Colombo: Dhaka Chamber of Commerce and Industry (DCCI) has underscored the need for a Preferential Trade Agreement (PTA) between Bangladesh and Sri Lanka to foster bilateral trade and investment.
According to Bangladesh Sangbad Sangstha, the chamber highlighted Sri Lanka's expertise in maritime economy, deep-sea fishing, and port management as crucial for enhancing Bangladesh's capabilities in these areas.
DCCI made these observations during a business dialogue held at the Hilton Colombo Residence Hotel in Sri Lanka, where a delegation from DCCI met with the Ceylon Chamber of Commerce. Sri Lanka's Minister for Industry and Entrepreneurship Development, Sunil Handunneththi, was the chief guest at the event. Taskeen Ahmed of DCCI noted the untapped potential of trade and investment between the two South Asian Association for Regional Cooperation (SAARC) countries, emphasizing the importance of improving private sector relations.
Ahmed suggested that Sri Lankan entrepreneurs could explore investments in Bangladesh's logistics, tourism, education, health services, construction, renewable energy, agro-processing, and information technology sectors. He also urged Sri Lankan businesses to import pharmaceuticals, ready-made garments, footwear, electronics, and jute products from Bangladesh.
Duminda Hulangamuwa, Chairman of Ceylon Chamber of Commerce, acknowledged Bangladesh as a longstanding friend of Sri Lanka. He stressed the need to advance bilateral trade beyond current figures, citing the pro-business environment and resilience of the Bangladeshi private sector. Hulangamuwa encouraged collaboration to strengthen regional economies and invited Bangladeshi investors to explore opportunities in Sri Lanka's logistics and tourism sectors.
Minister Handunneththi emphasized the forum's relevance for regional progress and shared interests, pointing out untapped trade potential in sectors like textiles, pharmaceuticals, ship-building, and digital services. He assured support for local entrepreneurs, inviting Bangladeshi enterprises to consider Sri Lanka as a gateway to a diversified market, especially with new economic policies in place.
Handunneththi highlighted Sri Lanka's corruption-free status and the government's efforts to attract foreign investment through enhanced trade facilitation, improved logistics, and reduced non-tariff barriers. He stressed the importance of chamber-to-chamber relations and direct business-to-business initiatives for regional cooperation, with a focus on entrepreneurship and innovation.
The event also featured speeches from Andalib Elias, High Commissioner of Bangladesh to Sri Lanka, Dharmapala Weerakkody, High Commissioner of Sri Lanka to Bangladesh, and Dr. Asanka Ratnayake, President of the Sri Lanka-Bangladesh Business Council. Elias expressed enthusiasm for collaboration, while former DCCI president Rizwan Rahman highlighted Bangladesh's investment potential due to skilled human resources and Special Economic Zones.
During the event, approximately 200 business-to-business matchmaking meetings took place, involving 90 Sri Lankan companies. Entrepreneurs exchanged business and investment ideas, paving the way for future trade expansion.
A Memorandum of Understanding (MoU) was signed between the Dhaka Chamber and the Ceylon Chamber of Commerce to enhance bilateral trade and strengthen private sector relations. Taskeen Ahmed of DCCI and Duminda Hulangamuwa of the Ceylon Chamber signed the MoU on behalf of their respective organizations.
The DCCI delegation, led by President Taskeen Ahmed, also met with Sri Lanka's Deputy Minister for Foreign Affairs and Foreign Employment, Arun Hemachandra. The meeting was attended by DCCI Senior Vice President Razeev H Chowdhury, Vice President Md. Salem Sulaiman, and delegation members.