Sri Lanka invites Pakistani investment

Pharma sector should look into Sri Lankan industrial park.

ISLAMABAD: Pak-Sri Lanka Business Council President Rohita Thilakaratne, along with Sri Lankan High Commissioner air chief marshal (retired) Jayalath Weerakkody, visited the Islamabad Chamber of Commerce and Industry (ICCI) and exchanged views with the business community on further improving trade and economic relations between Pakistan and Sri Lanka.

Thilakaratne said that Sri Lanka was planning to set up an industrial park for the pharmaceutical industry, and Pakistani pharma investors should explore the possibility of establishing joint ventures in that facility in Sri Lanka.

He said that textiles and tourism were also potential areas of cooperation between the two countries, as tourism was one of the fastest growing sectors in Sri Lanka. Sri Lanka also offers cheap and well-trained manpower, which could be an additional advantage for Pakistani investors.

Thilakaratne said that by investing in Sri Lanka, Pakistani entrepreneurs would be able to export products to the huge Indian market and earn substantial profits, as Sri Lanka and India were well-connected.

Weerakkody said that presently seven flights connect Karachi to Colombo every week, and Sri Lanka is planning another three flights every week from Lahore to Colombo to facilitate trade promotion.

Speaking on the occasion, ICCI President Zafar Bakhtawari said that bilateral trade between Pakistan and Sri Lanka was still below half a billion dollars; quite below available potential. He said that both countries should accelerate efforts to take bilateral trade to at least $1 billion.

He said Pakistan and Sri Lanka have the ability to complement each other’s economy and stressed that frequent exchange of trade delegation should be encouraged to connect private sectors for exploring new areas of mutual cooperation.

Published in The Express Tribune, October 11^th, 2012.