Zeeqaad 5, 1428

November 16, 2007

Opportunities for Pak-Sri-Lanka bilateral trade enormous

“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 US$ 250 million, and the balance of trade is in favour of Pakistan. The businessmen of Pakistan must take full Advantage of Pak-Sri Lanka FTA as this is the best vehicle for enhancing bilateral trade”, This was stated by Dr. W.B. Dorakumbura, High Commissioner of Sri-Lanka in a meeting with Mr. Shamim Ahmed Shamsi, President and members of Karachi Chamber of Commerce & Industry during his visit to the Chamber. Mr. Mohammad Haroon Agar, Vice President, Mr. A. Abdullah Zaki, Immediate Past Senior Vice President and Managing Committee members of KCCI, Mr. Arshad Alam, Mr. Rafiq Maysoorwala, Mr. Mohammad Usman and Mr. Aftab Khalili and Mr. 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 Centers would soon be opened in major cities of Pakistan as a promotional measure. Identifying other potential areas of trade and investment, he invited Pakistani businessmen to invest in Cement, Aluminum extrusion, aluminum 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 E.U. market after 50% value addition as his country has been awarded GSP plus status.” He disclosed that most of the textile goods, at Marks & Spencer Departmental Stores, U.K. were produced in Sri Lanka.

Earlier, Mr. Shamim Ahmed Shamsi, President, KCCI while welcoming the High Commissioner informed that Pakistan was the second largest trading partner of Sri Lanka within the South Asian region and out of total bilateral trade volume of about US$ 230.8 million in 2005-06, more than two-third consisted of Pakistan’s exports to Sri-Lanka, however, it did not reflect the actual trade potential between the two countries. He, therefore, underscored the need for people to people contacts including exchange of cultural and businessmen delegations and organizing exhibitions to enhance bilateral trade and cultural ties between the two countries. The Chamber Chief informed the Sri-Lanka High Commission about the KCCI “5^th My Karachi – An Oasis of Harmony” exhibition, scheduled to be held from 4^th to 6^th June, 2008 at Expo Centre, Karachi and hoped that this year also the Sri Lankan businessmen, like previous year, would participate in the Exhibition in a big way as it would provide an excellent channel to promote Sri-Lankan  products and a great exposure for Sri Lankan Companies to display  and  / or sale their products to thousands of visitors beside interaction with them.