Jayanath Lokukatagodage, High Commissioner of Sri Lanka on yesterday said his country is keen to promote trade with Pakistan, as enhanced business relation would help in improving living standards of both nations.

High Commissioner said that Pakistan was the second largest trading partner of Sri Lanka in South Asia and there were numerous fields in which both countries could develop mutual collaboration. "Sri Lanka had introduced a liberalised investment regime and free of charge land was offered to foreign investors for investment in specific sectors," he told the business community at Islamabad Chamber of Commerce and Industry (ICCI).

He said Sri Lanka could be considered as one of the most attractive investment destinations in South East Asia due to its resilient economy, supportive government policies, educated and adaptable workforce, access to key markets, fast developing infrastructure, and vibrant business environment. He urged Pakistani investors to explore Sri Lanka for investment opportunities.

 High Commissioner further said Pakistan was providing important defence cooperation to Sri Lanka, and added that agriculture and tourism had good potential for bilateral cooperation. The high commissioner said both countries should focus on organising trade fairs on reciprocal basis to boost trade.

The ICCI should take a business delegation to Sri Lanka and assured that his embassy would provide all necessary cooperation to make its visit successful. ICCI acting president Khalid Malik said Sri Lanka was the first country with which Pakistan had signed a free trade agreement (FTA) in 2005, but bilateral trade of around $325 million was negligible.

He said both countries should enhance the role of the private sector to improve the trade volume. He said Pakistan was exporting cement, pharmaceuticals, textiles, bed-wear, vegetables, and rice to Sri Lanka, while many other products, including IT, handicrafts, leather products, and surgical items, could capture a good share in the Sri Lankan market.