Pakistan-Lanka MoU to boost trade

PAKISTAN: Pakistan and Sri Lanka signed a Memorandum of Understanding (MoU) for the promotion of investment in all sectors.

"There exist vast opportunities for investors of both countries to exploit opportunities by enhancing mutual co-operation in the region," Enterprise Development and Investment Promotion Minister Dr. Sarath Amunugama said after the signing ceremony of MoU here on Wednesday.

The members of the delegation included Minister of Development Investment Promotion Mano Wijeratne, Secretary Ministry of Enterprise Development and Investment Promotion T. Hewage, Chairman BOI Prof. Lakshman R. Watawala, Executive Director (Research) BOI Dr. Nihal Samarappuli and Duminda Ariyasinghe (Promotion) BOI. Dr. Amunugama said both countries enjoy very cordial and friendly relations and co-operation in various fields can further contribute to strengthen these ties.

"We had already entered into a Free Trade Agreement and now is the time to take full advantage of it by boosting co-operation in different sectors of the economy," he added.

Commending Pakistan's economic progress, he said it had made excellent progress and now Sri Lanka is persuading a tri-pronged policy leading to performance, reforms and replacing.

The Minister said Sri Lanka has many areas of co-operation including steel, cement, fabrics, garments and basic ingredients.

He said Sri Lanka can seek guidance from Pakistan in eduction and IT sectors.

"Besides cotton, Sri Lanka wants to import rice and potato from Pakistan. Pakistan always helped us and we are thankful for extending support to Sri Lanka" the Minister said.

Dr. Amunugama said: "We are now in the process of accelerating growth as Sri Lanka has managed to attain a sustained growth rate at around six per cent during the past five years."

"We are expecting a seven per cent growth rate during the current year," he added. There is also scope of investment in tourism and hotel sector, he added.

Secretary Board of Investment Talat Miyan expressed the hope that Pakistan and Sri Lanka can mutually benefit in boosting co-operation in the economic sector particularly of the investment and trade.

He said Pakistan has a very conducive environment for investment and can help Sri Lanka in various sectors of economic development.

Secretary Ministry of Enterprise Development and Investment Promotion T. Hewage and Pakistan's Board of Investment Talat Miyan signed MoU affirming that the Board of Investment of both the countries have agreed to jointly create a favourable environment for the promotion of investment in all sectors.

Both 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 conferences in the two countries.