Leading Sri Lankan furniture manufacturers are interested in Pakistan’s markets and urged the Pakistan’s businessmen to start joint ventures with their Lankan counterparts for promotion of intra trade among the member countries of the region besides its export to European countries and Middle East.

According to a message received here from Colombo, Asoka Pieris, a leading furniture producing company of Sri Lanka expressed these views during a meeting with PFC delegation headed by its Chief Executive Mian Kashif Ashfaq here on Wednesday currently on tour to Sri Lanka.

Asoka Pieris said furniture industry in Sri Lanka is blooming as its current tendency is import oriented but he is much optimistic that Sri Lankan furniture will be exported to other countries too.

He said furniture manufacturers are interested to start joint venture with PFC and in this regard, a delegation of Sri Lankan furniture producers will visit Pakistan and to hold one to one business meetings with their counterparts to explore new venues mutually beneficial for both the countries’ furniture trading.

Mian Kashif Ashfaq, CEO PFC, on this occasion thanked him and other illustrious business tycoons for showing keen interests in Pak handmade world class furniture items. 

He said the visit aimed at exploring new markets and strengthening existing bilateral trade relations with their counterparts in furniture industry during business to business contacts, said PFC Chief Executive Mian Kashif Ashfaq leader of Pak delegation in a statement on Wednesday.

He said whilst Sri Lanka’s furniture industry especially the wood-based manufacturing sector is highly dependent on exports, the evolving consumer demands locally towards adapting a western culture exhibits a lucrative market for global brands.

He said Pakistan can easily double exports to Sri Lanka in a year’s time by effectively using the duty concessions under the Free Trade Agreement (FTA) and if the steps would be taken timely in right direction, he expected Pakistan’s exports to Sri Lanka to $500 million from the current $267 million within a year.

He said the trade balance is heavily in favor of Pakistan. “Its exports to Sri Lanka amounted to $267 million while Sri Lankan exports to Pakistan were worth just $58 million,” he added.

“Sri Lanka mainly exports textile products like men’s T-shirts while it imports bed wear, trousers, silk and synthetic textile and other ready-made garments. Pakistan’s exports are slowly growing and it can further increase its share.”

He said that this business tour provided ample chances to explore new avenues by sharing vision, expertise for formulation of future policies, economic studies, sectoral and project specific reports besides promotional efforts.