Sri Lanka seeks joint venture investments in Bangladesh

Sri Lanka has expressed its willingness to invest in joint ventures in Bangladesh, particularly in synthetic fabric manufacturing, which holds significant potential for investors from both nations, Sri Lankan High Commissioner to Bangladesh Dharmapala Weerakkody said today.

He made these remarks during a courtesy call on Taskeen Ahmed, president of the Dhaka Chamber of Commerce & Industry (DCCI), at the chamber’s office in the capital, according to a press release.

Weerakkody highlighted several sectors as highly promising for joint venture investments, including healthcare, tourism, large hotels, information technology, education, and pharmaceuticals.

He pointed out that both Bangladesh and Sri Lanka are members of the South Asian Association for Regional Cooperation and have maintained a strong and friendly bilateral diplomatic relationship for many years.

He urged Bangladeshi entrepreneurs to leverage Sri Lanka’s experience and technical expertise to develop the country’s local tourism sector.

The high commissioner also said that Sri Lanka has already signed preferential trade agreements (PTAs) with several countries, and negotiations with Bangladesh are set to begin soon to further expand bilateral trade and investment.

During the meeting, DCCI President Taskeen Ahmed stated that bilateral trade between Bangladesh and Sri Lanka reached $134.06 million in the fiscal year (FY) 2023-24.

This marked a significant increase from the $93.11 million recorded in FY 2019-20, reflecting a notable annual growth rate of 9.5 percent, he said.

Taskeen added that a substantial number of Sri Lankan investors, particularly from the banking, textile, power, construction, and pharmaceutical sectors, have already made foreign direct investments of $428.56 million in Bangladesh.

He also encouraged Sri Lankan entrepreneurs to consider investing further in agriculture and food processing, the construction industry, healthcare, tourism, IT, and fast-moving consumer goods (FMCG).

Taskeen Ahmed emphasised Sri Lanka’s expertise and technical assistance in areas such as deep-sea fishing, tourism, and the shipping industry.

He also proposed that negotiations at the government level be expanded to facilitate the early signing of the proposed PTA, which would significantly enhance bilateral trade and investment.

Among others, Razeev H Chowdhury, senior vice-president of the DCCI, Md Salem Sulaiman, vice-president, and Srimali Jayarathne, counsellor (commercial) at the Sri Lankan High Commission in Bangladesh, were also present.

Source: The Daily Star
--Agencies