FBCCI proposes JEC with Lanka
Wednesday, 20 April 2011
FE Report
The chief of the country's apex trade body AK Azad Tuesday proposed to establish a Joint Economic Council (JEC) on trade and investment to formulate a comprehensive economic agreement between Bangladesh and Sri Lanka. The president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said this at a luncheon meeting hosted by the trade body in honour of visiting Sri Lankan President Mahinda Rajapaksa at a city hotel. Sri Lankan Minister of External Affairs GL Peiris and Bangladesh Finance Minister AMA Muhith also spoke on the occasion. Mr Azad said the joint economic council may take up bilateral trade facilitation work programmes and implement them for mutual interests with periodic review of progresses. With an appeal to Sri Lankan business community, the FBCCI chief said: "We may explore the feasibility of having joint ventures particularly in setting up coconut oil mills, textiles, leather and footwear, engineering and food processing industries. Mr Azad said Bangladesh is an attractive investment destination for Sri Lankan investors, especially in the fields of infrastructure, agro-based industries and power and energy sectors. Mr Azad said Bangladesh has most attractive incentives for FDI (Foreign direct investment). "We need to expand the range of our activities and arrange single- country trade fairs of Bangladeshi products in Sri Lanka and the same for Sri Lankan products in Bangladesh," he added. "We strongly believe that our two friendly countries can also cooperate with each other for imparting skills and promoting research development," he said. He said that the range of Joint Cooperation Agreement, which was signed in 1985 between FBCCI and the Federation of Chambers of Commerce and Industry of Sri Lanka, needs to be expanded. Bangladesh's export to Sri Lanka in 2009-10 was US$ 23.74 million against the import of US$ 22.60 million. During the first six months of the current fiscal, Bangladesh export to Sri Lanka has been US$ 13.82 million while the import was US$ 12.87 million. Sri Lanka's investment in Bangladesh is not up to its real potential. After Bangladesh independence up to 2010, only 31 companies have registered with the Board of investment and the investment is only around $75 million. Expatriates' Welfare and Overseas Employment Minister Engineer Khandker Mosharraf Hossain, Industries Minister Dilip Barua, Civil Aviation and Tourism Minister Ghulam Muhammed Quader, Commerce Minister Muhammad Faruk Khan and Foreign Affairs Minister Dr Dipu Moni were, among others, present at the luncheon meeting.
The chief of the country's apex trade body AK Azad Tuesday proposed to establish a Joint Economic Council (JEC) on trade and investment to formulate a comprehensive economic agreement between Bangladesh and Sri Lanka. The president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said this at a luncheon meeting hosted by the trade body in honour of visiting Sri Lankan President Mahinda Rajapaksa at a city hotel. Sri Lankan Minister of External Affairs GL Peiris and Bangladesh Finance Minister AMA Muhith also spoke on the occasion. Mr Azad said the joint economic council may take up bilateral trade facilitation work programmes and implement them for mutual interests with periodic review of progresses. With an appeal to Sri Lankan business community, the FBCCI chief said: "We may explore the feasibility of having joint ventures particularly in setting up coconut oil mills, textiles, leather and footwear, engineering and food processing industries. Mr Azad said Bangladesh is an attractive investment destination for Sri Lankan investors, especially in the fields of infrastructure, agro-based industries and power and energy sectors. Mr Azad said Bangladesh has most attractive incentives for FDI (Foreign direct investment). "We need to expand the range of our activities and arrange single- country trade fairs of Bangladeshi products in Sri Lanka and the same for Sri Lankan products in Bangladesh," he added. "We strongly believe that our two friendly countries can also cooperate with each other for imparting skills and promoting research development," he said. He said that the range of Joint Cooperation Agreement, which was signed in 1985 between FBCCI and the Federation of Chambers of Commerce and Industry of Sri Lanka, needs to be expanded. Bangladesh's export to Sri Lanka in 2009-10 was US$ 23.74 million against the import of US$ 22.60 million. During the first six months of the current fiscal, Bangladesh export to Sri Lanka has been US$ 13.82 million while the import was US$ 12.87 million. Sri Lanka's investment in Bangladesh is not up to its real potential. After Bangladesh independence up to 2010, only 31 companies have registered with the Board of investment and the investment is only around $75 million. Expatriates' Welfare and Overseas Employment Minister Engineer Khandker Mosharraf Hossain, Industries Minister Dilip Barua, Civil Aviation and Tourism Minister Ghulam Muhammed Quader, Commerce Minister Muhammad Faruk Khan and Foreign Affairs Minister Dr Dipu Moni were, among others, present at the luncheon meeting.