KARACHI: Consul General of Sri Lanka, VS Sidhat Kumar on Tuesday said Sri Lanka believes in market-oriented policies for helping increase export trade.
In a meeting with members of SITE Association of Industry (SAI) here at the Association’s office, Kumar said foreign investment is encouraged. Sri Lanka’s most dynamic sectors now are food processing, textiles, beverages, port construction, telecommunications, insurance and banking, said an SAI statement here.
He said that bilateral trade between both countries has been strengthened through an increase in the number of products that can be imported from Sri Lanka under the final phase of Free Trade Agreement (FTA) effective from March 20, and the number is 4,000.
He identified these imports as fish, meat, vegetable, foliage, plant, sugar, biscuits, pastry, cakes, mineral products, fibre boards, leather and leather-based products, footwear, gems, jewellery, value-added copper products, electrical items, printed circuits, bicycles, boats, and floating structures.
Similarly, he said, there is also a great demand for Pakistani products. Pakistan can export cotton yarn and fabrics, potatoes, fresh or chilled, pharmaceutical products, knitted or crocheted fabrics, articles of iron and steel, galvanised pipes, rice, fish and other sea food, other made-up textile articles, articles of apparel and clothing accessories, rods of refined copper, etc.
Kumar said that Pakistan has become the second largest trade partner for Sri Lanka in the South Asian region. Trade between the two countries increased to $270 million in 2008. Sri Lanka’s exports to Pakistan also increased on the import of coconut products, tea, rubber and rubber-based products by Pakistan.
Imports from Pakistan mainly consist of rice, vegetables, pharmaceuticals, potatoes, textiles, and apparel. Only the export of valued-added textiles has reached more than $100 million.
Responding to a question about the exchange of skilled workers, technicians, and supervisory staff in the field of textile, especially valued-added textile, he welcomed the idea and said that he would recommend it to the government for easing the procedure so that more skilled manpower could come to Pakistan and assist the textile units in producing quality products.
He also mentioned that Sri Lanka also has specialists and technical supervisory staff in other fields too.
Pakistani entrepreneurs can avail their services as well. Bilateral trade is also improving due to liberalisation through FTA.
The Consul General, however, regretted that investment from Pakistan is not coming despite a liberal investment policy. Many sectors are available for collaboration in Sri Lanka. He extended an initiation to Pakistani investors to come to Sri Lanka and invest there.
The Sri Lankan garment sector is highly equipped educationally and professionally. The scope for herbal medicine is also very high in Sri Lanka.
The Consul General extended an invitation to SITE Association members to participate in the Sri Lankan exhibition of Agri Livestock and Fisheries scheduled to be held in November.
He also informed that the Karachi Chamber of Commerce and Industry is holding a seminar on Free Trade Agreement between Pakistan and Sri Lanka in the first week of December, to discuss ways to boost two way trade and to get maximum benefit form the agreement between the two countries, and noted that it would be a good opportunity for the local businessmen to gain awareness about two-way trade between Sri Lanka and Pakistan.
Earlier, Chairman SITE Association, Salim Parekh welcomed the Consul General and acknowledged the progress that both countries are making in terms of bilateral trade, especially after the free trade deal was signed in the recent past.
Chairman International Relations and Diplomatic Affairs Committee SITE Association, Senior Vice Chairman SITE Association, Naseem Anwar, also spoke at the occasion.
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