Pakistan Private sector keen to invest in SL

Pakistan, Sri Lanka’s second largest trade partner in SAARC region, is mulling the private sector based JVs to boost trade with Sri Lanka. “Though our bilateral trade is on the rise, there is much more unrealised potential in this regard,” said Seema Illahi Baloch, the outgoing High Commissioner of Pakistan to Sri Lanka.

Baloch was addressing Rishad Bathiudeen, Minister of Industry and Commerce during her farewell courtesy call. Pakistan is the second largest trading partner of Sri Lanka in the SAARC region after India. According to the Department of Commerce of Sri Lanka, a substantial growth in bilateral trade is seen in both exports and imports, especially after the Free Trade Agreement between the two countries was implemented in 2005. The value of total trade between the two countries has increased from US $ 158 Million in 2005 to $ 410.56 Million in 2011, a growth of 159%. The balance of trade has always been in favour of Pakistan.

“Joint Ventures, especially between private sectors of both countries, can assist both countries to expand bilateral trade from current levels.

I see joint venture potential between both countries in jewellery, pharmaceuticals, textiles, and marble and granite” said Baloch. Pakistan is well known for its huge onyx deposits and its marble and granite industry.