Lanka-Pakistan trade to hit US$ 1b in 2014

Trade between Sri Lanka and Pakistan will reach one billion US dollars by next year, Sugar Industry Development Minister Lakshman Seneviratne said.

He said Sri Lanka has already built strong trade relations with Pakistan. The Minister said this at a meeting with Pakistan's Industry and Promotion Trade Minister Gulam Murtasha Jatoy at the Ministry last week.

Minister Seneviratne also said the production of sugar at the Pelwatta and Sevanagala factories was carried out with Treasury loans and he is the only Minister who settled these loans.

The annual cost of sugar imports is Rs. 60,000 million and under the management of Lanka Sugar Private Ltd, a significant improvement in sugar production has been achieved by the Pelwatta and Sevanagala factories.

Following the granting of Cabinet approval to restart production at the Kantale Sugar Factory, moves are now under way to find an investor for the project. Production is expected to commence early next year. "President Mahinda Rajapaksa proposed the cultivation of sugar cane in 130,000 hectares and hopes to develop the sugarcane industry," Minister Seneviratne said. Ministry Secretary Udaya Seneviratne was also present.