COLOMBO: On the sideline of Prime Minister’s visit to Sri Lanka, Ministry of Commerce and Trade Development Authority of Pakistan organized Pakistan-Sri Lanka Trade and Investment Conference at Shangri-La Hotel Colombo on 24th February 2021, which was attended by more than 200 government officials and business delegates from both countries.
Prime Ministers of Pakistan and of Sri Lanka, along with Foreign and Commerce Ministers of both countries, graced the conference with their presence. Prime Minister of Pakistan, H.E. Imran Khan talked about the need of wealth creation and poverty alleviation for the social economic uplift of both the nations. Furthermore, PM mentioned that Pakistan’s tourism sector has huge potential and Pakistan should learn from Sri Lanka on this front, to enhance tourism services exports.
Prime Minister of Sri Lanka, H.E. Mahindra Rajapaksa said that both the nations may consider investing in each other’s development from their reserves. This type of investment was suggested to be carried out mutually through the state banks of both the nation. It was further added that the private sector may follow suit as the return on investment is 6 percent more, compared to the keeping the reserves.
Pakistan Foreign Minister Shah Mehmood talked about the policy shift of Pakistan from geo-politics to geo-economics. It was also mentioned that the focus needs to be on wealth generation and poverty alleviation in both countries.
Advisor to PM on Commerce & Investment, Razzaq Dawood said that the positive economic indicators since last two years despite Covid pandemic had changed in Pakistan. He said that only in last one year, Pakistan has received investment of more than US 1.5 billion dollars.
Furthermore, he reiterated with the business community of both the nations that Pakistan is ready for integration, trade and investment, especially in transnational trade to Central Asia and further North West.
Ministry of Commerce gave a detailed presentation on Pakistan’s trade potential with special focus on opportunities for Sri Lankan importers in the Pakistani market. Board of Investment also highlighted investment potential and opportunities for joint ventures.
On the sidelines of Pakistan-Sri Lanka Trade and Investment Conference, a business networking event was arranged by the Trade Development Authority of Pakistan in order to enhance economic integration of between the countries. Pakistan’s business delegation consisting of 38 different sectors including textiles pharmaceuticals, agro and food, information technology, auto parts, footwear and construction met with more than 150 Sri Lankan companies from numerous sectors.
It is pertinent to mention that CCL Pharma signed one MoU with Heman Holdings for collaboration in areas of manufacturing, technology transfer, and joint exports to over 125 markets.
At the outskirts of the networking session Pakistani delegates met with the Prime Minister of Pakistan, H.E. Imran khan to discuss the betterment of general trade and investment environment between Pakistan and Sri Lanka.—PR
Copyright Business Recorder, 2021
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