DCCI urges signing of PTA with Sri Lanka to boost trade

The Dhaka Chamber of Commerce and Industry (DCCI) has underscored the importance of signing a Preferential Trade Agreement (PTA) between Bangladesh and Sri Lanka to enhance bilateral trade and investment.

The chamber observed that Sri Lanka's expertise in maritime economy, deep-sea fishing and port management could play an important role in building Bangladesh's capacity in these key sectors through technical cooperation.

The DCCI made the observation at a business dialogue with the Ceylon Chamber of Commerce held at a hotel in Sri Lanka on Tuesday, as part of a visit by a DCCI business delegation, says a statement.

Sri Lanka's Minister for Industry and Entrepreneurship Development Sunil Handunneththi was present as the chief guest at the event.

DCCI President Taskeen Ahmed said that despite the immense potential of trade and investment between the two SAARC countries, it has not yet reached the desired level, but this potential can be exploited by improving relations between the private sectors of the two countries.

"Sri Lankan entrepreneurs can invest in Bangladesh's logistics infrastructure, tourism, education and health services, construction, renewable energy, agro-processing products and information technology sectors," he added.

The DCCI president urged Sri Lankan businesses to import pharmaceuticals, readymade garments, footwear, electronics and jute products from Bangladesh.

Chairman of Ceylon Chamber Duminda Hulangamuwa said Bangladesh is one of the closest friends of Sri Lanka for many years.

"Although the trade figures between these two friendly SAARC countries do not reflect the real strength of both-way trade, it is high time we move it further," he added.

Terming Bangladeshi people 'pro-business' and the private sector 'very resilient', he said that Sri Lanka will always stay alongside Bangladesh.

He expressed the hope that both Sri Lankan and Bangladeshi companies will work together to keep the economies stronger in this region.

He invited Bangladeshi investors to invest in Sri Lanka's various potential sectors such as logistics and tourism sector.

He also said, "The potential of bilateral trade is still untapped. Textile, pharmaceuticals, ship-building and digital services are some of the potential sectors for both the investors of Bangladesh and Sri Lanka."

"We are equally committed to supporting our local entrepreneurs and businesses in exploring opportunities in Bangladesh and we invite your enterprises to consider our nation as a gateway to a diversified market especially in our opening up new economic policies," he added.

At present, he said, Sri Lanka is free from corruption and the government is inviting foreign investment giving various facilities.

"They also aimed to enhance their trade facilitation framework, improve logistic connectivity, harmonise standard and reduce non-tariff barriers," he added.

He also underscored the importance of chamber-to-chamber relations.

The industry leaders and policymakers must promote regional cooperation through direct business-to-business cross-border initiatives, he added.

Former DCCI president Rizwan Rahman presented the keynote paper on the investment potential of Bangladesh at the event.

He said that Bangladesh's young, skilled workforce and Special Economic Zones have created significant potential for foreign investors.

He emphasised the need to sign Free Trade Agreements (FTAs) at the earliest to expand trade and investment between the two countries.

High Commissioner of Bangladesh to Sri Lanka Andalib Elias, High Commissioner of Sri Lanka to Bangladesh Dharmapala Weerakkody and President of Sri Lanka-Bangladesh Business Council Dr. Asanka Ratnayake also spoke on the occasion.

Andalib Elias said Sri Lanka is also progressing rapidly like Bangladesh.

Bangladeshi business people are very enthusiastic and they are keen to collaborate with their Sri Lankan counterparts to elevate the economy into new heights, he pointed out.

Meanwhile, at least 200 business-to-business match-making meetings (b2b) were held between DCCI delegation members and Sri Lankan counterparts.

During this time, the entrepreneurs from both countries got the opportunity to exchange their business and investment information and ideas which will play an effective role in expanding bilateral trade in future.

A Memorandum of Understanding (MoU) was also signed between Dhaka Chamber and the Ceylon Chamber of Commerce with an aim to expand bilateral trade and investment as well as to strengthen relations between the private sector representatives of both countries.

DCCI President Taskeen Ahmed and Ceylon Chamber President Duminda Hulangamuwa signed the MoU.