Trade between Sri Lanka and Pakistan will reach US $ 500 million within the next five years, Pakistan President Asif Ali Zardari stated addressing the Sri Lanka - Pakistan Business Forum 2010 yesterday (29).

He said the two countries have been good friends and partners in the region.

“With the restoration of peace; the sky is the limit for Sri Lanka. This is a unique situation for Sri Lanka to recover. Sri Lanka will recover gradually and Pakistan will sincerely assist Sri Lanka,” he said.

He also called for a barter trade with Sri Lanka rather than depending on dollar-denominated trade.

There should be incentives for foreign investors that make them keep their profits here in Sri Lanka rather than taking out from the country. President also proposed that there should be discussions with high level financial teams from both countries in formulating strategies to support each other. Sri Lanka needs to develop many parts of the country and Pakistan is ready to assist in improving infrastructure of the country. Pakistani companies should visit Sri Lanka to seek investment opportunities and invest, he said.

Industry and Commerce Minister, Rishad Bathiudeen said the bilateral trade between the two countries has improved remarkably. The total turnover of bilateral trade between Sri Lanka and Pakistan in 2005 recorded US $ 150 million, which grew up to US $ 252 million in 2009. This is a great indication of the strong trade between the two countries.

“It is time that Sri Lanka and Pakistan should further strengthen our bilateral trade agreements while increasing the volumes of trade,” he said.