Although Sri Lanka is the first country to have Free Trade Agreement (FTA) with Pakistan, which is operational from June 12, 2005, but has not been as successful as envisioned, as bilateral trade is limited to few items, not more than 250
Million dollar, and the balance of trade is in favour of Pakistan, stated Dr W B Dorakumbura, High Commissioner of Sri-Lanka. He expressed these views in a meeting with Shamim Ahmed Shamsi, President and members of Karachi Chamber of Commerce and Industry during his visit to the Chamber.
Mohammad Haroon Agar, Vice President, A Abdullah Zaki, Immediate Past Senior Vice President and Managing Committee members of KCCI, Arshad Alam, Rafiq Maysoorwala, Mohammad Usman, Aftab Khalili and Ashraf Abdul Sattar were also present in the meeting.
The Sri Lankan envoy showing concern on decline in export of Sri Lankan Tea to Pakistan informed that Sri Lanka Tea Centres would soon be opened in major cities of Pakistan as a promotional measure.
He invited Pakistani businessmen to invest in Sri Lanka. He said Pakistani business men can invest in Cement, Aluminium extrusion, aluminium sheet and its products, power generation (thermal and solar); value-added textiles, construction, petroleum refining and service industry like banking, tourism, consulting (management, audit), healthcare and hospital etc, as these are in great demand in his country.
He said, "Pakistani exporters can also avail the opportunity of duty free access to European Union market by exporting their unfinished textile products from Pakistan to Sri Lanka and then to EU market after 50 percent value addition as his country has been awarded GSP plus status." He disclosed that most of the textile goods, at Spencer Departmental Stores of UK were produced in Sri Lanka.