Sri Lanka is strategically located in South Asia, sharing its maritime boundaries with neighbouring countries, India and the Maldives. Spanning an area of 65,610 square kilometres, this island nation boasts Colombo as both its capital and its most significant city. Historically, Sri Lanka has undergone pivotal milestones; it gained its independence as the Dominion of Ceylon on February 4, 1948. This was further solidified when it transitioned into the Republic of Sri Lanka on May 22, 1972.
The maritime trade landscape of the Indian Ocean is deeply impacted by the rising prowess of nations like China and India. As a testament to this, the Indian Ocean facilitates a whopping 70.0 per cent of the world’s oil trade, half of its shipping containers, and 35.0 per cent of global bulk cargo. Within this context, Sri Lanka, with its bays and anchorages, emerges as a significant transit trade centre.
This brief has been prepared by the Office of Research, Innovation and Commercialization (ORIC) of The Superior University Lahore under its collaboration with the Gujranwala Chamber of Commerce and Industry (GCCI). The research centric collaboration between the two entities is a positive step towards strengthening industry academia linkages for building sound structures of knowledge economy.
Economic Growth of Pakistan in FY2021 rebounded to 3.5% after contracting by 0.5% in FY2020 with the onset of the global pandemic. On the other side, the Fiscal Deficit improved to 7.3% of GDP, and the current account deficit reduced to 0.6% of the GDP. Pakistan can sustain its long-run economic growth through a massive increase in private investment and exports. The major exports of Pakistan are Cotton, Apparel Knit, Apparel Non-Knit, Cereals, Leather Products, Sea Food, Precision Instruments, Natural minerals, Stones, Fruits, and Nuts, Oil & Minerals Fuels, Plastics, Copper, Sugar and Confectionery, and Toys & Sports Equipment.
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