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Pakistan & Sri Lanka to boost bilateral trade

Dec 5, 2010 11:37:12 AM - itnnews.lk

Plans are afoot to boost bilateral trade between Sri Lanka and Pakistan. It is intended to increase this figure to over three-fold from the existing 300 million to one Billion US Dollars.

Chairman of the Board of Investment and Minister of State for Investment of Pakistan Saleem H. Mandviwalla, who visited Sri Lanka last month with the Pakistani President said that the visit was very successful and both countries had agreed to enhance commercial and economic cooperation. He said Pakistan had further agreed to offer a soft credit of 200 million US Dollars to Sri Lanka for exporting, barter trade, and easing its business transactions. He said Pakistan can help Sri Lanka set up sugar and cement plants in return for import of Sri Lankan produce and manufactures in Pakistan in barter trade. Among other measures slated for enhanced bilateral corporation are the liberation of the visa process to facilitate business travel, promotion of investments in mutually beneficial business ventures in Sri Lanka, and cooperation in cement, sugar, dairy production, textiles, tourism, light engineering, fresh fruits and vegetables, processed goods and pharmaceuticals.