Historic economic ties between Pakistan and Sri Lanka are set to touch new heights.
High Commissioner of Sri Lanka to Pakistan, Rear Admiral (Retd) Fred Senevirathne, stated this while speaking at the Lahore Chamber of Commerce and Industry.
He said that Sri Lanka had faced significant challenges between 2019 and 2023. But, he added, they have now returned to a path of stability and progress.
The High Commissioner said that the current government of Sri Lanka has effectively addressed multiple issues. The issues, he added, included poor governance, economic mismanagement and corruption. He said that Sri Lanka’s foreign exchange reserves, currency and tourism sector have become stable. He said that key ports, including Colombo, Hambantota, Galle and Trincomalee, have turned to the busiest in the region.
Sri Lanka possesses a skilled workforce and is well-connected to the world through robust international transportation networks.
Export Processing Zone:
The High Commissioner said that 12 Export Processing Zones (EPZs) are currently operating under the Board of Investment. They offered vast opportunities for foreign investors. He invited Pakistani businesses to explore joint ventures and partnerships with their Sri Lankan counterparts. It will strengthen economic linkages further, he added.
The High Commissioner also gave a detailed presentation on the economy of Sri Lanka. He highlighted key reforms, growth indicators and priority sectors where enhanced bilateral collaboration could deliver mutual benefits.
Mian Abuzar Shad said that both countries are active members of SAARC and the Commonwealth. But, he added, the full potential of their trade partnership remains largely untapped.
Bilateral trade has struggled to cross the USD 500 million mark in recent years, he said. Pakistan’s exports to Sri Lanka primarily include woven cotton fabrics, cement, potatoes, pharmaceuticals and maize. Imports mainly consist of vegetables, fibreboard, natural rubber and copra.
Areas of Cooperation:
Pakistan and Sri Lanka have identified several areas of cooperation such as tourism, education, defence and IT during previous high-level meetings. Mian Abuzar Shad called for further significant efforts to fully realise the potential.
He said that Pakistan could substantially expand its exports in value-added textiles, pharmaceuticals, surgical instruments, rice, cement, halal food and IT services. He also highlighted key import areas for Sri Lanka.
He called for stronger institutional collaboration between major chambers of commerce in both countries. The offices of respective High Commissioners can play a pivotal role in facilitating trade promotion. Exchange of business delegations and the organisation of single-country exhibitions would also significantly contribute to expanding bilateral trade.
