Sri Lanka seeks Bangladesh investment for pharma industry development
Andre Fernando, president of the Sri Lanka-Bangladesh Business Cooperation Council, urged Bangladeshi entrepreneurs to invest in and contribute to the development of Sri Lanka's pharmaceutical sector
Sri Lanka, one of the importers of Bangladeshi medicines, has sought investment and contribution from Bangladeshi entrepreneurs to develop their pharmaceutical sector, as Sri Lanka has specialised economic zones to attract foreign investment in pharmaceuticals, among other sectors.
This was urged during a business plenary session titled "Sri Lanka and Bangladesh Economic Ties: Building Bridges for Growth" with a visiting delegation of the Dhaka Chamber of Commerce and Industry (DCCI) held today (18 June) in Colombo.
The session was organised by the National Chamber of Commerce of Sri Lanka.
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Andre Fernando, president of the Sri Lanka-Bangladesh Business Cooperation Council, urged Bangladeshi entrepreneurs to invest in and contribute to the development of Sri Lanka's pharmaceutical sector.
Mangala Wijesinghe, chairman of the Sri Lanka Export Development Board, said in 2024 Sri Lanka imported pharmaceuticals, readymade garments, fabrics, and chemicals from Bangladesh.
He highlighted that there is significant potential for increasing bilateral trade with Bangladesh in sectors such as cotton and textiles, fabrics, spices, animal feed, plastic products, nuts, and agricultural products.
He urged Bangladeshi entrepreneurs to invest in Sri Lanka's pharmaceutical, packaging, logistics and export-oriented manufacturing sectors.
Renuka M Weerakone, director general of Sri Lanka's Board of Investment, said the signing of a free trade agreement (FTA) between the two countries would significantly boost bilateral trade and investment, as well as help remove tariff-related barriers.
She mentioned that Sri Lanka has established specialised economic zones for attracting foreign investment in the pharmaceutical, medical equipment, and fabric sectors, and Bangladeshi entrepreneurs are encouraged to invest in these areas.
DCCI President Taskeen Ahmed said despite global economic challenges and geopolitical turmoil in the last few decades, Bangladesh's economic growth has been quite stable and Bangladesh's sectors such as readymade garments, pharmaceuticals, leather products, agro-processing products, electronics and light engineering, and information technology have played an important role in this journey.
He also stressed the need to revive the Double Taxation Avoidance Agreement signed nearly three decades ago for the betterment of bilateral trade.
Anura Warnakulasooriya, president of the National Chamber of Commerce of Sri Lanka; Andaleeb Elias, Bangladesh high commissioner in Sri Lanka; and Rizwan Rahman, former president of DCCI, also spoke, while Dharmapala Weerakkody, Sri Lankan high commissioner to Bangladesh, joined the event virtually.
In addition, around 150 business-to-business (B2B) interactions were held with the DCCI delegation where around 70 Sri Lankan businesses took part.
DCCI Senior Vice President Razeev H Chowdhury, Vice President Md Salem Sulaiman along with members of the board of directors also participated in the B2Bs.
