March 17, Colombo (LNW): Sri Lanka has expressed a keen interest in pursuing joint ventures with Bangladesh, with a particular focus on synthetic fabric manufacturing, an area seen as holding substantial growth potential for both nations.
This was shared by Sri Lankan High Commissioner to Bangladesh, Dharmapala Weerakkody, during a recent meeting with Taskeen Ahmed, the president of the Dhaka Chamber of Commerce & Industry (DCCI), at the DCCI’s office in Dhaka.
During the discussion, Weerakkody highlighted a range of sectors he believed offered promising opportunities for collaborative investments, including healthcare, tourism, large-scale hotel developments, information technology, education, and pharmaceuticals.
He also noted the strong diplomatic ties between the two countries, underpinned by their shared membership in the South Asian Association for Regional Cooperation (SAARC), which has fostered a longstanding and amicable relationship between Sri Lanka and Bangladesh.
Weerakkody specifically encouraged Bangladeshi business leaders to tap into Sri Lanka’s wealth of expertise, particularly in the development of the tourism sector.
He suggested that by leveraging Sri Lanka’s knowledge and experience, Bangladesh could significantly enhance its own tourism infrastructure, which is expected to be a major driver of economic growth in the coming years.
Additionally, the High Commissioner informed that Sri Lanka has already entered into several preferential trade agreements (PTAs) with various countries, and talks with Bangladesh are expected to begin shortly.
These negotiations aim to bolster trade and investment flows between the two nations, opening up further avenues for cooperation.
DCCI President Taskeen Ahmed took the opportunity to provide an update on the state of bilateral trade, noting that trade between Bangladesh and Sri Lanka had reached an impressive $134.06 million during the fiscal year 2023-24.
This represents a significant increase from the $93.11 million recorded in FY 2019-20, reflecting an annual growth rate of 9.5%.
Ahmed also shared that Sri Lankan investments in Bangladesh have been robust, with significant contributions in various industries. These include banking, textiles, power generation, construction, and pharmaceuticals, where Sri Lankan investors have already committed $428.56 million in foreign direct investment (FDI).
He encouraged Sri Lankan entrepreneurs to explore further investment opportunities, particularly in agriculture, food processing, construction, healthcare, IT, and fast-moving consumer goods (FMCG).
Drawing attention to Sri Lanka’s technical expertise, Ahmed highlighted the country’s contributions in sectors such as deep-sea fishing, tourism, and shipping.
He also urged that negotiations at the government level be expedited to facilitate the signing of the proposed PTA, which would play a crucial role in expanding the bilateral trade and investment relationship between the two countries.
The meeting also saw the participation of DCCI senior vice-president Razeev H Chowdhury, vice-president Md Salem Sulaiman, and Srimali Jayarathne, commercial counsellor at the Sri Lankan High Commission in Bangladesh, further underscoring the significance of these discussions in fostering stronger economic ties between Sri Lanka and Bangladesh.
