Pakistan-Sri Lanka trade:

Full potential not exploited

The full potential of Pakistan and Sri Lanka trade has not been exploited and creating awareness regarding the economic and political climate in both countries are necessary to improve trade volumes and values, Commercial Attaché, High Commission of Pakistan, Hasan Zaigham said.

Building business contacts and setting up a trade relationship will fuel the growth of trade between the two countries. However, there should be political stability and a conducive business environment to move forward, he said.

Misconceptions about the safety and other issues in Pakistan have been blown out of proportion. Therefore, in the same light there is not enough information about Sri Lanka available to Pakistanis who wish to open trade relations with Sri Lanka.

The main impediment to the full implementation of the FTA with Pakistan is the lack of knowledge and understanding. The situation in both countries has not been properly explained to each other’s people, he said.

There is a lot of opportunity for Pakistani businessmen to invest in this country. At present, both countries import only a few items from each other. At a recent meeting with corporate leaders and top Pakistan industrialists it was found that there is a lot of interest among Pakistan businessmen to launch operations here especially in the dairy industry.

With the FTA in place, both countries should make use of this opportunity, he said.

Over the years, Pakistan has always been supportive of Sri Lanka. There is a lot of opportunity for tourism to be developed.

At present, this sector has not being exploited to any satisfactory level. Therefore, the main reason for this drawback is that there is not enough interaction between the two countries, he said.

The Sri Lanka-Pakistan FTA is grossly underused. While the main thrust between the countries are only on imports both ways and not on investment, Vice President, SAARC Chamber of Commerce, Tissa Jayaweera said.

The FTA with Pakistan has vast potential. This is an opportunity for both parties to enhance economic benefits.

While a lot of investment can be made in Sri Lanka by Pakistanis there is also ample opportunity for Sri Lankan businesses to invest in Pakistan. The sooner the FTA is implemented and interaction built, the sooner trade between our two countries will flourish, he said.

- SJ