Colombo, Sri Lanka – A 14-member Pakistani business delegation is visiting Sri Lanka to explore investment opportunities in various manufacturing sectors, signaling confidence in the island nation’s economic turnaround.
The delegation, led by the Honorary Consul of Sri Lanka in Lahore, comes after Sri Lanka weathered a severe economic crisis last year. “Sri Lanka’s dramatic economic transformation has opened doors for new investments,” said the Honorary Consul. “The favorable investment climate and a weaker Sri Lankan rupee against the dollar make Sri Lanka an attractive business proposition for us.”
The Pakistani delegation has already met with key Sri Lankan officials, including Foreign Minister Ali Sabry and Chairman of the Board of Investment Dinesh Weerakkody. They also participated in successful business-to-business meetings facilitated by the Ceylon Chamber of Commerce.
Manufacturing Focus: E-Vehicles, Home Appliances, and More
The Pakistani businesses are particularly interested in establishing a presence in Sri Lanka’s manufacturing sector. Key areas of interest include:
- Electric Vehicle Manufacturing: The delegation is keen on exploring the production of e-batteries and e-bikes, targeting both the Sri Lankan market and regional exports.
- Home Appliances: Manufacturing of electrical and home appliances like air coolers, fans, washing machines, and other electronic items is also a potential investment area.
- Textiles and Apparel: Pakistani businesses see opportunities in exporting fabrics, denim, knitwear products, and other textile goods to Sri Lanka.
- Other Industries: The delegation is also exploring investments in steel products, yarns, carpets, sports goods, automotive parts, and hotel supplies.
Joint Ventures and Tourism Collaboration
The Gujranwala Business Center, representing the Pakistani delegation, seeks partnerships with existing Sri Lankan businesses in these sectors through joint ventures. Additionally, a Memorandum of Understanding (MoU) was signed with the Chamber of Tourism and Industry Sri Lanka to promote Pakistani tourist arrivals in Sri Lanka. Discussions are also planned with Sri Lanka Tourism Promotion Bureau to further strengthen collaboration in tourism.
Strengthening Sri Lanka-Pakistan Ties
This visit by the Pakistani delegation marks a significant step in bolstering trade and investment ties between Sri Lanka and Pakistan. The Pakistani businesses’ confidence in Sri Lanka’s economic recovery paves the way for potential future partnerships and increased cooperation between the two nations.