Karachi : Sri Lanka Consul General D W Jinadasa says since signing Free Trade Agreement FTA between Pakistan and Sri Lanka in 2005 there has been 70 percent growth in business. However, trade volume still stands at $300 million per annum which is a diminutive figure as compared to available potential.
He said Sri Lanka believes in market-oriented policies helpful in increasing export trade with neighboring countries particularly Pakistan. In meeting with office bearers of SITE Association of Industry Tuesday, he said Sri Lanka encourages foreign investment in food processing, textiles apparel, beverages, port construction, telecommunications, insurance, banking. There is no advance visa requirement for tourists but for business advance visa is required and Consul office takes no time to issue to genuine businessmen on recommendation of trade Association.
He called for investment from Pakistan in view of Sri Lanka's liberal investment policy and so many sectors available for joint collaboration. He invited Pakistani investors to invest as they can manufacture many products in Sri Lanka that would qualify for duty free export to India under FTA existing with India. He invited SITE Association members to participate in Sri Lanka EXPO 2011 from July 15-17 2011 and said he was willing to sponsor a delegation from SITE Association.SITE Association Chairman Abdul Wahab Lakhani lauded progress by both countries in increasing trade specially after FTA. A MoU was signed by Consul General & SITE Association aimed at increasing cooperation among industrialists, businessmen, entrepreneurs.
