Sri Lankan trade delegation visits KCCI
KARACHI – Led by its Minister for Trade Dr. Bandula Gunawardana, Sri Lankan delegation on Thursday visited Karachi Chamber of Commerce and Industry, and discussed with KCCI members trade and investment opportunities on both sides, along with finding ways to enhance bilateral trade and economic cooperation.
Sri Lankan minister invited Pakistani businessmen to do more business in his country as they would enjoy many incentives there. Sri Lankan Consul General in Karachi, Jagath Abeywarna, Director General of Economic Affairs at the Foreign Ministry of Sri Lanka, Prof. Dr. Saj U.Mendis, Commercial Consular at Pakistan High Commission in Sri Lanka Ms. Asma Kamal also accompanied him.
He said both the countries had laid foundation of their relationship in 1948, when then Sri Lankan prime minister visited Pakistan. On trade front, he said, Pakistan had been a long-standing trading partner and a close ally of Sri Lanka. In mid of 1970s, Pakistan was the largest buyer of Sri Lanka ; accounting for 8 percent of Sri Lanka’s total exports particularly for high intake of Ceylon tea. Today, Pakistan is the largest trading partner of Sri Lanka in SAARC region. Sri Lanka was the first country to sign free trade agreement with Pakistan, known as PSFTA, which came into force in June 2005. PSFTA was the second FTA of his country signed with any country. PSFTA had significantly contributed to enhancement of bilateral trade, which still required more efforts to capture the real potential existing on the two sides. The minister hoped that visit to Karachi Chamber would help increase bilateral trade and economic cooperation.
Chairman, Businessmen Group in KCCI and former president of the chamber M. Zubair Motiwala called for revisiting of PSFTA to make it efficient to the current changing economic situation at the regional and international level. He also emphasized on more interaction at the governments and private sectors’ level to explore the potential of bilateral trade, investment and economic cooperation.
He said Pakistan was rich in minerals and Sri Lanka investors could enter joint ventures and similarly Pakistanis could set up paper industries in Sri lanka which had huge deposits of raw materials for this industry.
KCCI President Muhammad Idress Memon also underlined the need for more exchange of delegations and information relating to trade and investment. He mentioned that Pakistan was a big importer of spices and that Sri Lankan exporters could capture the market. And, Sri lanka could import pharmaceutical items and cement from Pakistan to meet the demand for its development projects mainly those under China’s Belt-Road Initiative.
He said Sri Lanka had expertise to cut, polish and shape gemstones into world class jewelry. Pakistani jewelers could avail this opportunity by entering joint ventures and sell their products at better price in the international market.
Sri Lanka was the largest coconut producer and Pakistan coconut producers benefit from its technology and experience.
Director General of Economic Affairs at the Foreign Ministry of Sri Lanka Prof.Dr. Saj U.Mendis said Sri Lanka had big scope for investment in many sectors mainly in tourism and offered many incentives for investors. He said Sri Lankan economy was doing well and the equity market had witnessed 84 percent increase. This is the time to enter Sri Lanka, he emphasized.
Pakistan’s Commercial Consular at Pakistan High Commission in Sri Lanka Ms.Asma Kamal underlined need for more connectivity and interaction at different levels between the two courtiers. She was of the view that tariff and non-tariff barriers be removed to increase the bilateral trade. There was also big scope for joint ventures in different sectors, she said.
Article source: https://nation.com.pk/21-Jan-2022/sri-lankan-trade-delegation-visits-kcci