The new deal due to be signed between Bangladesh and Sri Lanka to protect and promote mutual investment, is an encouraging step forwards for both our countries.
Bilateral trade currently stands at around $70m a year and there is still considerable potential for this to grow much further as our economies complement each other’s strengths.
With Bangladesh’s large population and market, there is plenty of scope for Sri Lankan companies to build on the $292m they already have invested here under joint ventures. Sri Lanka’s resources of mineral sands and rubber can in turn provide a fillip for building our own export industries.
As well as adding certainty and protection for investors, the deal provides mutual guarantees to ensure investments are consistent with national objectives to improve human welfare and safeguard the environment.
Taken together with the new coastal shipping agreement due to be signed between Bangladesh and Sri Lanka before June, it is a welcome step forward for efforts to boost bilateral trade and commerce.
For our economy to grow the future jobs our population needs, it is important for the government to increase efforts to seek and sign free trade agreements as widely as possible
We hope this week’s progress will help inspire further and faster reforms within SAFTA and speed moves to sign mooted new trade agreements with Malaysia and Thailand.
Securing duty-free and quota-free market access in as many countries as possible is the best way to maximise competitiveness and attract new investment opportunities to create jobs.