitte Consult- ing who authored the report titled “GLOBAL SUPPLY CHAIN STRATEGIES: CURRENT TRENDS & FUTURE SHIFTS.” The report and presentation provided an informed view on the likely future shifts in supply chain strategies across the short and medium-term, and identified the drivers of such shifts, highlighting im- plications for a country like Sri Lanka. Shirendra Lawrence, Secretary of AmCham Sri Lanka reiterated that the key objective of this initiative is to provide a realistic and a practical international business-oriented perspective. He con- cluded stating that, “We look forward to the commitment of the Government to engage with AMCHAM to seriously take on-board the suggestions and recom- mendations of this project; and also work collaboratively with the private sector in securing this massive trade opportunity. The opportunity to make a better place, and a better life for our children, and their children to come!”
