SL urges Bangladeshi investment in pharmaceutical sector

Sri Lankan Industry and Commerce Minister Rishad Bathiudeen made the call at a recently held meeting with Dhaka Chamber of Commerce and Industry (DCCI) and Sri Lanka Bangladesh Chamber of Commerce and Industry (SLBCCI) here in Dhaka. “Bangladeshi pharmaceutical, which are being exported to more than 200 countries, may also have bright future in the market of Sri Lanka because of its high-standard,” said the minister. Among others, DCCI President Abul Kasem Khan and Sri Lankan High Commissioner in Dhaka Yasoja Gunasekera attended the meeting. According to data of Export Promotion Bureau (EPB), Bangladesh earned US$13.38 million exporting pharmaceuticals products to Sri Lanka in the last fiscal year 2015-16 against $82.10 million from the previous fiscal. During the meeting, Rishad Bathiudeen said: “Bangladeshi pharmaceutical industry will experience a bright future if they invest in Sri Lanka.” He also requested the Bangladeshi exporters to use the Sri Lankan ports to cut their shipping costs as both Colombo and Hambantota sea ports are geographically placed in an advantaged area. Regarding the free trade agreement (FTA), the minister said: “As Sri Lanka is willing to sign FTA with Bangladesh, it can initiate the process of signing an FTA with Sri Lanka.” He invited Bangladeshi businessmen to organise ‘single country trade fair’ in Sri Lanka to familiarise Bangladeshi products in Sri Lanka. “There is 15000 acres of land adjacent to the Hambantota port for industrialisation and it will be a US$5 billion industry over the next 3 years,” said the minister. DCCI President Abul Kasem Khan said: “Sri Lanka is one of the closest neighbours and excellent friend of Bangladesh. Despite, having good relation, bilateral trade between Bangladesh and Sri Lanka is far from our expectation level.” He said: “In order to deepen existing level of bilateral trade, sensitive product list under SAFTA needs to be revised and he also stressed on direct marine connectivity between Chittagong and Mongla ports with Colombo and Trincomalee ports.” Sri Lankan High Commissioner to Bangladesh Yasoja Gunasekera requested both the DCCI and SLBCCI to send business delegation to Sri Lanka and sign a memorandum of understanding (MoU) to boost bilateral trade. President of SLBCCI Najith Meewanage, DCCI Vice President Hossain A Sikder, Directors Engr Akber Hakim, Hossain Akhter, Humayun Rashid, Imran Ahmed, K Atique-e-Rabbani, FCA, KMN Manjurul Hoque, Md Alauddin Malik and former Director of DCCI Rizwan Ur Rahman were also present at the meeting.