[Congressional Record Volume 142, Number 11 (Friday, January 26, 1996)]
[Senate]
[Page S526]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        RECOGNIZING SRI LANKA'S 48TH ANNIVERSARY OF INDEPENDENCE

 Mr. INOUYE. Mr. President, I rise today to recognize the 
country of Sri Lanka which will celebrate its 48th anniversary of 
independence on February 4, 1996. I would like to congratulate a 
country which during the last four decades has made tremendous strides 
in socio-economic development in a democratic system.
  Democracy in Sri Lanka has deep roots. Its people have maintained a 
functioning democracy since independence against great odds. There have 
been regular national elections in Sri Lanka where voter turnout has 
been remarkably high. At a free and fair Parliamentary election held in 
August 1994 and observed by an international team including United 
States nationals, the people of Sri Lanka elected a new Government 
defeating a political party that was in power for 17 years. This was 
followed by a Presidential election in November 1994 at which Ms. 
Chandrika B. Kumaratunga was elected President with a 62-percent 
mandate. The voter turnout at both these elections was above 70 
percent. I would like to congratulate the people of Sri Lanka for their 
commitment to democracy and improving human rights.
  Over the years the United States and Sri Lanka have developed close 
bilateral relations. Sri Lanka has long hosted a Voice of America 
station on its territory and a project is well underway to upgrade the 
station. The United States is Sri Lanka's largest trading partner. The 
bilateral trade exceeds $1.4 billion. We have signed a bilateral 
investment protection treaty and an agreement to protect intellectual 
property rights.
  Sri Lanka has been a pioneer in the South Asian region by 
liberalizing its economy and following market oriented economic 
policies. Free Trade Zones have been set up and incentives have been 
provided for foreign investment. I am pleased to note that there are 
many United States companies and banks currently operating in Sri Lanka 
and that the American Chamber of Commerce in Sri Lanka organized a 
successful United States Trade Fair in 1995.
  Sri Lanka's drive for economic development which showed much promise 
in the early eighties has been restricted by the ongoing ethnic 
conflict which escalated in 1983. However, growth rates have averaged 5 
percent per year. I am encouraged by the newly elected President's 
stated priority in finding a lasting political solution to the 
conflict. I can only share the aspirations of all Sri Lankans that 
peace will return soon to this beautiful country.

                          ____________________