Pakistan offers credit facility to Sri Lanka

KARACHI: President Asif Ali Zardari has offered soft-term credit facility to Sri Lanka for importing Pakistani sugar and cement plants.

The offer was made during a meeting between a parliamentary delegation of Sri Lanka and the president at the Governor’s House here on Monday.

The credit facility was also discussed during President Zardari’s recent visit to Sri Lanka, where he called for setting up joint ventures to enhance bilateral trade.

The president asked Pakistani entrepreneurs to invest in Sri Lanka and urged Colombo to provide incentives to them. He stressed the need for exchange of visits by gem and stone cutting experts of the two countries.

Mr Zardari called for increasing import of tea from Sri Lanka and said that bilateral trade should be done in local currency. He said Pakistan could train officers of Sri Lankan police and intelligence agencies.

Chamal Jayantha Rajapakse, Speaker of Sri Lanka’s parliament and head of the delegation, said his country appreciated Pakistan’s role in war against terrorism and militancy.

Sri Lanka is the first country Pakistan has signed a free trade agreement with. The two countries have agreed to increase bilateral trade from the present $400 million to $2 billion by 2012.