A Memorandum of Understanding (MoU) was signed between Federation Pakistan Chamber of Commerce and Industry (FPCCI) and Ceylon Chamber of Commerce and Industry (Ceylon CCI) to enhance the trade ties between Sri Lanka and Pakistan. A high powered trade delegation of Sri Lanka headed by Risad Badhiutdeen, Minister of Industry of the Republic of Sri Lanka, on Thursday visited FPCCI head office in Karachi in a bid to enhance trade between both the countries.
Accordingly, an MoU was signed by Abdul Rauf Alam, President FPCCI and Risad Badhiutdeen to promote trade between the two regional countries. The signing ceremony was chaired by S. M. Muneer, Chief Executive Trade Development Authority of Pakistan (TDAP). Addressing the ceremony, Risad Badhiutheen appreciated the hospitality of FPCCI and called for taking practical measures in trade instead of having verbal understandings.
He said that via the signed MoU between both countries' chambers of commerce, boost in bilateral trade and business should be visible in future. He said that before signing this MoU, trade between both countries was favourable, so after having more liaisons via MoU, trade between both countries should have ideal benchmarks.
President FPCCI Abdul Rauf Alam said that Pakistan was the second largest trading partner of Sri Lanka in South Asia and the volume was gradually increasing. "Sri Lanka was the first country to sign a Free Trade Agreement (FTA) with Pakistan, around 4,000 items imported by Pakistan from Sri Lanka and the bilateral trade between the two countries is more than US $400 million," he added.
Imran Khalil, Chairman Pakistan Sri Lanka Business Council, said that the trade between both countries facing least hindrances from business and political aspects, which is perceived as a favourable scenario for bilateral trade between Pakistan and Sri Lanka. He informed that Pakistan Sri Lanka Business Council of FPCCI was activated last year with the sole purpose of improving trade ties between Pakistan and Sri Lanka.
Highlighting the Business Council achievements he said that council introduced a funding line in collaboration with Sri Lankan counterparts, for projects over $10 million on both sides. "We took up the issue of delays in visa processing for Pakistanis travelling to Sri Lanka with Lankan authorities and advocated for fast processing of Business visas," he added.
The business council has also been actively advising businesses as well as governments on policy issues relating to promotion of trade and investments, Imran said. "We are extremely positive about the investment and trade potential of Pakistan with Sri Lanka, especially in the non-conventional business sectors. The two countries that are only three and a half hours away from each other, with the right policies, can increase the trade to $1 billion mark from the existing $340 million," he added.
S. M. Muneer said that Pakistan and Sri Lanka were very important countries in South Asia and having good bilateral relations and it was evident that both countries had exchanged several trade delegations in previous years. He appreciated FPCCI for the initiative of signing MoU between both countries' chambers of commerce. Senior Vice President (SVP) FPCCI Khalid Tawab also spoke on the occasion. The ceremony was also attended by FPCCI's Vice Presidents Hanif Gohar, Zulfiqar Ali Shiekh, Arshad Farooq and Faisal Jamal Dasti, and Rohita Thilakaratne, President Srilanka Pakistan Business Council.