To promote trade between two countries:

SLEDB joins Pakistan High Commission

Sanjeevi Jayasuriya

In promoting trade between Sri Lanka and Pakistan, the Sri Lanka Export Development Board (SLEDB) will join with the Pakistan High Commission to further strengthen the commercial links between the two countries. “We will broadbase the export portfolio by value adding and selling at a premium price to enhance trade. We will also be looking at PPP to promote trade, exports and investment.

As Pakistan is a good friend of Sri Lanka for a long time even during the 30 year long war, we reciprocate to Pakistan at their hour of need,” Sri Lanka Export Development Board Chairman Janaka Ratnayake said. With lasting peace Sri Lanka’s positive business environment has improved tremendously and it is an opportune time to expand trade volumes, he said.

“The FTA with Pakistan has not been properly utilized and more attention should be paid to derive benefits from it,” he said at the press briefing to promote trade between Sri Lanka and Pakistan held at the EDB yesterday. “Though we do not have a FTA with China, we are in a position to make inroads to the Chinese market through the China-Pakistan FTA,” he said.

“We need to go beyond the perceptions created by the international media to enhance the commercial ties. We should look at crossing the one billion dollar trade value as Pakistan too maintains a business friendly environment,” Pakistan High Commissioner Seema Ilahi Baloch said.

“We need to look at the possibilities of setting up joint ventures. We are blessed with resources especially regarding agriculture. As the population stands at 170 million there is a huge market for Sri Lankan,” she said.

The synergies and technical collaboration of two countries could be put to good use in developing business ties especially for the SMEs as in the case of timber and craftsmanship. Sri Lanka could benefit from the Economic Zones in Pakistan which offer varieties of incentives,” she said, adding that “We need help from countries such as Sri Lanka.”

Pakistan is the 26th export destination with US $ 63.01 million value contributing to 0.75 percent of total exports in 2010 to Sri Lanka. Pakistan is 10th import origin with US 281.28 million value contributing to 2.3 percent of total imports in 2010 to Sri Lanka. The total trade up to October this year stands at US $ 345.14 million. There is a growing trade imbalance favouring Pakistan.

The two countries need to utilize the existing framework and need to move forward. As Sri Lanka is the first country that Pakistan entered in to a FTA with Pakistan could be a valuable supply source for most of the raw materials Sri Lanka needs including for apparel, she said.

“We are in a better position to export seasonal fruits, especially apples and mangoes where at present we export to Japan, USA and the EU. These fruits are exported to western countries passing quarantine requirements and we could easily meet the Sri Lankan requirements too,” she said.