Massive 357% trade increase with Pakistan: Rishad

Monday, 8 July 2013 00:05 - - {{hitsCtrl.values.hits}}

2012 trade alone at $ 434 m
Pakistan’s OBS Group to up pharma stake here
New bilateral trade target at $ 1 b
Exporters say time is right to enter

Bilateral trade between Sri Lanka and Pakistan received a sudden boost as Pakistan declared its intentions to push current volumes to a new threshold of $ 1 b. “We will make all efforts to attain a trade target of US$ 1 billion between Pakistan and Sri Lanka. The Joint Economic Commission established between the two countries is due to meet in a few months; it will address the existing irritants in trade and consider other avenues to expand the economic ties between the two countries,” said Maj Gen (R) Qasim Qureshi, the High Commissioner of Pakistan to Sri Lanka on 24 June in Colombo.

Qureshi was addressing the inauguration event of Pakistan Expo 2013 at Galadari Hotel. The Chief Guest at the occasion was Minister of Industry and Commerce Rishad Bathiudeen. The Pakistan Expo annual event is the largest export event in Pakistan and it has contributed to closer trade and B2B links on both sides. Bathiudeen, addressing the event, said: “As a result of last year’s strong delegation from Sri Lanka, new export orders for Pure Ceylon Tea as well as pharmaceutical products were received. Pakistani construction firms also strengthened their ties with Sri Lanka. Also during 2012 Pakistan Expo, the OBS Group, a top pharmaceutical firm in Pakistan, had intimated that it was looking to increase its pharma investments in Sri Lanka.” Bathiudeen added: “In 2012, total trade grew by 5.6% to $ 434 m from $ 411 m in 2011. Our exports to Pakistan alone grew by 10% in 2012 from 2011’s exports of $ 75 m. The increase in total trade volume during the last decade is a massive 357%. I am also happy about the outcomes of the fifth Technical Level Meeting of the Pakistan Sri Lanka FTA held in Islamabad last April. I urge Lankan participants of Expo Pakistan 2013 to make use of the bilateral concessions that both sides granted to each other on this occasion. Similarly, I am confident that Pakistani business community too would make use of the FTA to boost their trade levels with Sri Lanka. In fact, we are happy to observe that the bilateral trade levels have been growing, thanks to the committed trade international vision of President Mahinda Rajapaksa.” Reps from Lankan exporter community at the inauguration said that they are looking forward to take part in this year’s event and showed strong hopes in opening new trade doors for their products in Pakistan’s emerging middle class. “There is big potential for Pure Ceylon Tea in Pakistani markets that we have not exploited to the full. The new leadership in Pakistan has opened the economy further,” said Tissa Jayaweera, the Chairman of International Chamber of Commerce of Sri Lanka. “The 12 million strong emerging middle class and upper middle class in Pakistan have a strong thirst for high quality branded apparels, such as the quality apparels exported by us. The time is right for us,” Jayaweera added. Jayaweera was also a former Chairman/MD of such leading brands as Lanka Ceramic, Noritake Lanka, Lanka WallTile and ITMIN.