Air Chief Marshal (retd) Jayalath Weerakoddy, Sri Lanka’s high commissioner to Pakistan, extended the invitation on Wednesday as he spoke at the Lahore Chamber of Commerce and Industry.
“The Sri Lankan government has designed a special package for foreign businessmen and LCCI members should avail this opportunity,” Weerakoddy said. “The Lankan government is also making every effort to increase their trade volume with Pakistan to the one-billion-dollar mark.”
LCCI President Irfan Qaiser Sheikh said that Pakistan and Sri Lanka have enjoyed exemplary bilateral relations and such interactions can further strengthen ties. “Pakistan happens to be the second largest trading partner of Sri Lanka in the Saarc region. Total bilateral trade increased by 24% between 2009 ($273 million) and 2010 ($337 million). In the same period, Pakistan’s export to Sri Lanka grew by 31%, reaching $284 million from $217 million.” However, he pointed to a sliding trend in imports from Sri Lanka, which fell from $66 million to $53 million between 2008 and 2010.
Sheikh said that actual bilateral trade potential is yet to be fully explored and estimates suggest that it can be taken to $2 billion by the end of 2012.
Sheikh said that it was high time that Pakistan makes use of the Pakistan-Sri Lanka Free Trade Agreement that was signed in 2005. Pakistan has granted 100% tariff concession to Sri Lanka on 227 tariff lines and Sri Lanka has reciprocated on 102 items, he said.
He said that woven cotton and knitted fabrics, denim, basmati rice, fresh or chilled potatoes, Portland cement, tubes, pipes and hollow profiles and medicaments are Pakistani products that will gain from the PSFTA.
He said that Pakistan exports cotton, cereals, vegetables, salt, sulphur, stone, lime and cement, articles of iron or steel, pharmaceutical products etc to Sri Lanka. Whereas rubber, fruits, coffee, tea, vegetable plaiting materials, oil seed, manmade filaments, plastics and etc are imported from Sri Lanka.
COMMENTS (8)
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@Sri Lankan: my point is different. whatever the history, always keep a distance from pakistan because of it's policies. some problems have solutions but for some other, no solution. we know it.
@Pakistani Man what are you trying to say. Because we bought weapons from your country. Do we have to sacrifice our cricketers for your countries sake. Grow up man.
@Jaysurya - India has been busy sabotaging. Indian terrorist handlers roaming freely in Pakistan and they hate both Pakistan and Sri Lanka.
@Pakistani - LOL. Don't worry. JAYASURYA is certainly not a Sri Lankan. You can tell from the way he/she spelt the the name. Us real Sri Lankans do not feel like that about Pakistan. Cheers!!!
@Jaysurya: Nice try Indian. If somehow you are a Sri Lankan then should i remind you of the 30 year civil war in your own country where your generals literally begged our army for weaponry.
Jaysurya above is almost certainly NOT a Sri Lankan. You know how I can tell? Because the correct spelling is Jayasuriya while its only Indians and Pakistanis who corrupt the name to Jaysurya. Also Sri Lanka has been a victim of terrorism for decades so no Sri Lankan would call Pakistan a terrorist nation.
As far as Sri Lanka is concerned the biggest potential is in tea exports. As Pakistan grows exports of premium Ceylon tea are likely to increase significantly. ATM though Pakistanis prefer the cheaper Kenyan variety.
Pakistan-Sri Lanka share a very close relationship and I for one support the idea of expanding this relationship.
Namo namo mata... :-)