Reducing tariff barriers among the SAARC countries will facilitate better trade relationships. However, some of the non-tariff barriers imposed in certain countries hinders trade at present, SAARC Chamber of Commerce and Industry President Suraj Vaidya said.
Trade, investment and business can take the SAARC region forward while innovation, knowledge and expertise can play a key role in enhancing the opportunities and exposing the potential that each country has, he said.
“SAARC is an extremely complex body and the smaller countries need to bring harmony among the other countries. We look at SAARC as an entity that has become the fastest growing block. The GDP growth in the region is 7 percent. The millennium belongs to Asia,” he told a press conference in Colombo last week.
The annual SAARC Trade Fair and Investment Forum geared to pave way for economic and social cooperation between its member states of Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka will be held in Colombo in September.
Organized by the SAARC Chamber of Commerce and Industry, Federation of Chamber of Commerce and Industries Sri Lanka and MP Events Lanka (Private) Limited, the trade fair and investment forum will be held at the Sri Lanka’s Exhibition and Convention Centre and Hilton Colombo respectively.
“We need to find answers to the questions of how we want to be a part of the growth and how we can create jobs for the youth.
The brain drain is severe in this part of the world and the remittances have become an important part of the economy.
There needs to be an economic integration beyond countries and in this regard laws should be changed to accommodate the changes,” he said.
He called on the authorities to provide with facilities to freely move across the countries.
“We will not be able to benefit much, unless we could move freely. Allow two years of business visas to enable free movement,” he said.
“There is much potential in the SAARC region to improve human capital.
As Sri Lanka is an private sector friendly country, it will certainly benefit Sri Lankan entrepreneurs,” Vaidya said.
The Investment Forum and the Trade Fair 2017 will be a networking platform where 250 investors are expected to participate in showcasing business opportunities.