NCCSL, Lahore Chamber sign MoU for trade

by Ramani Kangaraarachchi

A MoU was signed between National Chamber of Commerce Sri Lanka and the Lahore Chamber of Commerce and Industry (LCCI) in Colombo on Monday to enhance and boost trade in both countries under FTA.

Senior Vice President (LCCI) Engr. Sohali Lashari and D.Eassuwaren of NCCSL signed the MOU. Lashari who headed a ten member delegation to Sri Lanka last Friday said that frequent visits by both countries must take place in order to make the maximum benefit to both countries under the FTA, as they have to move very fast. At present the value of Pakistan trade volume is only Rs 150 million which is very little he said. Lashari is to launch a joint venture for a Theme Park in Colombo, an investment of Rs10 million.

About 80 people can get employment once the park commence operation in two years. Pakistan is keen to get down gem and jewellery technology he said. Pakistan has a very liberal investment policy and foreign investment is fully protected. He said that the FTA is progressing well with the fullest co-operation from High Commissioners in both countries.

The signing parties shall encourage and promote, in accordance with their respective laws and regulations, cooperation between the two in the field of bilateral trade in goods and services on the basis of equality and mutual benefit and shall determine by mutual agreement, the areas of such cooperation, a NCCSL official said.

The MoU will also make way for exchange export/import market information on goods and services that are available from either party and promote and assist each other in mounting exhibitions, trade fairs and buyers and sellers meet.

A calendar of trade and investment related events in both countries too would be made available to either party. Exchange of information on investment and business opportunities that are available too would be exchanged regularly to encourage investment and business activities.