Sri Lanka and Pakistan had not exploited the potential of Free Trade Agreement (FTA) and needed to work hand in hand with the business community, says Consulate General of Sri Lanka, D. W. Jinadasa, referring to the FTA.

The Consulate General maintaining that Sri Lanka is financial hub of the region, stressed on the vital need of operating shipping lines between Pakistan, India & Sri Lanka.

He has observed that while EU did 45 to 55 percent of its total trade amongst themselves, within SAARC countries trade was only 5% that was far below its potential. Consulate General was speaking on the occasion of his visit to Karachi Chamber of Commerce and Industry (KCCI).

He suggested a trilateral agreement between Karachi-Bombay and Colombo ports. Bombay generates 43% of India’s while Karachi (with a port doing 98% of Pakistan’s business) contributes 68% of country’s tax, yet these ports are not doing business amongst themselves. He also maintained that Colombo was the leading regional port in terms of activities.

“We have been very friendly countries from the day we came into being”, said Sri Lankan Consul General speaking about historic relationship between the two countries. Answering a question about the law and order situation in Pakistan he said “When it comes to trade I never report bad things back home”. Mr. Jinadasa stating that Sri Lanka was interested in regional cooperation and had worked hard at the regional level, optimistically anticipated that things would be improving the way things were happening now.

Responding to the concern of KCCI President concerning levy of tax on exported Pakistani fruits and vegetables, he assured that he would report Colombo about the apprehension. He said there were lots of commodities that could be traded between the two countries.

Speaking about the investment opportunities in Sri Lanka Consul General informed that Sri Lanka was one of the first countries to have liberalized its economy and investment policy went very much in laissez-faire way: “ Whole country has been declared free zone, you can have 100% ownership whatever the area and there is no restriction on repatriating the profits”. He said that Sri Lanka was also focusing on upgrading its infrastructure and informed about the recently opened Express Highway.

Responding with assent to the KCCI president’s invitation vis-à-vis participating in the Mera Karachi exhibition, Sri Lankan diplomat said that last year they were not prepared to participate. Harboring on the theme of exposition, Jinadasa said that business was a reciprocal act and hoped that KCCI members would also visit Sri Lankan Mega Expo scheduled to take place next March. “We need to look at opportunities and find new partners”. Speaking about the touristic attractions for the populace of Buddhist countries, he said that Pakistanis were not fully aware of the significance of sites like Taxila that could attract tourists from many countries.

President Karachi Chamber of Commerce and Industry Mian Abrar Ahmad assured that Pak government and armed forces were working towards creating an environment suitable to attract foreign businesses.

Emphasizing on the need of joint ventures between Sri Lanka and Pakistan Mian Abrar suggested formation of joint chamber of commerce and industry.

He maintained that numerous commodities could be traded and gave the instance of agricultural value added products that he said could be exported and there could be processing areas in Sri Lanka, reported Pakistan Observer.