To boost financial links, Sri Lanka wants business owners from Bangladesh to put money into making medicine there. This offer was made at a meeting in Colombo called “Sri Lanka & Bangladesh: Growing Together”. The event, which took place at the National Chamber of Commerce, aimed to create stronger business connections between both countries today. The session, which included a delegation from the Dhaka Chamber of Commerce and Industry (DCCI), highlighted the potential for Bangladeshi investment in Sri Lanka’s pharma manufacturing sector. Sri Lankan business leaders emphasised the country’s investor-friendly regulations, strategic location, and growing domestic demand for quality medications. Bilateral trade between Bangladesh and Sri Lanka has been steadily climbing, reaching US $134 million in FY 2023–24, up from US $93 million in FY 2019–20. Sri Lankan investors have already spent over US $428 million in FDI across various Bangladeshi sectors, including banking, garments, energy, construction, and pharmaceuticals. DCCI President Taskeen Ahmed invited Sri Lankan firms to expand their ventures in Bangladesh’s Special Economic Zones (SEZs), pointing to the country’s modern infrastructure and regulatory advantages. He also highlighted Bangladesh’s strong performance in garments, pharmaceuticals, leather, and ICT as key sectors for collaboration. Andre Fernando, President of the Sri Lanka–Bangladesh Business Cooperation Council, stressed that pharmaceutical partnerships would benefit both economies. He advised entrepreneurs from Bangladesh to consider forming partnerships in Sri Lanka, where they can take advantage of current manufacturing strengths and export systems. Representatives from Sri Lanka’s Board of Investment and Export Development Board underscored the importance of a potential Free Trade Agreement (FTA) to reduce tariffs and enhance trade in pharmaceuticals and other sectors. This agreement could open doors for investments in textiles, packaging, logistic services, and agricultural value chains. Experts say pharmaceutical collaboration is a strategic move. Bangladesh is renowned for producing affordable, high-quality generics supplied to over 100 countries. Partnering with Sri Lanka could enhance capacity, tap new markets, and improve regulatory compliance. Sri Lanka’s established manufacturing base and export expertise can also aid Bangladeshi firms in scaling up and diversifying their products. The Sri Lankan High Commissioner and senior government officials attended the session, indicating strong diplomatic support. Industry observers anticipate that interest from Bangladeshi investors will bring fresh momentum to pharma trade and production. In summary, Sri Lanka’s invitation offers Bangladeshi investors a valuable opportunity to expand into a neighbouring pharmaceutical market. With increasing trade, growing FDI links, and supportive frameworks like SEZs and FTAs, both countries stand to benefit from deeper economic integration. Exploration of joint ventures in pharma and other sectors will shape a new phase in bilateral collaboration.
