Vast untapped trade potential in Pakistan

Sanjeevi Jayasuriya

Pakistan has urged Lanka to strengthen bi-lateral trade between the two countries to exploit the vast untapped potential in many sectors. “Bi-lateral trade between Sri Lanka and Pakistan is US $ 350 million at present and there are tremendous trade and investment opportunities to exploit considering the market size of the two countries. We are looking for joint venture partnerships and are ready, willing and able to conduct business,” Islamabad Chamber of Commerce and Industry Senior Vice President Muhammad Tauseef Zaman told Daily News Business.

Pakistan assistance could be provided in the country’s apparel sector and we could also provide engineering services. Pakistan could initiate a credit line to help cement and sugar industries by providing necessary plant and machinery, he said during his visit with a business delegation to Sri Lanka.

A meeting with local business community was held last week and it was highlighted that there was a need for cold storage facilities for the fisheries industry development and packaging plant. Pakistan will meet these requirements while providing technology and equipment.

“Pakistan is now the most investment-friendly nation in South Asia. The business regulations have been profoundly overhauled along liberal lines, especially since 1999. Foreign investors do not face any restrictions on the inflow of capital and investment of upto 100 percent of equity participation is allowed in most sectors.

“The current rule is that there is unlimited remittance of profits, dividends, service fees or capital,” Zaman said.

However, there is a huge gap in information required and provided and this needs to be addressed properly and with immediate effect to facilitate wider trade and investment opportunities. The front desks at the Chambers should be prepared with necessary information to speed up related business processes, he said.

While Pakistan will be looking at assisting training projects, short-term funding and engineering projects it plans to learn from Sri Lanka’s tourism sector development activities. Special emphasis will be laid to build on common grounds for both economies to prosper.

“We believe that US $ 350 million trade is insignificant compared to the economic size of the two countries. There is a gap in perception and we need to narrow this.

“Pakistan is a country of food, friends and fashion and should look beyond adverse publicity given to Pakistan. “We have great hope and optimism and collaborative effort will bring in mutual benefits,” Zaman said.