Sri Lanka has offered Pakistan an opportunity to set up an exclusive industrial zone on the island in its post war efforts to attract more investments from other countries especially from neighbouring Asia and the Middle East.
This offer was made by Minister of Industrial Development Kumara Welgama to the President of SAARC Chamber of Commerce and Industry Tariq Sayeed when he called on him in Colombo this week. Mr. Sayeed expressed his willingness to bring in Pakistani investors to set up joint ventures in Sri Lanka to manufacture products for local and Pakistani markets taking advantage of the South Asian Free Trade arrangement (SAFTA).
In an interview with the Sunday Times FT, Mr Sayeed said that the aim of the SAARC Chamber is to promote and protect intra-regional investments and joint ventures in South Asia. The setting up of Pakistan's exclusive economic zone in Sri Lanka will enhance trade and commerce between the two countries and create employment opportunities for Sri Lankans while transferring technology to the island.
He said that removing non-tariff barriers (NTBs) to trade flows as well as regularizing and liberalizing trade in services in the region are essential to achieve intra-regional trade of US$20 billion by 2010.
Mr Sayeed disclosed that the 3rd SAARC business leaders conclave will be held in Sri Lanka in October this year on a request made by the Vice President of the SAARC Chamber Nawaz Rajabdeen saying that there is a conducive environment for investments after the elimination of terrorism and restoring peace in the island. More than 250 delegates from the seven member-countries of the SAARC are expected to visit Colombo for the business leaders conclave and this will be a good opportunity for Sri Lanka to attract investments, he said.
The issue of wider participation of the private sector for increasing intra-regional trade in South Asia is likely to dominate deliberations at this meeting. |
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