KARACHI, Aug 12: Pakistani investors have been offered to set up textile units in Sri Lanka where there is no load-shedding and an easy access is available to markets in the USA and EU.
The offer was made by High Commissioner of Sri Lanka Dr W B Dorakumbore in a meeting with Sindh Industries Minister Rauf Siddiqui at the latter’s office on Tuesday.
Responding to the offer, the minister stressed the need for a joint strategy for industrialisation based on export-oriented joint ventures, especially in the textile sector to be set up in both the countries.
The high commissioner called for efforts for increasing bilateral trade between the two countries from the exiting level of $300 million to $1 billion under the Free Trade Agreement (FTA) between them.
He said that the existing trade balance was in Pakistan’s favour which could be corrected by more imports to Pakistan.
He said that Pakistan could import tea, coconut oil and betel leaf from Sri Lanka while Pakistan exports to his country include yarn, grey cloth, basmati rice and fruits, especially mango.
The Sri Lankan envoy urged the Pakistan government to reduce import duty on betel leaf which has been raised in the new budget from Rs150 to Rs200 per kg.
Dr Dorakumbure urged Pakistan to send a larger trade delegation to the Saarc fair scheduled to be held in Colombo from Aug 28 to 31.
He said that Pakistani delegation should comprise at least 50 businessmen as India is sending about 100 businessmen to the fair.
Earlier on a directive from the Sindh minister, the Trade Development Authority of Pakistan (TDAP) increased the size of trade delegation for Saarc fair from 10 to 14.
He said that the Sindh province had great potential for promoting tourism as it had ancient religious places for Hindus and Buddhists.
These sites are mostly situated in Tharparkar, Jacobabad and Sukkur.
It could be a good source of revenue generation for the Sindh government.
At present about 300,000 to 400,000 tourists go to India for a visit to ancient religious sites. If the Sindh province publicises its ancient Hindu and Buddhist sites, it can attract about 100,000 pilgrims from Sri Lanka.
The meeting was in a series of the meetings the minister is holding with envoys of different countries with a view to attract foreign investment in the country.
Earlier, he held a meeting with ambassadors of oil-rich Gulf states, inviting them to invest in Pakistan’s telecommunications, real estate and agriculture sectors.
