Pak, Lanka key allies in boosting regional economic integration: Envoy

3 September 2015 03:14 am - 0 - {{hitsCtrl.values.hits}}

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The High Commissioner of Pakistan in Sri Lanka Maj. Gen. (R) Syed Shakeel Hussain said that Pakistan and Sri Lanka are important partners not only in promoting bilateral trade and economic interactions but also enhancing regional economic integration through SAARC and SAFTA.

Shakeel Hussain said so while addressing the Sri Lanka-Pakistan Trade and Investment Forum organized by the Federation of Chamber of Commerce and Industry of Sri Lanka in collaboration with Pakistan Sri Lanka Business Council of Karachi, in Colombo this week.

The High Commissioner highlighted that the Government of Prime Minister Nawaz Sharif attaches great importance to regional economic integration through revitalization of SAARC which epitomizes the hopes and aspirations of the peoples of our region, for peace, progress and prosperity.

While explaining the strategic location of Pakistan at the confluence of South Asia, West Asia and Central Asia, he said that Pakistan is a natural economic corridor for the region. He highlighted that the Government of Pakistan is actively pursuing the initiative of the Economic Corridor which has the potential to integrate South Asia, China, and Central Asia which are three engines of growth in Asia. He added that building TAPI gas pipeline and CASA
1000 electricity transmission line are the two most significant projects under Pakistan’s initiative to promote regional connectivity.

On Pakistan Sri Lankan bilateral trade, Shakeel Hussain elaborated that despite availability of tariff concessions on more than 4000 tariff lines on both sides, bilateral trade is still taking place on a very narrow band of products with very little diversification. He urged the private sectors of the two countries to forge deeper links by becoming part of bilateral supply chains. He also invited Sri Lankan companies to invest in Pakistan’s energy, construction and resort development sectors.

He underscored that during visit of Sri Lankan President Maithripala Sirisena to Pakistan in April 2015, the leadership of Pakistan and Sri Lanka decided to enhance the bilateral trade to US $ 1 billion. He added that Sri Lanka-Pakistan Trade and Investment Forum is an important milestone in achieving this goal in the shortest possible time.

The Sri Lanka-Pakistan Trade and Investment Forum was also addressed by Upul Jayasuriya, Chairman Board of Investment Sri Lanka, Sonali Wijeratne, Director General Commerce, Rohitha Thilakaratne, Presidents of Sri Lanka-Pakistan Business Council Colombo and Imran Khalil from Karachi chapters among others. The inaugural session was followed by a question and answer session during which the participants asked questions about the investment regulations in Sri Lanka.

A 20-member business delegation from Pakistan led by the Federation of Pakistan Chambers of Commerce and Industry is currently visiting Sri Lanka to participate in Sri Lanka-Pakistan Trade and Investment Forum and to meet Lankan business community with the aim to enhance bilateral trade and investment relations between the two brotherly countries.

The delegation includes representatives from different sectors like textiles, basmati rice, engineering goods, fruits, food stuff, mineral products, debt and equity, machinery equipment, cotton yarn, woven fabric iron, steel, pharmaceutical products, rags, carpets industry, shoes, leather products, denim fabric and garments, leather garments, electronics and surgical items, petroleum, sugar, cement and automobile industry.

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Pak, Lanka key allies in boosting regional economic integration: Envoy

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