Pakistan should strengthen bilateral trade with Sri Lanka and also exploit the vast untapped potential in many sectors, said Vice President Islamabad Chamber of Commerce and Industry (ICCI), Muhammad Tauseef Zaman.

Speaking at the Business Council, Colombo, he said that bilateral trade between the two countries was around US $320 million which was not up to the potential.

He said that Pakistan was the most investment friendly nation in South Asia and the business regulations have been profoundly overhauled along liberal lines, especially since 1999.

He added that foreign investors were not facing any restriction on the inflow of capital and investment even up to 100 percent of equity participation was allowed in many sectors.

Zaman outlined the great potential of Pakistani exports to Sri Lanka in many areas. He also said that Pakistan could initiate a credit line to help cement and sugar industries by providing necessary plants and machinery.

We would welcome Sri Lankan expertise in gem & jewellery, he added.

Pakistani High Commissioner in Sri Lanka Seema Baloch said that Sri Lanka was keen to set up joint ventures with Pakistan as mutual trade relation between the two countries would bring a positive aspect on the regional trade.

She said that number of members should be increased in order to make business council more effective.

Rohitha Thilakaratne, Chairman Pak-Sri Lanka Business Council has welcomed the delegation and said that there were tremendous opportunities in the fields of textile, Pharmaceutical, information technology, cement and light engineering.

Pakistan’s investors should come and avail the opportunities, he added.