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| Monday, 14 February 2005 |
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BOI Chief on Lanka-Pakistan FTA "Becoming the first bilateral trading partner of both India and Pakistan emphasised Sri Lanka's leadership in regional commerce, said BOI Chairman Saliya Wickramasuriya. He was addressing a forum of Pakistani Corporate heads as a member of the delegation that accompanied President Chandrika Bandaranaike Kumaratunga on her three day official visit to Pakistan. He stated that the operationalisation of the SL - Pakistan FTA adds another 200 million consumers to Sri Lanka's already substantial preferential market access on the subcontinent. "This large, effectively domestic market, coupled with the tariff reductions that Sri Lanka herself has won with the EU, allows us to leverage our geographical position as the region's business hub", he said. Substantial opportunities exist for market-seeking FDI, including the expansion of exports in electrical and electronic items, ceramic products, chocolates and confectionaries, processed meat products, herbal products, rubber products such as solid tyres and dipped products, metal products, gems and jewellery, machinery and tools, computer parts, automobile components, cane furniture and garment accessories. "We are greatly encouraged by the response of the business communities of both countries, as more investment has been proposed for 2005 in anticipation of the FTA, than all cumulative FDI stock from Pakistan to date" Wickramasuriya said. "Prospects for synergy in joint ventures coupled with more cost effective sourcing of raw materials will greatly add to the competitiveness of local manufacturing" he added. |
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