Monday Nov 18, 2024
Monday Nov 18, 2024
Wednesday, 27 November 2013 00:00 - - {{hitsCtrl.values.hits}}
Khan was addressing Minister of Industry and Commerce Rishad Bathiudeen during a meeting at the Ministry of Industry and Commerce. Khan was in Sri Lanka to attend Colombo’s CHOGM events with top members from the PSLBF. Also at the meeting with Minister Bathiudeen was PSLBF Director and IJARA Holdings CEO Farrukh Ansari.
From 2005 to the third quarter of 2013, FDI from Pakistan to Sri Lanka stood at $ 7.5 million (cumulative) across 15 investment projects. Pakistan is the second largest trading partner of Sri Lanka in the SAARC region after India.
A substantial growth in bilateral trade is seen in both exports and imports, especially after the Free Trade Agreement between the two countries was implemented in 2005. The value of total trade between the two countries has increased from $ 158 million in 2005 to $ 433.69 million in 2012.
“The sectors we are planning to enter immediately are glass, healthcare across the total value chain, tourism, steel and power and energy. Pakistani investors have a preference for Sri Lanka due to logistics and developing infrastructure. We now ready with $ 240 million in investments earmarked specifically for Sri Lanka.
“In that, our member Farrukh Ansari and his investment vehicle IJARA Holdings alone have already lined up $ 240 million in funds specifically for Sri Lanka. I myself represent global pharmaceutical giant MERCK of the US, which had sales revenue of $ 14.5 billion in 2012. I too am planning to enter Sri Lanka in healthcare and tourism and this is in addition to the earmarked $ 240 million.
“This will be in healthcare, to do full-cycle manufacturing here. Sri Lankan manufactured pharmaceuticals cannot gain much by selling to local markets but rather, can earn bigger incomes by exporting from here.
“I am ready to invest in Sri Lanka, bring technology and know-how as well as bring advanced machinery here right away. Sri Lanka’s power and labour are cheaper than Pakistan, which is another reason we like here.
“Before investing anywhere, I mean anywhere, we always seriously consider Sri Lanka first. We can also partner with local hospitals, invest in them, upgrade them and turn them around. We are also ready to enter the tourism sector. We need your assistance to enter Sri Lanka,” said PSLBF President Khan.
In response, Minister Bathiudeen said: “We welcome you with open arms. Already Pakistan has $ 7.5 million in FDI in Sri Lanka and there is good potential to increase this. My Ministry officials and I will extend our fullest support and directions whenever you need.
“Come with your proposals and requirements. Our annual pharmaceuticals market is about $ 500 million and is annually growing by about 33%. Therefore it is demanding. President Mahinda Rajapaksa has made pharmaceutical and healthcare as a priority development sector in many of his recent budgets, extended special benefits to pharmaceuticals sector import substitution. Investors like you fulfil our real FDI needs and sectoral development and we do not want to miss you.”
Responding to Minister Bathiudeen, PSLBF President Khan said: “Well then I will have my investment and evaluation teams flown to Colombo very soon to inspect prospects here.”
