Federation of Bangladesh Chamber of Commerce and Industry discusses cooperation with Sri Lanka
Daily FT: Sri Lanka’s High Commissioner in Bangladesh Dharmapala Weerakkody emphasised the need to expand economic cooperation between Sri Lanka and Bangladesh by leveraging the long-standing and close bilateral partnership between the two countries.
The High Commissioner conveyed this message during a meeting with Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) President Mahbubul Alam in Dhaka on 21 January.
The High Commissioner highlighted that there is considerable potential to export Sri Lankan products, including spices, value-added tea, coconut-based items, healthcare products and construction materials to Bangladeshi markets. Moreover, he requested the assistance and cooperation from the FBCCI to attract Bangladeshi investors to invest in the promising investment opportunities available for them in Sri Lanka, particularly in the sectors of Information Technology, Pharmaceuticals, Logistics Services in Ports and Shipping and Tourism.
FBCCI President Alam acknowledged the positive contribution made by Sri Lankan investments to the Bangladeshi economy and praised the presence of Sri Lankan professionals in influential positions within the corporate sector of Bangladesh. He also expressed optimism about more Sri Lankan investors benefiting from the Bangladesh government’s plan to establish 100 special economic zones.
During the meeting, the High Commissioner and the FBCCI President also discussed the importance of exploring new initiatives to enhance cooperation in the field of the Blue Economy through mutually beneficial partnerships. Both parties affirmed their commitment in fostering stronger economic ties and identifying new avenues for collaboration by enhancing more connectivity and people to people contacts between the two nations.
High Commission of Sri Lanka Counsellor (Commercial) Srimali Jayarathna, FBCCI Vice Presidents Shomi Kaiser, Rashadul Hossain Chowdhury and Secretary General Md. Alamgir participated in the discussion.
OSL take:
Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by Sri Lanka with other countries have placed the country in an economically strong positioning in the South Asian region. Sri Lanka already enjoys free trade agreements (FTAs) with countries in the region like India and Pakistan. The FTA between Sri Lanka and India is to be further strengthened through the proposed ETCA. It is in such a backdrop that Sri Lanka is looking at reaching a preferential trade agreement (PTA) with Bangladesh. These ties between Sri Lanka and the three key countries like India, Pakistan and Bangladesh has placed Sri Lanka in a prominent position in regional trade, business and investment ties. Since Sri Lanka is working towards becoming an emerging business destination in the South Asian region and the strong trade ties with many countries in the region, foreign businesses/investors could look at setting up base in Sri Lanka to engage with other countries in the region using Sri Lanka’s preferential treatment.
| Article Code : | VBS/AT/20240209/Z_7 |