Sri Lankan Ambassador Aims to Boost Bilateral Trade with Pakistan to $800M
Published on: March 20, 2024.
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Pakistan and Sri Lanka aim to double their bilateral trade to $800 million, according to the High Commissioner of Sri Lanka to Pakistan, Ravindra Chandrasiri Wijegunaratne. Currently, the bilateral trade potential stands at $1 billion, which is achievable with the exploration of various sectors in both countries.
During a meeting with the President of the Islamabad Chamber of Commerce and Industry (ICCI), Ahsan Zafar Bakhtawari, the Sri Lankan Ambassador emphasized the need to exploit the trade potential between the two nations. In 2018, the trade between Pakistan and Sri Lanka amounted to $510 million, which decreased to $400 million in the following year.
The Sri Lankan Ambassador highlighted that Pakistan and Sri Lanka signed a Free Trade Agreement (FTA) in 2005, marking Pakistan’s first FTA with any country. While the agreement initially had positive effects on bilateral trade, there is still room for both countries to reap further benefits.
Opportunities for growth exist in various sectors such as agriculture, industry, tourism, and religious tourism. The Sri Lankan Ambassador emphasized the importance of planning and increasing the volume of mutual trade. Pakistan’s strategic location and land link with Central Asia make it significant for Sri Lanka, and economic integration would be beneficial for both nations.
Encouraging trade, the Ambassador mentioned the popularity of Pakistan’s basmati rice and Citrus in Sri Lanka, indicating the potential for increased trade in these products. Moreover, Sri Lanka sees opportunities for religious tourism in Pakistan, showcasing Buddha relics from Khyber Pakhtunkhwa to Taxila.
The Sri Lankan Ambassador announced plans to hold a ceremony in Sri Lanka to celebrate the beginning of the new year from April 24. Additionally, a Sri Lankan restaurant will be opened in major cities like Islamabad and Lahore in Pakistan.
President Ahsan Zafar Bakhtawari of the Islamabad Chamber of Commerce and Industry expressed the desire to strengthen trade relations between the two countries. He intends to lead a delegation of businessmen from the ICCI to Sri Lanka to promote closer ties and explore opportunities for cooperation.
Zafar Bakhtauri, former President of the Islamabad Chamber of Commerce and Industry and United Business Group, highlighted the historical connection between Pakistan and Sri Lanka, emphasizing the importance of strong business community links for promoting trade.
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