Pakistan’s $700 mln investments to go into cement and shoe industry in SL
Pakistani businesses are set to invest in excess of US$ 700 million in joint ventures in the cement and shoe industry in Sri Lanka, according to Khurram Dastgir Khan, Minister of Commerce of Pakistan. Mr. Khan made these comments to the Business Times on the sidelines of the opening of ‘Pakistan Single Country Exhibition’ which was held for the first time in Sri Lanka at the BMICH in Colombo last week.
He said, “In the coming years Pakistan is foreseeing at US$ 700 million joint investments in Sri Lanka in the cement and shoe industry. The future investments will bring the two countries even closer and strengthen the relationship.” Pakistani shoe manufacturers who are already present in Sri Lanka produce shoes to the international market, he added. Mr. Khan also mentioned that the ‘Pakistan Single Country Exhibition’ is important as it displays and exhibits the strengths of Pakistan’s economy. He also noted that Sri Lanka should come and hold a similar single country exhibition in Pakistan.
“We have invited the Sri Lanka Tea Board to visit Pakistan and hoping that when more Sri Lankan businessmen visit Pakistan, they will act upon and take advantage of the opportunities that exists.” Organised by the Trade Development Authority of Pakistan in partnership with the High Commission of Pakistan in Sri Lanka, the exhibition featured leading Pakistani establishments in industry sectors such as engineering products, auto parts, agro products, textile and clothing, designer wear, handicraft and traditional textiles, cosmetics and herbal products, pharmaceuticals, cutlery, gems and jewelry, furniture, carpets, marble and services.
The 3-day exhibition was held from January 15 – 17 and featured representation from over 110 leading Pakistani commercial establishments in 15 sectors as well as over 400 stalls. Apart from the exhibition, many business-to business (b2b) meetings were held as part of the event, which gave the opportunity for the visitors to realise the untapped potential for bilateral trade between the two countries.