By: Staff Writer
June 19, Colombo (LNW): Sri Lanka has extended a strong invitation to Bangladeshi entrepreneurs to invest in its pharmaceutical sector and collaborate in key export-oriented industries, signaling a renewed push to deepen economic ties between the two South Asian nations.
The appeal was made during a high-profile business plenary session titled “Sri Lanka & Bangladesh Economic Ties: Building Bridges for Growth”, held on June 18 at the National Chamber of Commerce of Sri Lanka in Colombo. The event brought together over 70 Sri Lankan companies and a business delegation from the Dhaka Chamber of Commerce and Industry (DCCI), resulting in more than 150 bilateral business meetings.
With Sri Lanka actively seeking to reduce its reliance on imported medicines and boost domestic manufacturing capacity, officials said the time was ripe for Bangladesh — which has developed a competitive and growing pharmaceutical industry — to play a more prominent role in meeting Sri Lanka’s needs.
President of the National Chamber, Anura Warnakulasooriya, emphasized the importance of fostering mutual trust and greater private sector engagement, saying that both countries stood to benefit from partnerships in value-added sectors.
Andre Fernando, President of the Sri Lanka-Bangladesh Business Cooperation Council, specifically urged Bangladeshi investors to explore opportunities in Sri Lanka’s pharmaceutical industry, where the government is encouraging foreign direct investment and offering facilitation through dedicated export processing zones.
Reinforcing this message, Renuka M Weerakone, Director General of the Board of Investment (BOI), highlighted that Sri Lanka has established 15 export processing zones — several of which are geared toward pharmaceuticals, medical devices, and fabric-based industries — offering investment incentives and infrastructure support.
DCCI President Taskeen Ahmed said Bangladesh’s pharmaceutical, garments, leather, and ICT sectors were globally competitive, and he welcomed Sri Lankan businesses to invest in Bangladesh’s own economic zones, which offer tax breaks, modern logistics, and skilled labor.
Bangladesh is already a key supplier of pharmaceuticals and ready-made garments to Sri Lanka, but both sides agreed the potential remains largely untapped. Export Development Board Chairman Mangala Wijesinghe called for expanded cooperation in packaging, logistics, and agriculture, in addition to pharmaceuticals.
Both the Bangladeshi High Commissioner to Sri Lanka Andaleeb Elias and Sri Lankan High Commissioner to Bangladesh Dharmapala Weerakkody endorsed a Free Trade Agreement (FTA) to dismantle tariff barriers and facilitate smoother trade flows.
Former DCCI President Rizwan Rahman stressed the importance of maritime connectivity and regulatory reforms to unlock further trade potential, noting that improved shipping and lower trade costs would benefit both economies.
