Lanka-Pakistan can help each other to promote trade - Dr. Amunugama

Pakistan and Sri Lanka can help each other in promoting investment, trade and economic cooperation. There are opportunities for investors of both countries, Minister for Enterprise Development and Investment Promotion Dr. Sarath Amunugama said after signing the MoU here Wednesday.

Dr. Amunugama said both countries enjoy cordial and friendly relations and co-operation in various fields will strengthen the ties.

"We had entered into a Free Trade Agreement and now we must take full advantage of it by strengthening co-operation in different sectors of the economy," he said.

Commending the economic progress of Pakistan, he said, it had made excellent progress and now Sri Lanka is pursuing tri-pronged policy leading to performance, reforms and replacing.

Dr. Amunugama said there are many areas for co-operation such as steel, cement, fabrics and garments. He said we can also seek assistance from Pakistan in the education and IT sectors. Sri Lanka plans to import rice, potatoes and cotton from Pakistan.

"We are now in the process of accelerating growth as we have been able to sustain a growth rate of around six percent during the past five years," he said.

"We are expecting a seven percent growth rate during the current year." There is also scope for investment in the tourism and hotel sectors, he added. Secretary, Board of Investment, Pakistan Talat Miyan, said Pakistan has a very conducive environment for investment and can help Sri Lanka in various sectors of economic development.

Secretary, Ministry of Enterprise Development and Investment Promotion T. Hewage and Pakistan's Board of Investment (BoI) Talat Miyn signed a Memorandum of Understanding where the Board of Investment of both countries have agreed to jointly create a favourable environment for the promotion of investment in all sectors.

The two countries will encourage enterprises to invest in all sectors of economic activities of Pakistan and Sri Lanka.

The memorandum states that "both sides have agreed to exchange information on investment policies and projects, share information on investment and related areas, undertake research and development and organise investment seminars and conferences.