ISLAMABAD: Board of Investment (BOI) Chairman Saleem H Mandviwalla on Saturday termed the president’s visit to Sri Lanka very fruitful and stressed his belief that both countries would boost the level of bilateral trade from the current $300 million to $1.0 billion within a very short time.
According to a statement of the BOI issued here, Saleem H Mandviwalla was part of the delegation that visited Sri Lanka and the trip was meant to remove any hurdles to enhanced commercial and economic cooperation and the possibility of high investments between Pakistan and Sri Lanka. On return from his successful visit to Sri Lanka, BOI Chairman indicated that Sri Lanka had evinced keen interest in introducing Pakistani agricultural techniques to steadily imporve the capacity and present yield of its agricultural sector.
He said that a signing ceremony of the agriculture MoU was also held in which the Chairman BOI and his Sri Lankan counterpart signalled their positive intent in establishing an understanding and improving cooperation to facilitate business arrangements in the field of agriculture.
He also addressed the Pakistan Sri Lanka Business Forum (PSBF), in which he highlighted that Pakistan was the Sri Lanka’s second largest trading partner in Asia with bilateral trade volume of $300 million but with a target of $1.0 dollars in the near future. He pointed out that Pakistan is in a position to help Sri Lanka build sugar and cement plants, while Pakistan constitutes a promising market for Sri Lankan produce and manufactured items.
Saleem H Mandviwalla revealed Pakistan has also offered soft credit of $200 million to Sri Lanka for exports, barter trade and facilitation of business transactions.
He mentioned the free trade agreement, bilateral investments treaty and avoidance of double taxation in place to facilitate business communities. In tandem, the visa regime would also be liberalised and to ease travel and commute. Pakistani investors are now able to tap lucrative investments in mutually beneficial business ventures in Sri Lanka.
A branch of National Bank of Pakistan will start functioning in Colombo on a reciprocal basis.
The joint economic commission (JEC) will also strengthen communication and bilateral economic cooperation and monitor progress of the goals set by the two governments.
Through the JEC, the two countries will identify those areas where cooperation will yield the best results. It is anticipate that cement, sugar, dairy production, textiles, tourism, light engineering, fresh fruits and vegetables, processed goods and pharmaceuticals are potential areas for mutually beneficial collaborative projects.
