Karachi: Members of Pakistan-Sri Lanka Business Forum (PSBF) in a Business to Business assembly held at a local hotel highlighted the importance of business-friendly environment between the two countries.
H.E. Dr Bandula Gunawardana, Minister of Trade Sri Lanka addressing the participants said that it is the need of the hour to boost level of bilateral trade between Pakistan and Sri Lanka by creating a conducive and healthy business environment as both countries are encountering unprecedented challenges.
“Collective efforts and the wisdom of the political leadership between both the countries will take the businesses to new heights”, minister said.
Majyd Aziz, Founding Chairman PSLBF said that Pakistan, said that both countries should continue to be strong proponents of peace in the region, both should sdopt each other’s causes for peace and stability. Both should make bilateral trade and investment the cornerstone of their mutual bilateral relationships both should devise schemes for setting up exclusive Special Economic Zones for each other’s investors, and both should be on the same page at global forums where the interests of both are mutual and complementary.
Majyd Aziz called for a revisit of the Pakistani-Sri Lankan Free Trade Agreement because the bilateral trade is less than $500 million. He also suggested the setting up of Ceylon Tea House to promote Sri Lankan tea.
He also said that transfer of technology and professionals and economic connectively between two countries will embark industries to new heights. Pakistani can benefit from Sri Lankan medicinal care products and enhance imports of tea, betel leaves, spices and coconut products.
Both sides were of the view that every possible effort should be taken to get optimum advantage of our economic and manpower potential in order to give boost to economies.
Majyd Aziz also stressed light on the need for formidable marketing of Sri Lankan products in Pakistan.
Aslam Pakhali, President PSLBF, in his welcome address offered the service of PSLBF for those Sri Lankan businessmen who are interested in trade with Afghanistan and Central Asia through Pakistan. He advocated the need to remove constraints in order to enhance trade.
Director General of Economic Affairs, Prof. A Saj U. Mendis in his address said “The best time has arrived to invest in Sri Lankan market as the economy of our country is gearing ahead with the passage of time and the position of our stock market was phenomenal in 2021.”
“I believe if we take concerted efforts in trade and business for further promotion, both countries will get a huge economic benefit”, he added.
The speakers at the event were of the view that in order to encourage Foreign Direct Investment, both nations need viable industrial and commercial infrastructure, transfer of technology and to augment current trade volume between two countries, which they termed ‘below potential of both countries’.
