Sri Lankan Envoy For Increasing Bilateral Trade Up To $800 Million With Pakistan

ISLAMABAD, (UrduPoint / Pakistan Point News - 19th Mar, 2024) High Commissioner of Sri Lanka to Pakistan, Ravindra Chandrasiri Wijegunaratne has said that Pakistan and Sri Lanka intend to double the bilateral trade between the two countries to $800 million, for which the potential in various sectors in both countries should be exploited.

At present, the bilateral trade potential between the two countries is $1 billion, which is achievable, but it will take the bilateral trade to the target of 800 million Dollars, the Ambassador said.

The Sri Lankan Ambassador in Pakistan said here while talking to the delegation led by President Islamabad Chamber of Commerce and Industry (ICCI), Ahsan Zafar Bakhtawari, said a press release issued by Islamabad Chamber of Commerce and Industry (ICCI) here on Tuesday.

Former President of Islamabad Chamber of Commerce and Industry and United Business Group, FPCCI Secretary General, Zafar Bakhtauri, and Executive Member of ICCI, Amir Hamza were also included in the delegation.

The Sri Lankan Envoy said that the bilateral trade between the two countries was $400 million last year, which was less than the trade of $510 billion in the year 2018.

The Sri Lankan Ambassador said that Pakistan and Sri Lanka signed a Free Trade Agreement in 2005, which was Pakistan's first FTA with any country.

He said that in the beginning, this free trade agreement had good effects on the bilateral trade of both countries, but in the present era, both countries can reap a lot of benefits from this agreement.

He said that there are plenty of opportunities between the two countries in agriculture, industry, tourism, and especially religious tourism, which can be implemented by planning and increasing the volume of mutual trade.

He said that geo-strategically Pakistan is of utmost importance, especially its land link with Central Asia, and economic integration is also very useful for Sri Lanka.

He hopes that the economic and trade relations between Pakistan and Sri Lanka to take the bilateral trade between the two countries to a higher level once again.

The Ambassador said that at one time Pakistan used to import 70 percent of tea from Sri Lanka, which has reduced to 2 percent today, which needs to be improved.

He said that Pakistan's basmati rice and Citrus are very popular in Sri Lanka, in which Pakistan's trade can be further increased.

On this occasion, the Sri Lankan Ambassador said that Pakistan has many opportunities for religious tourism for Sri Lankans, there are Buddha relics from Khyber Pakhtunkhwa to Taxila, which strengthens tourism in Pakistan.

On this occasion, he said that 5 flights are coming to Karachi and Lahore every week from Sri Lanka and this will have a good impact on local tourism and trade.

He said that in Sri Lanka's population of 22 million, 74 percent are Buddhists and 12 percent are Muslims, and every religion enjoys complete freedom in Sri Lanka.

On this occasion, the Sri Lankan ambassador said that a ceremony will be held on the occasion of the beginning of the new year in Sri Lanka from coming April 24, and a Sri Lankan restaurant will be opened in any major cities including Islamabad and Lahore in Pakistan.

On this occasion, Islamabad Chamber of Commerce and Industry, President Ahsan Zafar Bakhtawari said that the free trade agreement between Pakistan and Sri Lanka was signed in 2005, but it has not been materialized yet and there is more potential than the current trade volume in both countries.

He said that the business communities and chambers of both countries want to strengthen the relations so that there is an exchange of delegations from both sides.

The President said that he wanted to take a delegation of businessmen from the Islamabad Chamber of Commerce to Sri Lanka as soon as possible so that the business communities of the two countries would have an opportunity to come closer to each other.

Ahsan Bakhtawari said that there are immense opportunities for cooperation between Pakistan and Sri Lanka in the field of tourism. Both countries have a lot of tourism potential.

On this occasion, former President of the Islamabad Chamber of Commerce and Industry and United Business Group, Secretary General of FPCCI, Zafar Bakhtauri said that Pakistan and Sri Lanka are two important countries of South Asia that are historically connected in deep relations.

He said that both sides of the business community links are very important for promoting mutual trade in both countries.