With the nation of Bangladesh poised to become an economic powerhouse in the South Asianregion, the Ceylon Chamber of Commerce recently hosted a meeting with a high-level delegation representing the Bangladesh Export Processing ZonesAuthority (BEPZA) aimed at enhancing trade relations between Sri Lanka and Bangladesh.

Chairman of the Ceylon Chamber of CommerceVish Govindasamy drew reference to the significant increase in bilateral trade volumes in 2020/21 between the two countries.

He noted that business promotion delegations such as that from BEPZA, contribute positively to the local chamber’s efforts to enhance bilateral trade and investment and explore the untapped potential for economic growth,

.ExecutiveChairman of BEPZA, Major General A.K.M. Ziaur Rahman welcomed Sri Lankan firms to explore investment opportunities in Bangladesh, highlighting attractive and comprehensive investment facilities, and a stable economic climate promising rapid growth.

Strategically Located as the geopolitical gateway to India and China offering access to millions of consumers and exports amounting to over $ 44 billion dollars in2021,

Bangladesh is one of the fastest growing economies in Asia, TanvirHossain, Executive Director – Investment Promotion, BEPZA, added.

BEPZA is the official government agency charged with promoting, attracting and facilitatingforeign investment in the EPZs, as well as managing the EPZs, thereby executing the Government of Bangladesh’s mandate to implement an ‘open door’ policy inorder to attract more foreign investment to the country.

With 38countries across Europe, Asia and North America invested in eight EPZs across the country, there are currently 454 enterprises in operation and 78 industries under implementation, contributing to over 17% ($6.64 billion) to national exports last year.

In addition to fiscal and non-fiscal incentives, investments in BEPZA also benefit from preferential market access with GSP facilities from 38 countries across the globe, an increasing number of bilateral treaties and duty free access

.Boosted by the presence of established global brands, the country is currently the largest exporter of denim to the EU market, second largest exporter of jute and eighth largest exporter of leather products, opportunities in the manufacture of diversified products such as luggage, furniture, LED products, camera lenses and automobile parts abound.

Sri Lanka’s private sector was well represented at the meeting, with companies in diverse industries ranging from renewable energy, warehousing and logistics to food processing, wellness and FMCG taking the opportunity to meet and further discuss investment opportunities with the BEPZA representatives.

The cash strapped crisis ridden Sri Lankan Government is seeking closer engagement with Algeria, which is the lead economy in North Africa, in keeping with the Government policy of further expanding ties with the African Region.

Accordingly, Foreign Ministry Level Virtual Bilateral Consultations with the People’s Democratic Republic of Algeria were held for the first time focused on strengthening political, economic, social and cultural ties between the two nations.

The two sides noted that the total trade last year stood USD 5.39 million and Sri Lanka’s exports to Algeria amounted to only USD 0.63 million while Sri Lanka’s imports from Algeria amounted to USD 4.76 million.

As a major exporter of petroleum and LP gas, the trade relations with Algeria have mainly been in the energy sector. However, potential to further increase exports particularly tea, spices, coconut products and apparel were explored.

A virtual meeting with the Chambers of Commerce of both countries is expected to take this process forward.

Recalling the long standing bilateral relations, the two sides agreed to celebrate the 50th anniversary of diplomatic relations in a fitting manner next year.

Algeria announced that it will host the next NAM Summit in Algiers in 2022 and recalled that both countries are founding members of the Non Aligned Movement and continue to work closely at the multilateral level.

The two countries expressed keen interest to focus bilateral cooperation in the environment and climate change, power & energy and tourism sectors. Further strengthening defence and counter terrorism cooperation were also discussed.

Cash strapped mgovernment has envisaged,closer engagement with Algeria which is the lead economy in North Africa is envisaged.

As a major exporter of petroleum and LP gas, the trade relations with Algeria have mainly been in the energy sector.

However, potential to further increase exports particularly tea, spices, coconut products and apparel were explored. A virtual meeting with the Chambers of Commerce of both countries is expected to take this process forward.

Recalling the long standing bilateral relations, the two sides agreed to celebrate the 50th anniversary of diplomatic relations in a fitting manner next year.

Algeria announced that it will host the next NAM Summit in Algiers in 2022 and recalled that both countries are founding members of the Non Aligned Movement and continue to work closely at the multilateral level.

The two countries expressed keen interest to focus bilateral cooperation in the environment and climate change, power & energy and tourism sectors. Further strengthening defence and counter terrorism cooperation were also discussed.