Sri Lanka seeks to strengthen relations with Bangladesh's private sector

Deputy Foreign Minister of Sri Lanka Arun Hemachandra has expressed his country's keenness to strengthen relations with Bangladesh's private sector.

"Strengthening relations between the private sectors of both Bangladesh and Sri Lanka would enhance bilateral trade and investment," he said during a meeting with the visiting business delegation of Dhaka Chamber of Commerce and Industry (DCCI) at his office in Colombo on Thursday, reports BSS.

DCCI team led by its President Taskeen Ahmed paid courtesy calls on Sri Lanka's Deputy Minister for Foreign Affairs and Foreign Employment Arun Hemachandra, and Deputy Minister for Finance and Planning Dr. Harshana Suriyapperuma at their respective ministries separately, says a press release.

Regarding a Free Trade Agreement (FTA) with Bangladesh, Arun Hemachandra mentioned that Sri Lanka has already signed FTAs with Thailand and Singapore, and is currently analysing the potential benefits and risks of an FTA with Bangladesh.

He invited Bangladeshi entrepreneurs to invest in Sri Lanka's promising sectors and assured full support from the Sri Lankan side.

Taskeen Ahmed said that due to ongoing geopolitical shifts, global trade dynamics are changing and new opportunities are opening up across South and Southeast Asia.

He noted that while Bangladesh is the world's second-largest exporter of ready-made garments, Sri Lanka is significantly ahead in areas such as technology, value addition of goods, and innovation.

He highlighted that there is ample potential for bilateral trade and joint initiatives between the private sectors of both countries to expand.

He also emphasised that signing a FTA would further strengthen trade ties and people-to-people connectivity between both countries.

He said that Bangladeshi firms are keen on joint collaboration with Sri Lankan business partners and hoped that Sri Lankan entrepreneurs would also consider investing in potential sectors of Bangladesh.

Former DCCI President Rizwan Rahman mentioned that the economies of Bangladesh and Sri Lanka are quite similar in structure.

Therefore, a Preferential Trade Agreement (PTA) may not be so effective, and a full-fledged FTA would better accelerate bilateral trade and investment of the two countries, he added.

In a separate meeting, Sri Lankan Deputy Minister for Finance Dr. Harshana Suriyapperuma said both countries have ample opportunities for joint collaboration, particularly in information technology and digital services, pharmaceuticals, tea, energy, financial services, and tourism sector.

He mentioned that Sri Lanka has already formulated an ambitious digital roadmap aimed at transforming the country into a fully digital state within the next two years, with all services automated.

He added that the government is encouraging foreign investment in the establishment of state-of-the-art data centers, an area where Bangladeshi investors could be part of it.

He invited Bangladeshi investors to explore opportunities in Sri Lanka's pharmaceutical sector to help meet the local demand.

DCCI's Senior Vice President Razeev H Chowdhury and Vice President Md. Salem Sulaiman were present during the meetings.