FTA win-win for Pakistan, Sri Lanka

KARACHI: President Mahinda Rajapaksa said on Sunday since the signing of the Free Trade Agreement (FTA) between Pakistan and Sri Lanka one year ago, business communities of both countries were working with effective coordination for the promotion of bilateral trade and business.

He was addressing the Pakistani Business Community in Karachi. The programme was organised by the Pakistan - Sri Lanka Business Forum. The President said before the signing of the FTA, Sri Lanka's export to Pakistan was $ 40.9 million, but now a significant rise had been noticed in exports. The FTA has provided a win-win situation to both the countries in business and trade, he added.

Referring to the recent visit of leading Pakistani businessmen to Sri Lanka, President Rajapaksa appreciated the efforts of the Pakistan-Sri Lanka Business Forum (PSBF) for taking the delegations to his country.

Rajapaksa said the businessmen's visit was very fruitful.

Speaking about Karachi, he said, "this city never sleeps," adding that the metropolis made the major contribution to the national exchequer.

President Rajapaksa was of the opinion that the culture and the heritage of Pakistan and Sri Lanka were common elements between the two states.

Earlier, he witnessed the signing of five Memoranda of Understanding between private companies of Pakistan and Sri Lanka.

He said some of the MoUs were the result of the visit of a Pakistani business delegation to Sri Lanka, adding that these MoUs were focused on increasing bilateral trade between Pakistan and Sri Lanka.

He said increasing cooperation between the business communities of the two countries was in the mutual economic interests of the two countries. Rajapaksa said investment opportunities were available in both countries, which needed to be explored by the businessmen.

The Sri Lankan apparel industry, he said, contributed almost 50 per cent in the total export of the country. He said Pakistan was rich in cotton and had a well-developed textile base, and sought Pakistan's cooperation to develop its textile sector.

The President said for decades a policy was followed by Sri Lanka to develop its human capital and to achieve this goal active attention was paid to the country's education sector. This policy has provided the country an efficient workforce, he added. He said the best schools in Sri Lanka were owned by the Government, adding that the country's literacy rate was the highest in the region.

The President also highlighted the growth, achieved by Sri Lanka in education, health, telecommunication and other sectors.

Addressing the occasion, founder Pakistan-Sri Lanka Business Forum, Majeed Aziz welcomed the Sri Lankan President saying the visit was productive for both the countries. He also called for promotion of cooperation among the SAARC countries for development of the region.

President Rajapaksa was also presented a traditional gift of Ajrak and Sindhi cap. APP