Pakistan, Lanka trade ties reach record high

Sanjeevi JAYASURIYA

The Sri Lankan economy will record vertical growth in the years to come and tourism is one of the sectors the country can focus on for rapid development. The industry is showing signs of being similar to where it was before the war, Pakistan Commerce Ministry Secretary Zafar Mahmood told Daily News Business.

Sri Lanka could benefit from the influx of tourists. Similarly tourist destinations have recorded an increased number of tourists by three to four times which augurs well for the industry, he said.

“We expect the tourism industry in Sri Lanka to be the lead sector and rest will follow which will increase prospects of bilateral trade and new investments in hotels and resorts. Pakistan could provide access to cement and textile where the country is looking forward to deepening the Free Trade Agreement (FTA) signed in 2005.

Incidentally this is the first FTA Pakistan signed with any country, he said.

Pakistan continues to make efforts to broaden the economic and commercial corporation where high level of goodwill existing between the countries.

“We see great economic future for Sri Lankan where there are huge opportunities in trade and investment. The two countries just started to explore in a serious manner in various areas of cooperation. It is time to bring businessmen of the two countries together. The economic and trade relationship is guided by the private sector where the government provides the necessary regulatory framework.

The Pakistan Trade Expo will be held in October this year. After a long gap Sri Lanka Expo will be held in March next year.

This is an ideal launching pad to build contacts and network. The governments can overcome difficulties by laying down a framework for future cooperation and already the foundation is laid.

Commerce and trade come first and then follows investment. When commercial relationships expanded further businesses could take advantage.

Sri Lanka has achieved peace and Pakistan too wants to follow the same. There is excellent government to government relationship and at the people to people level there is goodwill, friendliness and with recent talks a framework for mutual benefit has been formulated.

Pakistan is increasingly focused on regional trade where Sri Lanka could play a positive role. We are in the process of normalizing trade relationship with India and creating a transport network to Central Asia through Afghanistan. In time to come Pakistan will concentrate on regional trade which will help Sri Lanka and India.