Bangladesh and Sri Lanka have discussed ways of wider economic cooperation at the prime minister level talk when the leaders directed the authorities concerned for early conclusion of the agreement on customs cooperation between the countries to reap benefits of the economic ties.
Both sides agreed to facilitate mutually beneficial investments in respective Special Economic Zones, Industrial Parks, Hi-Tech Parks, etc. by utilizing the Memorandum of Understanding between the Bangladesh Investment Development Authority (BIDA) and the Board of Investment (BoI), Sri Lanka, according to the joint communiqué issued after Prime Minister Sheikh Hasina and his counterpart Mahinda Rajapaksa’s bilateral meeting.
The two leaders recognised the potential for collaborative partnership between the private sectors of the two countries, particularly in high-end apparel and textiles, information and communication technology and related knowledge industry, jute and jute products, religious and eco-tourism, gems and jewelry and precious metal, agriculture and agro-processing, fisheries – livestock– dairy– horticulture, health management, infrastructure development and construction, pharmaceuticals, energy and power. They underlined that investments from both countries could benefit through increased joint ventures, public-private partnerships. They encouraged sectoral industries, industry associations, chambers, etc. of the two countries for greater dialogue towards beneficial and result-oriented collaboration, including in investments.
Two leaders agreed to request their respective Central Banks and other financial institutions to cooperate closely in investments, SWAPs and technical issues.
Referring to the accomplishment of the two countries as top IT services outsourcing destinations in the world, the two leaders agreed to encourage the industries to use the respective competitive advantages and expertise in the field to further expand market competitiveness.
It was also agreed to hold the meeting of the JWG on ICT and related industry to facilitate greater collaboration and partnership between the relevant stakeholders of both countries.
The two leaders underlined shipping as one of the key areas with potential for mutually beneficial cooperation which should result in improved connectivity and open up further opportunities for bilateral trade between the two countries and beyond.
Observing that negotiations on the draft Coastal Shipping Agreement and the draft Standard Operating Procedure (SOP) on the Feeder Services between Chattogram and Colombo are at an advanced stage, they agreed to conclude these early. They were also instructed to hold the next meetings of the JWG on Shipping and Shipping Secretary level talks at an early date to iron out the pending issues.
Both sides noted with satisfaction that a number of Sri Lankan business entities have invested in Bangladesh to the mutual benefit of both parties.
Bangladesh welcomed more Sri Lankan investment in sectors such as textiles, knitwear, linen, leather, pharmaceuticals, agro-based industries and steel & engineering, IT, education, health and hospitality etc. Sri Lanka Prime Minister invited the Bangladesh business sector to seek out new opportunities available in Sri Lanka in the sectors of pharmaceutical, value added apparel, food processing, logistics, tourism and IT enabled services.
Both leaders encouraged the early conclusion of the Bilateral Investment Promotion and Protection Agreement.
Given both the countries’ experiences in apparel industries, the two leaders stressed on the follow up on the implementation of the Memorandum of Understanding between Chattogram BGMEA Institute of Fashion and Technology and Sri Lanka Institute of Textile and Apparel.
Sri Lankan Prime Minister thanked Bangladesh for hosting a sizable presence of Sri Lankan workers and professionals across manufacturing and service sectors making it one of the largest such presence of Sri Lankan professionals in the region. The two leaders agreed to work towards facilitating easy movement for the nationals of both countries.
