The 31st Annual General Meeting of the Sri Lanka–Pakistan Business Council (SLPBC) of the Ceylon Chamber of Commerce was held at the Hilton Colombo Residences recently.
High Commissioner of Pakistan to Sri Lanka, Major General (Rtd) Umar Farooq Burki was the chief guest and Admiral (Retd.) Ravindra Wijegunaratne, High Commissioner designated to the Sri Lanka High Commission in Pakistan was the guest of honour.
Indhra Kaushal Rajapaksa was elected as President of the Council for the term 2023-2024.
Indhra Kausal Rajapaksa, the newly elected President outlined his views on the Free Trade Agreement (FTA) in place, which marked Sri Lanka’s second FTA and Pakistan’s first. He noted with regret that this agreement has not yielded the desired outcomes, primarily due to bureaucratic hurdles, including non-tariff barriers.
“Both our Commerce Ministries are actively engaged in discussions aimed at resolving these issues. This promising development is expected to pave the way for smoother trade between our nations, benefiting all stakeholders involved,” he said.
Rajapaksa said it is importance for the business community to seize the opportunities presented by these FTAs to advance their enterprises and assured that as facilitators, the Sri Lanka – Pakistan Business Council is fully prepared to provide assistance with any trade-related concerns and offer guidance to support these efforts.
Umar Farooq Burki assured the High Commission’s support and facilitation to the Sri Lanka-Pakistan Business Council for times to come.
According to Sri Lanka Customs, bilateral trade stood at US$ 430 million in 2022 due to the economic challenges faced by Sri Lanka last year, down from US$ 473 million in 2021 – which was the highest registered figure in the last four years..
High Commissioner Burki reiterated that strengthening of bilateral trade and investment between Pakistan and Sri Lanka has been a top priority on the agenda as Pakistan’s High Commissioner to Sri Lanka and will continue to provide the full support and facilitation in order to realise the maximum economic potential between the two brotherly countries.
Shaameel Mohideen and Wasantha de Silva were elected Vice Presidents.. Rohitha Thilakaratne and Azmy Mohideen will serve on the Committee as Hony. Members. Representatives of Adamjee Lukmanjee & Sons, Akbar Brothers, Creative Textile Mill, M.A. Razak & Company and Mac Holdings. were elected to serve on the Committee. In recognition of Deivanayagam’s service to the Council throughout his tenure as President, the Council honoured him with the title Honorary Member. Deivanayagam assumed the role of Immediate Past President/Honorary Member on the Council’s Committee.
