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A three-member delegation from Sri Lanka visited Punjab Board of Investment and Trade (PBIT) to discuss bilateral trade. Ranjith Bandara, Minister for Public Administration and Management (Sri Lanka) was heading the team. He was accompanied by Gamini Rathnayaka, CEO of Gal-Oya Plantations, Udyama Kurukularatne and Tousif Peracha, CEO of Gharibwal Group.
Chairman PBIT Abdul Basit represented PBIT at the meeting. The discussion focused around expanding trade and investment between the two countries. The delegation stressed upon the benefits of multiple small scale hydro power generation units along the canal system. Gal-Oya is keen to invest in these units all over Punjab. The minister said Sri Lanka was meeting 50 percent of its energy needs from such units and Pakistan had one of the largest canal systems in the world so it could benefit greatly.
The Minister also said that trade balance between the two countries was 90 percent favourable towards Pakistan as Pakistan's exports to Sri Lanka being much greater than its imports. Kurukularatne raised the point that the non-trade barriers between the countries were the biggest hurdle in the way of free trade agreement. Basit proposed to enhance the spice trade between the countries as Sri Lanka was one of the biggest consumers of spices in the world.
Both parties stressed on promoting tourism and collaborating in the fields of training and education. It was also decided that Pakistan would send a business delegation to Sri Lanka in the near future and feasibilities would be shared with the Sri Lankan business community prior to the delegation's visit so that concrete results could be obtained.

Copyright Business Recorder, 2015

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