Trade in local currency with Sri Lanka will benefit both countries: KATI

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Consul General of Sri Lanka Jagath Abeywarna has said that promoting trade between Pakistan and Sri Lanka in the textile, leather and pharmaceutical sector is possible. Sri Lanka’s buyers can import goods from Pakistan instead of Europe will be more beneficial. Similarly, Pakistan can avoid additional shipping costs by importing products, including tea, from Sri Lanka. He expressed these views during his visit to the Korangi Association of Trade and Industry (KATI).

KATI President Faraz-ur-Rehman, KITE Limited CEO Zubair Chhaya, Senior Vice President Nighat Awan, Vice President Muslim Mohamedi, Former Presidents Gulzar Firoz, Fazale Jalil and other members were present on this occasion.

Sri Lankan Consul General Jagath Abeywarna further said that the trade between SAARC countries is only 5 percent, which needs further increase. He said that the time to import products from Sri Lanka is four days which could benefit both countries. Consul General Jagath Abeywarna has noted that the bilateral relations between Sri Lanka and Pakistan are very friendly and are expected to become stronger in the coming days. The two countries also enjoy excellent trade and diplomatic ties, but joint efforts are needed to promote bilateral trade. Consul General said that the combined trade volume is 400 million dollars, out of which Pakistan exports 300 million dollars to Sri Lanka and 100 million dollars from Sri Lanka to Pakistan. He said that Sri Lanka’s major export items are tea and coconut, which it exports to various countries. These items were shipped to Pakistan worth 11 million dollars in 2021, while the income from the tourism sector is 3 million dollars.

Earlier, KATI President Faraz-ur-Rehman said both countries could avoid foreign exchange pressure by trading in local currency. Trade delegations should be formed to increase trade. In this regard, cooperation between the two countries business people is much needed. He said that Pakistan is the second largest trading partner of Sri Lanka among the SAARC countries. President KATI said that Pakistani products, especially pharmaceuticals, textiles and leather, have a wide scope in the Sri Lankan market. Likewise, there are opportunities for trade in Sri Lankan tea, tiles, etc. Joint efforts should be made for bilateral trade of goods, which will increase trade volume. Faraz-ur-Rehman said that the exchange of trade delegations between the two countries should be increased. KATI will fully cooperate in this regard.

KITE Limited CEO Zubair Chhaya said both countries are going through a difficult period due to the global economic and political crisis. Pakistan and Sri Lanka are facing historic trade deficits and foreign exchange shortages. He said that the joint efforts of both countries to promote trade are the only development solution. In this regard, holding business-to-business meetings is very important.

Photo Caption: President KATI Faraz-ur-Rehman, CEO KITE Ltd Zubair Chhaya presenting a shield to Sri Lankan Consul General Jagath Abeywarna. Nighat Awan, Muslim Mohamedi, Gulzar Firoz, Shaikh Fazle Jalil, Maheen Salman, Zaki Sharif, Junaid Naqi, Farrukh Qandhari, Syed Wajid Hussain and Salman Sabri are also present.

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