Sri Lanka-Bangladesh bilateral trade tripled since 2010 including a three-fold rise in exports. However there are several unexplored potentials, said Minister of Industry and Commerce, Rishad Bathiudeen.
He was addressing High Commissioner of Bangladesh in Sri Lanka, Riaz Hamidullah at the Ministry. “Even our exports to Bangladesh increased in the last five years,” said Minister Bathiudeen and added: “We are looking for much bigger trade and investments to Sri Lanka from Dhaka as well in the aftermath of proposed high level Business Forum to be held along with this event, which is essential for B2B links.”
According to the Department of Commerce, total trade between both countries that was at a mere US $48 million in 2010 has tripled to US$ 142 million in 2016. The balance of trade between two countries has always been in favour of Sri Lanka. Among Sri Lanka’s top exports to Bangladesh are Cotton, Plastics, fabrics, Soap and washing preparations, and lubricants. Sri Lanka’s exports to Bangladesh at $ 35 million in 2010 too tripled (to $112 million) in 2016.
Among top imports from Bangladesh to Sri Lanka are medicines, textile fibres and paper yarn, steel, apparel and cotton. The US $13 million imports volume to Sri Lanka from Bangladesh in 2010 also surged to $ 39 by 2016.
Ambassador Hamidullah said that both countries should work close together mutually to increase trade volumes. I am also pleased to say that the cost of doing business in Bangladesh has significantly decreased in recent years. Already many Lankan companies have invested with us.”
“Over 45 Lankan companies are already operating in Bangladesh at present with US$ 300 million investment. They are active in the sectors of apparel, banking, paper, and consumer goods.”
0 comments: