High Commissioner of Sri Lanka to Bangladesh, Dharmapala Weerakkody accompanied by Counsellor / Commerce of the Embassy, Srimali Jayarathne held a productive meeting with the newly appointed Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Ashik Chowdhury. The discussions were held on 14 November at the BIDA office in Dhaka.
High Commissioner Dharmapala Weerakkody congratulated Ashik Chowdhury on his new appointment as the Executive Chairman of BIDA and the Executive Chairman of the Bangladesh Economic Zone Authority (BEZA). He highlighted that Bangladesh has become one of the favourite overseas destinations for Sri Lankan businesses to expand their operations. Currently, around 80 Sri Lankan investment projects are operating in Bangladesh across various sectors, including banking and finance, textiles and apparel, power, hospitality, logistics, food processing and tourism etc. Further, there is considerable potential for Sri Lankan companies to expand their investments in Bangladesh in the new emerging sectors including education, ICT, healthcare, business services, contractions, real estate and agribusiness etc.
The High Commissioner also referred to the promising opportunities available for Bangladeshi companies to invest in Sri Lanka’s pharmaceutical and logistics services sectors. He expressed optimism that the Bangladesh-Sri Lanka Preferential Trade Agreement (BSPTA), currently under negotiation, would serve as a catalyst to boost trade and investments between the two countries. Moreover, the High Commissioner underscored the importance of BIDA’s support with consistent investment-friendly policies in a safe and conducive business environment to ensure the smooth operation of existing Sri Lankan investment projects in Bangladesh.
During the meeting, Executive Chairman Ashik Chowdhury appreciated the contributions of Sri Lankan investment projects to the economic development of Bangladesh and the role Sri Lankan professionals played in advancing the country’s corporate sector. He reassured BIDA’s consistent support for the Sri Lankan investment projects currently operating in Bangladesh, as well as for upcoming initiatives. Executive Chairman Chowdhury also acknowledged the investment opportunities available in Sri Lanka for prospective Bangladeshi companies.
The High Commissioner proposed that BIDA organise an interactive session with Diplomatic Missions and foreign investors in Bangladesh, highlighting the emerging investment opportunities and elaborating on policies that include tax incentives, duty exemptions, and streamlined regulatory procedures available in Bangladesh for foreign investors. The BIDA Chairman warmly welcomed the proposal.
FT