Minister of State/Chairman BoI Saleem H Mandviwalla visited Sri Lanka along with President to seek the possibilities of enhanced commercial and economic co-operation and the potential of two-way investment between Pakistan and Sri Lanka. On return from his successful visit to Sri Lanka, Chairman BoI said that Sri Lanka is keen to learn the agricultural techniques from Pakistan to increase the productive capacity of its land.
A ceremony of signing the MoU in agriculture was also held in which chairman BoI and Sri Lankan counterpart primarily assured each other to clarify the intention to establish the understanding of having co-operation for business facilitation in the field of agriculture.
Addressing to Pakistan-Sri Lanka Business Forum, Saleem Mandviwala said Pakistan was the second largest trading partner of Sri Lanka in Asia with bilateral trade volume of 300 million dollars, but our aim is to achieve the target of one billion dollars in the near future.
Pakistan can help Sri Lanka set up sugar and cement plants in return for import of Sri Lankan produce in barter trade. He said Pakistan has offered a soft credit of 200 million dollars to Sri Lanka for exporting, barter trade and easing its business transactions.
He mentioned they have a Free Trade Agreement (FTA), Bilateral Investments Treaty and Avoidance of Double Taxation to facilitate business communities of both the countries. He also said the visa regime would be liberalised and business community be facilitated to travel freely. He said the incentives offered by Pakistan to foreign investors are very similar to the ones by the Sri Lanka.
As a result of BoI chief's recent visit to Sri Lanka, Pakistani investors can invest in mutually beneficial business ventures in Sri Lanka. A branch of National Bank of Pakistan in Colombo on a reciprocal basis will start functioning soon. Joint Economic Commission (JEC) to facilitate the bilateral economic co-operation and monitor its progress. Under JEC the two countries identified co-operation in cement, sugar, dairy production, textiles, tourism, light engineering, fresh fruits and vegetables, processed goods and pharmaceuticals as potential areas of mutually beneficial collaborative projects.