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Sri Lankan C-G encourages stronger ties to fully exploit FTA
Consul General of Sri Lanka, D. W. Jinadasa has emphasised the need to work hand in hand with the business community to exploited full potential of Free Trade Agreement (FTA). Leading a Sri Lankan trade delegation during a meeting of Karachi Chamber of Commerce and Industry (KCCI) on Monday, he invited Pakistani businessmen to explore existing trade and investment opportunities in Sri Lanka.
D.W. Jinadasa said that Pakistan- Sri Lanka trade has more than doubled in the last few years to 400 million dollars and added that the potential exists to take it much higher. He said there were lots of commodities that could be traded between the two countries.
Replying to a question about the investment policy, the Consul General stated that Sri Lanka was one of the first countries to have liberalised its economy and the investment policy went very much in the laissez-faire way: "The whole country has been declared a free zone, you can have 100 percent ownership whatever the area and there is no restriction on repatriating the profits".
He pointed out that a large number of Pakistan industrialists visit the consulate every day to inquire about investment policy and existing opportunities of trade and investment. The Consul General pointing out that Sri Lanka was a growing market with great potential and invited Pakistani businessmen to explore the opportunities presented by Sri Lanka.
D. W. Jinadasa said that at present India is the largest trading partner of Sir Lanka and has made a 4 billion dollars investment in various sectors. A special area for Indian Pharmaceutical industry has been allocated in Sir Lanka, he added. He said that Pakistan is very close to Sri Lanka and added that business community must explore ways on how to enhance export and investment in each other country.
He said Pakistan and Sri Lanka were friendly countries from the day they came into being. And that efforts are been made at all levels to facilitate travel, increase number of flights and have at least one flight per day between the two countries. Referring to law and order, he said the perception about Pakistan is not very clear in the minds of Sri Lankan business community.
He said the ground reality is very difference from what is projected in the media. President, KCCI, Mohammad Haroon Agar said that the chamber would like to form a joint Chamber with its Sri Lankan counterpart. Over the years, KCCI has signed more than 100 MoUs with various Chambers of the world. KCCI has also formed Pak Afghan Joint Chamber and Bombay-Karachi Chamber to promote regional trade.
Sri Lanka and Pakistan both have good, friendly, economic and trade relations. Both Pakistan and Sri Lanka have been making efforts to further increase the two way trade among the two countries because full trade potential of Pakistan and Sri Lanka needs to be further explored. He noted that Sri Lanka-Pakistan FTA , was signed in 2005. According to the FTA, both countries have given free access to each other on various trading commodities.
He expressed his belief that Pak-Sri Lanka trade potential must be increased with effective utilisation of FTA between both countries. To further explore the bilateral trade prospects; he expressed the need for frequent exchange of trade information, delegations and organising of exhibitions. A large number of KCCI members are engaged in trading activities with their Sri Lankan counterparts.
Sri Lankan C-G encourages stronger ties to fully exploit FTA | Business Recorder
Consul General of Sri Lanka, D. W. Jinadasa has emphasised the need to work hand in hand with the business community to exploited full potential of Free Trade Agreement (FTA). Leading a Sri Lankan trade delegation during a meeting of Karachi Chamber of Commerce and Industry (KCCI) on Monday, he invited Pakistani businessmen to explore existing trade and investment opportunities in Sri Lanka.
D.W. Jinadasa said that Pakistan- Sri Lanka trade has more than doubled in the last few years to 400 million dollars and added that the potential exists to take it much higher. He said there were lots of commodities that could be traded between the two countries.
Replying to a question about the investment policy, the Consul General stated that Sri Lanka was one of the first countries to have liberalised its economy and the investment policy went very much in the laissez-faire way: "The whole country has been declared a free zone, you can have 100 percent ownership whatever the area and there is no restriction on repatriating the profits".
He pointed out that a large number of Pakistan industrialists visit the consulate every day to inquire about investment policy and existing opportunities of trade and investment. The Consul General pointing out that Sri Lanka was a growing market with great potential and invited Pakistani businessmen to explore the opportunities presented by Sri Lanka.
D. W. Jinadasa said that at present India is the largest trading partner of Sir Lanka and has made a 4 billion dollars investment in various sectors. A special area for Indian Pharmaceutical industry has been allocated in Sir Lanka, he added. He said that Pakistan is very close to Sri Lanka and added that business community must explore ways on how to enhance export and investment in each other country.
He said Pakistan and Sri Lanka were friendly countries from the day they came into being. And that efforts are been made at all levels to facilitate travel, increase number of flights and have at least one flight per day between the two countries. Referring to law and order, he said the perception about Pakistan is not very clear in the minds of Sri Lankan business community.
He said the ground reality is very difference from what is projected in the media. President, KCCI, Mohammad Haroon Agar said that the chamber would like to form a joint Chamber with its Sri Lankan counterpart. Over the years, KCCI has signed more than 100 MoUs with various Chambers of the world. KCCI has also formed Pak Afghan Joint Chamber and Bombay-Karachi Chamber to promote regional trade.
Sri Lanka and Pakistan both have good, friendly, economic and trade relations. Both Pakistan and Sri Lanka have been making efforts to further increase the two way trade among the two countries because full trade potential of Pakistan and Sri Lanka needs to be further explored. He noted that Sri Lanka-Pakistan FTA , was signed in 2005. According to the FTA, both countries have given free access to each other on various trading commodities.
He expressed his belief that Pak-Sri Lanka trade potential must be increased with effective utilisation of FTA between both countries. To further explore the bilateral trade prospects; he expressed the need for frequent exchange of trade information, delegations and organising of exhibitions. A large number of KCCI members are engaged in trading activities with their Sri Lankan counterparts.
Sri Lankan C-G encourages stronger ties to fully exploit FTA | Business Recorder