Consul General of Sri Lanka, G. L. Gnanatheva has stressed that the business communities of Pakistan and Sri Lanka should make collective efforts to improve the trade volume by exploring more trade opportunities and defining a clear roadmap for growth in trade, investment and exports.
Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI), he suggested numerous measures for enhancing trade and investment ties between Pakistan and Sri Lanka and advised KCCI to send a delegation to Sri Lanka to explore trade and investment opportunities.
Sri Lankan CG further stated that Pakistan and Sri Lanka have been enjoying good relations and undoubtedly the best partners as Sri was the first country to sign a Free Trade Agreement with Pakistan.
He said that Sri Lanka offers a lot of trade and investment opportunities as the country has producing some high-end products being exported to many developed western countries.
Highlighting the Sri Lanka's Free Trade Agreements with numerous countries, he said that the business community of Karachi must look into the possibility of enhancing trade ties with Sri Lanka which can be used as a gateway to Europe, United States, United Kingdom and Canada and other countries where Pakistani goods can also have a duty free access if send from Sri Lanka.
President KCCI Agha Shahab Ahmed Khan, while referring to economic relations between Pakistan and Sri Lanka said that both countries share cordial and healthy bilateral relations based on cooperation in different economic spheres. "During 2018, goods exported by Pakistan to Sri Lanka totalled $354.53 million as against $268.92 million in 2017, depicting an increase of 31.8 percent while goods imported by Pakistan from Sri Lanka were recorded at $104.96 million in 2018, registering a growth of 1.6 percent as compared to $103.35 million in 2017. Although some improvement is being witnessed but the overall trade volume was way too low as compared to the potential which requires collective efforts from both sides", he added.
He was of the opinion that specific targets have to be set to enhance trade ties by focusing on those products and sectors in which both the countries have comparative advantage. "60 percent of the world's population lives in this region hence, we will have to work together to tap this gigantic market", he added.
Referring to Sri Lankan exports of high-end products particularly coconut water being exported to numerous western countries, he opined that Pakistan was also a very good market for such products while the two countries must collaborate for training of Pakistani workforce in the Gems & Jewellery sector by Sri Lankan experts.
He stressed that businessmen and investors will have to look for opportunities in the agriculture, textile, tourism, real estate, energy and IT sectors which are attractive investment sectors in both countries.
Copyright Business Recorder, 2019
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