In a significant move to bolster regional cooperation, Sri Lanka has expressed its eagerness to invest in joint ventures in Bangladesh, with a particular focus on synthetic fabric manufacturing. Sri Lankan High Commissioner to Bangladesh, Dharmapala Weerakkody, highlighted this opportunity during a courtesy call on Taskeen Ahmed, President of the Dhaka Chamber of Commerce & Industry (DCCI). This development opens new avenues for investors from both nations, signaling a potential surge in cross-border collaborations.
Weerakkody underscored several sectors ripe for joint venture investments, including healthcare, tourism, large hotels, information technology, education, and pharmaceuticals. He emphasized the strong diplomatic ties between Bangladesh and Sri Lanka, both members of the South Asian Association for Regional Cooperation (SAARC). Leveraging Sri Lanka’s experience and technical expertise, particularly in tourism, could provide a significant boost to Bangladesh’s local sector.
“Both Bangladesh and Sri Lanka have maintained a strong and friendly bilateral diplomatic relationship for many years,” Weerakkody remarked, encouraging Bangladeshi entrepreneurs to tap into Sri Lanka’s rich experience.
The high commissioner also revealed that Sri Lanka has inked preferential trade agreements (PTAs) with several countries and is poised to begin negotiations with Bangladesh. This move aims to expand bilateral trade and investment, further cementing the economic partnership between the two nations.
During the meeting, DCCI President Taskeen Ahmed highlighted the robust growth in bilateral trade. “Bilateral trade between Bangladesh and Sri Lanka reached $134.06 million in the fiscal year 2023-24, up from $93.11 million in FY 2019-20, reflecting an annual growth rate of 9.5 percent,” he stated. Ahmed also noted that Sri Lankan investors have already pumped $428.56 million into Bangladesh, spanning sectors such as banking, textile, power, construction, and pharmaceuticals.
Ahmed urged Sri Lankan entrepreneurs to explore further investments in agriculture and food processing, construction, healthcare, tourism, IT, and fast-moving consumer goods (FMCG). He emphasized Sri Lanka’s proficiency in deep-sea fishing, tourism, and the shipping industry, suggesting these areas could benefit from enhanced collaboration.
“Sri Lanka’s expertise and technical assistance in these sectors can significantly contribute to Bangladesh’s development,” Ahmed said, proposing an expansion of government-level negotiations to expedite the signing of the proposed PTA. This agreement could markedly enhance bilateral trade and investment, fostering a more integrated economic partnership.
The meeting was also attended by 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.
This development could reshape the construction industry in both nations, particularly as sustainability becomes a critical focus. Joint ventures in synthetic fabric manufacturing, for instance, could lead to innovative, eco-friendly materials and technologies, reducing the environmental impact of construction projects. Moreover, collaborations in tourism and healthcare could drive the development of green buildings and smart infrastructure, catering to the growing demand for sustainable and resilient urban environments.
The proposed PTA, if signed, could facilitate the exchange of best practices and technological advancements, fostering a more sustainable construction sector. As both countries strive for economic growth, this partnership could set a benchmark for regional cooperation, demonstrating how joint ventures can drive innovation and sustainability in construction.
With Sri Lanka’s expertise in tourism and Bangladesh’s burgeoning construction industry, there’s ample room for developing eco-friendly hotels and resorts that minimise environmental impact while maximising guest experiences. This could involve using locally sourced materials, implementing energy-efficient designs, and adopting waste management strategies that align with global sustainability goals.
Furthermore, the healthcare sector presents opportunities for building state-of-the-art, green hospitals that prioritise patient well-being and environmental stewardship. By integrating smart technologies and sustainable practices, these facilities could serve as models for future healthcare infrastructure in the region.
In essence, this bilateral engagement is more than just a trade agreement—it’s
