Sri Lankan Ambassador Aims to Boost Pakistan Trade to $800 Million
Published on: March 19, 2024.
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The High Commissioner of Sri Lanka to Pakistan, Ravindra Chandrasiri Wijegunaratne, expressed his desire to increase bilateral trade between Pakistan and Sri Lanka to $800 million. He believes that both countries have untapped potential in various sectors, and aims to reach the target during his tenure.
Currently, the bilateral trade potential stands at $1 billion, which is achievable according to the High Commissioner. He shared his ambitions while meeting with a delegation from the Islamabad Chamber of Commerce and Industry (ICCI) led by its President, Ahsan Zafar Bakhtawari. The delegation included notable members such as Zafar Bakhtawari, the former President of ICCI and United Business Group, and Amir Hamza, an Executive Member of ICCI.
Highlighting the trade numbers, the High Commissioner mentioned that the bilateral trade between the two countries was $400 million last year, a decrease from $510 million in 2018. He further highlighted that Pakistan and Sri Lanka signed their first Free Trade Agreement in 2005.
The High Commissioner emphasized the numerous cooperation opportunities between the two countries, specifically in agriculture, industry, tourism, and religious tourism. He acknowledged the strategic importance of Pakistan, especially its land link with Central Asia. Strengthening economic and trade relations between the two countries is seen as valuable for Sri Lanka.
Addressing specific trade categories, the High Commissioner mentioned that Pakistan used to import 70% of Tea from Sri Lanka in the past, a number that has now reduced to 2%. He expressed the need to increase this trade. He also explained that Pakistan’s Basmati Rice and Citrus products are popular in Sri Lanka, creating potential for increased trade.
Religious tourism also offers opportunities, as Sri Lankans can visit Buddhist relics from Khyber Pakhtunkhwa to Taxila. The High Commissioner highlighted that Sri Lanka currently operates five flights to Karachi and Lahore every week, which can have a positive impact on tourism and trade.
To further enhance cultural exchange, the High Commissioner announced plans for a ceremony at the beginning of the Sri Lankan new year in April, where a Sri Lankan restaurant will be opened in a major city, such as Islamabad or Lahore.
In response, President Ahsan Zafar Bakhtawari of ICCI acknowledged that although the Free Trade Agreement between Pakistan and Sri Lanka was signed in 2005, its full potential has not been realized.
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