'Sri Lanka pursuing tri-pronged economic policy'

Pakistan and Sri-Lanka can mutually help each other in promotion of investment, trade and enhancing economic cooperation between the two countries.

"There exist vast opportunities for investors of both countries for exploiting the situation by enhancing mutual cooperation in the region", Sri Lankan Minister for Enterprise Development & Investment Promotion, Dr. Sarath Amunugama said while speaking after the signing cremony of MoU here on Wednesday. The members of the delegation including Mano Wijeratne, Minister of Enterprise Development, T. Hewage, Secretary, Ministry of Enterprise Development and Investment Promotion, Prof. Lakshman R. Watawala, Chairman BOI, Dr. Nihal Samarappuli, Executive Director (Research), BOI and Duminda Ariyasinghe (Promotion) BOI, Sri Lanka were also present on the occasion.

The Sri Lankan Minister said both countries enjoy very cordial and friendly relations and cooperation in various fields can further contribute for strengthening of these ties.

"We had already entered in "Free Trade Agreement" and now is the time to take full advantage of it by boosting cooperation in different sectors of the economy", he added. Commending economic progress of Pakistan, he said, it had made excellent progress and now Sri Lanka is persuing tri-pronged policy leading to performance, reforms and replacing.

The Sri Lankan Minister said his country has many areas of cooperation including Steel, Cement, Fabrics, Garments and basic ingredients. He said we can also seek guidance from Pakistan in Education and IT sectors. Besides cotton, he said, Sri Lanka wants to import Rice and Potato from Pakistan. He said Pakistan always helped us again and again so that we are thankful for extending appropriate support to Sri-Lanka. Dr. Sarath Amunugama said "We are now in the process of accelerating growth as Sri Lanka has managed to attain sustained growth rate at around six percent during the past five years".

"We are expecting seven percent growth rate during current year", he added.There is also scope of investment in Tourism and Hoteling sector, he added. Secretary Board of Investment Talat Miyan in his welcome remarks expressed the hope that Pakistan and Sri Lanka can mutually benefit from boosting cooperation in economic sector particularly of the investment and trade.

He said Pakistan has very conducive environment for investment and can help Sri Lanka in various sectors of economic development. Earlier, Secretary Ministry of Enterprise Development and Investment Promotion T. Hewage and Pakistan's Board of Investment (BoI) Talat Mian signed a Memorandum of Understanding affirming that Board of Investment of both the countries have agreed to jointly create a favourable environment for the promotion of investment in all sectors.

Both the countries will encourage enterprises to invest in all sectors of economic activities of Pakistan and Sri Lanka, it added. The Memorandum said "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 conference in the two countries.

(APP)