Sensing the peace and safety in Sri Lanka, its neighbouring countries are now showing an increased interest to promote trade here.
India which has continued trading through the India - Sri Lanka Free Trade Agreement for the last 10 years is now trying to activate the CEPA to accelerate the trading process between the two countries.
Followed by the Indian attempts, Pakistan with another huge market has indicated to the Sri Lankan business community that Pakistan's doors are wide open for Sri Lanka to expand trade in Pakistan and the latest is Bangladesh, another huge market place with a population of about 156 million people.
Last week, the Sri Lanka Bangladesh Chamber of Commerce and Industry (SLBCCI), Dhaka, Bangladesh, brought in a strong trade and cultural delegation to Sri Lanka, sponsored by the Ceylon Chamber of Commerce (CCC) and have concluded International Buyer/Seller eet (BSM) 2010 in Colombo where leading Bangladesh businessmen and other professionals, along with visitors from 75 other countries and 100 Sri Lankan entrepreneurs participated.
BSM 2010 is the inaugural mega trade and investment promotion by the chamber supported by the Foreign Ministry, EDB, BOI and Tourism Development Authority to establish global links, expand existing contacts and to facilitate business partnerships worldwide.
Following this mega event, a media briefing was held this week in Colombo to explain the whole purpose of this important bilateral exercise.Mahbub Uz Zaman, Bangladesh High Commissioner in Sri Lanka indicated that trading between the two countries has not appreciated so much, but both countries are at the same level, the reason being both countries follow similar culture and somewhat the same lifestyle and the material used are also similar and in trading too export same products. He said that to overcome this situation value addition of the products is a vital factor.
He said that they are working on different areas to improve bilateral trade and now working on the avoidance of double taxation and also indicated that there is excellent atmosphere for investment avenues in both countries.
It transpired that lots of Sri Lankans do business in Bangladesh. J. Durairatnam, DGM, International, Commercial Bank said that the Commercial Bank is operating 17 branches in Bangladesh very successfully and in fact 15% of the profits of the Commercial Bank is generated in Bangladesh.
Harikesha Wijesekera, President, SLBCCI, a Sri Lankan said that he is operating a tourist hotel in Bangladesh for the last 10 years very successfully and said that Sri Lankan businessmen operate in many other sectors in Bangladesh.
He said that to expand the trade relations between the two countries a Free Trade Agreement is a must and said that they are working on it very hard and believedt such a FTA would be beneficial to both the countries. They have submitted a draft and now awaiting the signing of it. |
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