In a joint press conference with Sri Lankan President Maithripala Sirisena on Monday, Pakistani Prime Minister Nawaz Sharif announced the signing of six Memoranda of Understanding (MoUs) between the two countries.
"The six agreements will intensify co-operation in disaster management, sports, shipping, atomic energy for socio-economic development, anti-narcotics and academics. We agreed to take steps to further improve our economic and trade relations," Sirisena was quoted by 'Dawn' newspaper as saying.
Bilateral trade between the two signatories likely to go up to $1 billion per annum, the report said.
The Sri Lankan premier welcomed Pakistani investment in his country and invited the Pakistan International Airlines to re-commence flights to Sri Lanka.
Sri Lanka appreciates the $1 million grant for the construction of houses for the internally displaced persons (IDPs) and was thankful for the $200m credit line, he said.