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Pak offers USD 200 million loan to Lanka to boost trade ties - International News ? News ? MSN India
Islamabad, Dec 5 (PTI) Pakistan has offered a soft loan USD 200 million to Sri Lanka to deepen economic ties in a bid to boost bilateral trade to USD 1 billion, a top minister has said.
The Chairman of the Board of Investment and Minister of State for Investment of Pakistan Saleem H. Mandviwalla, who visited Sri Lanka last month with the President Asif Ali Zardari, said both the countries would boost bilateral trade from existing USD 300 million to USD one billion in near future.
Mandviwalla said Pakistan has offered a soft credit of USD 200 million to Sri Lanka to boost export, barter trade and easing business transactions.
"Our target is USD one billion in the near future," he was quoted as saying by the state-run APP news agency.
Pakistan plans to help Colombo set up sugar and cement plants in return for import of Sri Lankan produce and manufactures in Pakistan in barter trade.
The two countries already have a Free Trade Agreement, Bilateral Investments Treaty, and Avoidance of Double Taxation to boost trade.
Among other measures slated for enhanced bilateral cooperation are the liberation of the visa process to facilitate business travel, promotion of investments in mutually beneficial business ventures in Sri Lanka, and cooperation in cement, sugar, dairy production, textiles, tourism, light engineering, fresh fruits and vegetables, processed goods and pharmaceuticals, the report said.
During Zardari''s four-day official visit to the Lanka last month, the president had told parliamentarians that he wants a "new and unconventional phase of economic cooperation" between both the nations.
Zardari, who became the first head of state to call on President Mahinda Rajapaksa after the Sri Lankan leader assumed duties for his second six-year term, had also underlined the need to for bilateral defence cooperation.
Zardari had said Pakistan could benefit from Lanka''s experience in dealing with the separatist Tamil Tiger rebels who were crushed in May last year after a three-decade civil war.
Pakistan was a major supporter of the Sri Lankan government during its war against the LTTE. PTI
Islamabad, Dec 5 (PTI) Pakistan has offered a soft loan USD 200 million to Sri Lanka to deepen economic ties in a bid to boost bilateral trade to USD 1 billion, a top minister has said.
The Chairman of the Board of Investment and Minister of State for Investment of Pakistan Saleem H. Mandviwalla, who visited Sri Lanka last month with the President Asif Ali Zardari, said both the countries would boost bilateral trade from existing USD 300 million to USD one billion in near future.
Mandviwalla said Pakistan has offered a soft credit of USD 200 million to Sri Lanka to boost export, barter trade and easing business transactions.
"Our target is USD one billion in the near future," he was quoted as saying by the state-run APP news agency.
Pakistan plans to help Colombo set up sugar and cement plants in return for import of Sri Lankan produce and manufactures in Pakistan in barter trade.
The two countries already have a Free Trade Agreement, Bilateral Investments Treaty, and Avoidance of Double Taxation to boost trade.
Among other measures slated for enhanced bilateral cooperation are the liberation of the visa process to facilitate business travel, promotion of investments in mutually beneficial business ventures in Sri Lanka, and cooperation in cement, sugar, dairy production, textiles, tourism, light engineering, fresh fruits and vegetables, processed goods and pharmaceuticals, the report said.
During Zardari''s four-day official visit to the Lanka last month, the president had told parliamentarians that he wants a "new and unconventional phase of economic cooperation" between both the nations.
Zardari, who became the first head of state to call on President Mahinda Rajapaksa after the Sri Lankan leader assumed duties for his second six-year term, had also underlined the need to for bilateral defence cooperation.
Zardari had said Pakistan could benefit from Lanka''s experience in dealing with the separatist Tamil Tiger rebels who were crushed in May last year after a three-decade civil war.
Pakistan was a major supporter of the Sri Lankan government during its war against the LTTE. PTI
