Bangladesh (Commonwealth Union)_ Sri Lanka is keen to explore joint venture investments in Bangladesh, with a particular focus on the synthetic fabric manufacturing sector, which presents vast opportunities for both nations. The Sri Lankan High Commissioner to Bangladesh, Dharmapala Weerakkody, expressed this interest during a recent courtesy visit to Taskeen Ahmed, President of the Dhaka Chamber of Commerce & Industry (DCCI), in the capital city. Weerakkody also underscored the significant potential for joint ventures in various sectors, including healthcare, tourism, large hotels, information technology (IT), education, and pharmaceuticals.
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Weerakkody emphasized the long-standing and friendly diplomatic relations between Bangladesh and Sri Lanka, both of which are members of the South Asian Association for Regional Cooperation (SAARC). He urged Bangladeshi entrepreneurs to capitalize on Sri Lanka’s technical expertise and experience, particularly in developing Bangladesh’s tourism sector. Furthermore, Weerakkody revealed that Sri Lanka had already signed several preferential trade agreements (PTAs) with various countries, with negotiations set to begin soon with Bangladesh to strengthen bilateral trade and investment. He expressed hope that these efforts would lead to enhanced economic cooperation between the two nations.
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During the meeting, DCCI President Taskeen Ahmed highlighted the steady growth of bilateral trade, noting that the trade volume between Bangladesh and Sri Lanka had reached $134.06 million in the fiscal year 2023-24, a significant increase from $93.11 million in FY 2019-20. This growth represents an annual increase of 9.5%, reflecting a positive trend in bilateral trade. Ahmed also pointed out that Sri Lankan investors, particularly from sectors such as banking, textiles, power, construction, and pharmaceuticals, have already invested $428.56 million in Bangladesh. He urged Bangladeshi entrepreneurs to explore opportunities in agriculture, food processing, construction, healthcare, IT, and fast-moving consumer goods (FMCG) sectors, with a focus on leveraging Sri Lanka’s expertise in these areas.
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Additionally, Ahmed emphasized Sri Lanka’s significant technical capabilities in industries such as deep-sea fishing, tourism, and shipping, which could be beneficial for Bangladesh’s development. He also proposed that both governments engage in further discussions to expedite the signing of the proposed PTA, which would provide a framework for expanding bilateral trade and investment. The meeting also saw the presence of key figures from the DCCI, including Senior Vice-President Razeev H Chowdhury, Vice-President Md Salem Sulaiman, and Srimali Jayarathne, Commercial Counsellor at the Sri Lankan High Commission in Bangladesh. The discussions reflect a promising future for deeper economic collaboration between Sri Lanka and Bangladesh.
