Dhaka Chamber of Commerce and Industry on Wednesday urged the Sri Lankan investors to visit Bangladesh and see the state of the art facilities of Economic Zones (EZs) in Dhaka.
鈥楳oreover, the Bangladesh government has been giving various incentives to the foreign investors, utilizing these facilities,鈥� said Taskeen Ahmed, president of the DCCI.
He said this while speaking at a business plenary titled 鈥楽ri Lanka & Bangladesh Economic Ties: Building Bridges for Growth鈥� at the National Chamber鈥檚 Auditorium in Colombo.
Members of the visiting business delegation of DCCI participated at the business plenary session organized by the National Chamber of Commerce of Sri Lanka, said a press release here today.
The High Commission of Sri Lanka in Bangladesh has extended their facilitating role to the DCCI in organising this successful business visit to Sri Lanka.
In his speech, Taskeen Ahmed said despite global economic challenges and geopolitical turmoil in the last few decades, Bangladesh鈥檚 economic growth has been quite stable and various sectors such as readymade garments, pharmaceuticals, leather products, agro-processing products, electronics and light engineering, and information technology have played an important role in this journey.
Sri Lankan entrepreneurs have already invested US $438.11 million in Bangladesh鈥檚 banking and financial sector, textile and readymade garment, energy and construction sector, he said and urged them to come forward more in the country鈥檚 potential sectors.
The Dhaka Chamber President stressed the need for reviving the Double Taxation Avoidance Agreement signed nearly three decades ago for the betterment of bilateral trade.
Welcoming the delegation of the Dhaka Chamber, President of the National Chamber of Commerce of Sri Lanka Anura Warnakulasooriya said mutual trust and confidence are essential for expanding trade and investment and such cooperation between the private sectors of the two countries will help increase the bilateral trade.
鈥楳ore businesses will happen if we exchange more delegation,鈥� he added.
President of the Sri Lanka-Bangladesh Business Cooperation Council Andre Fernando urged Bangladeshi entrepreneurs to invest in and contribute to the development of Sri Lanka鈥檚 pharmaceutical sector.
Chairman of the Sri Lanka Export Development Board Mangala Wijesinghe stated that the export sector contributes 19.6 percent to Sri Lanka鈥檚 GDP, and the total exports in 2024 amounted to US$ 16.2 billion.
He mentioned that Sri Lanka is emphasizing on expanding export markets and diversifying its export products.
In 2024, Sri Lanka imported pharmaceuticals, ready-made garments, fabrics, and chemicals from Bangladesh, he noted.
Additionally, Mangala Wijesinghe expressed that there is significant potential for increasing bilateral trade in sectors such as cotton and textiles, fabrics, spices, animal feed, plastic products, nuts, and agricultural products.
He urged Bangladeshi entrepreneurs to invest in Sri Lanka鈥檚 pharmaceutical, packaging, logistics and export-oriented manufacturing sectors.
Director General (DG) of Sri Lanka鈥檚 Board of Investment Renuka M Weerakone stated that the signing of a Free Trade Agreement (FTA) between the two countries would significantly boost bilateral trade and investment, as well as help removing tariff-related barriers.
She mentioned that Sri Lanka has established specialized economic zones for attracting foreign investment in the pharmaceutical, medical equipment, and fabric sectors, and Bangladeshi entrepreneurs are encouraged to invest in these areas.
Sectors such as infrastructure, tourism, information technology, and education also hold great potential for foreign investors in Sri Lanka, she also noted.
Renuka added that the Board of Investment of Sri Lanka is currently operating 15 export processing zones equipped with all necessary services to facilitate and support investors.
Bangladesh High Commissioner in Sri Lanka Andaleeb Elias mentioned that signing a FTA will be instrumental for expanding bilateral trade and investment of both countries in coming days.
Sri Lankan High Commissioner to Bangladesh Dharmapala Weerakkody joined the event virtually and also spoke on the occasion.
Former President of DCCI Rizwan Rahman opined that a FTA will be beneficial to boost trade and investment between the two countries.
He expressed that there is an ample opportunity for both the countries to work together in harnessing the great potential of the blue economy and maritime resources.
To expand bilateral trade, he stressed the importance of removing tariff-related barriers and implementing timely and relevant policy reforms.
Around 150 Business-to-Business (B2B) were held with the DCCI delegation where around 70 Sri Lankan businesses participated in active B2B interaction.
The B2B match-making session provided an opportunity for the entrepreneurs of both the countries to exchange business and investment-related information, which is expected to play an effective role in expanding bilateral trade in the future.
DCCI Senior Vice-President Razeev H Chowdhury, Vice-President Md. Salem Sulaiman along with members of the Board of Directors were also present on the occasion and took part in the B2B match-making session.
