KARACHI: GFC Fans, one of the leading electric fan manufacturers in the country, is going to ship fans worth $50,000 to Sri Lanka, the Trade Development Authority of Pakistan (TDAP) announced on Tuesday.
The company received the order while participating in Pakistan’s first single-country exhibition in Sri Lanka. The event, held from January 15-17, 2016, was organised by the TDAP, a government body responsible for promoting exports.
Gujrat-based GFC began manufacturing electric fans in 1954. It started exporting the fans in 1993 and shipments crossed $13 million in financial year 2012-13.
The company’s products went to over 30 countries including the US, UK, France, Italy, Malaysia, Bangladesh, Sri Lanka, Gulf and African nations.
According to the TDAP, overall exports from Pakistan to Sri Lanka are expected to increase around 100% to $500 million from the current $267 million within a year.
At present, the trade balance is heavily in favour of Pakistan as its exports to Sri Lanka amounted to $267 million while imports were worth just $58 million, according to the 2014-15 data of the Pakistan Bureau of Statistics.
Pakistan and Sri Lanka, despite enjoying exceptional bilateral ties, have failed to fully utilise the free trade agreement that came into effect in 2005. Trade between the two countries rose considerably after the deal but it remained range bound with an average of $350 million for the last six years.
Published in The Express Tribune, March 2nd, 2016.