Historic Pakistan–Sri Lanka economic ties will reach new heights, said Sri Lanka High Commissioner Rear Admiral (Retd) Fred Senevirathne on Friday.
He was speaking at the Lahore Chamber of Commerce and Industry. LCCI President Mian Abuzar Shad, Honorary Consul of Sri Lanka Yasin Joyia and LCCI Executive Committee Members Khurram Lodhi and Karamat Ali Awan were also present.
The High Commissioner said that Sri Lanka had now returned to a path of stability and progress. He said that the current government has effectively addressed issues such as poor governance, economic mismanagement and corruption.
He said that Sri Lanka’s foreign exchange reserves, currency and tourism sector are now stable. He said that key ports, including Colombo, Hambantota, Galle and Trincomalee, are among the busiest in the region.
The High Commissioner said that 12 Export Processing Zones (EPZs) are currently operational under the Board of Investment, offering vast opportunities for foreign investors. He also gave a detailed presentation on the economy of Sri Lanka, highlighting key reforms, growth indicators and priority sectors where enhanced bilateral collaboration could deliver mutual benefits.
Mian Abuzar Shad said that both countries are active members of SAARC and the Commonwealth, but the full potential of their trade partnership remains largely untapped.
Bilateral trade has struggled to cross the USD 500 million mark in recent years, he said, adding that Pakistan’s exports to Sri Lanka primarily include woven cotton fabrics, cement, potatoes, pharmaceuticals and maize, while imports mainly consist of vegetables, fibreboard, natural rubber and copra.
Mian Abuzar Shad said that despite identifying several areas of cooperation during previous high-level meetings, significant efforts are still needed to fully realise this potential.
He said that Pakistan could substantially expand its exports in value-added textiles, pharmaceuticals, surgical instruments, rice, cement, halal food and IT services. He also highlighted key import areas for Sri Lanka.
He called for stronger institutional collaboration between major chambers of commerce in both countries. The offices of respective High Commissioners can play a pivotal role in facilitating trade promotion. Exchange of business delegations and the organisation of single-country exhibitions would also significantly contribute to expanding bilateral trade.
