Sri Lanka and Pakistan discuss further boosting bilateral trade
Sri Lanka and Pakistan have discussed new ways to boost bilateral trade during a meeting between Pakistan’s Acting High Commissioner Tanvir Ahmad and Sri Lanka’s Trade Minister Bandula Gunawardena.
Pakistan’s Trade and Investment Attaché to Sri Lanka, Asmma Kamal had also accompanied the acting High Commissioner.
The High Commission has reportedly stated that a very fruitful discussion was held to strategize a way forward in streamlining and enhancing bilateral trade under the Pakistan-Sri Lanka Free Trade Agreement (FTA), with a focus on high potential sectors.
The Acting High Commissioner had briefed Gunawardena on the various initiatives being undertaken by the Government of Pakistan to boost bilateral trade, investment and economic cooperation, with a particular focus on promoting Pakistan’s Buddhist tourism in Sri Lanka.
According to local media reports, both parties had agreed to undertake all possible measures to resolve impediments in a mutually-beneficial way in order to realise the high bilateral trade potential between the two friendly countries.
The Acting High Commissioner had also invited Minister Gunawardena to undertake a visit to Pakistan at an early convenience, which would give boost to bilateral trade, joint ventures and economic cooperation between Pakistan and Sri Lanka.
OSL take:
Sri Lanka and Pakistan enjoy strong bilateral and trade ties that have been further strengthened by a free trade agreement (FTA). The two countries have taken many steps to boost bilateral trade and business. With Sri Lanka’s economy on an expansion path and developing as an emerging business destination in the South Asian region, Pakistani businesses/investors could therefore explore business opportunities in Sri Lanka. The many trade agreements as well as concessions enjoyed by the country and the continuously improving ease of doing business environment in the country have also helped boost Sri Lanka’s attraction as a growing business destination. Meanwhile, China has also given much prominence to Sri Lanka in its Belt and Road Initiative (BRI). Pakistani businesses could therefore kook at setting up base in Sri Lanka to engage with other countries or look at the possibility of forming partnerships or joint ventures with local businesses.
| Article Code : | VBS/AT/02112021/Z_5 |