Daily Mirror

Highly Factual

Sri Lanka has expressed its willingness to invest in joint ventures in Bangladesh, particularly in synthetic fabric manufacturing, which holds significant potential for investors from both nations, Sri Lankan High Commissioner to Bangladesh Dharmapala Weerakkody said today. He made these remarks during a courtesy call on Taskeen Ahmed, president of the Dhaka Chamber of Commerce & Industry (DCCI), at the chamber's office in the capital, according to a press release. Weerakkody highlighted several sectors as highly promising for joint venture investments, including healthcare, tourism, large hotels, information technology, education, and pharmaceuticals. He pointed out that both Bangladesh and Sri Lanka are members of the South Asian Association for Regional Cooperation and have maintained a strong and friendly bilateral diplomatic relationship for many years. He urged Bangladeshi entrepreneurs to leverage Sri Lanka's experience and technical expertise to develop the country's local tourism sector. The high commissioner also said that Sri Lanka has already signed preferential trade agreements (PTAs) with several countries, and negotiations with Bangladesh are set to begin soon to further expand bilateral trade and investment. During the meeting, DCCI President Taskeen Ahmed stated that bilateral trade between Bangladesh and Sri Lanka reached $134.06 million in the fiscal year (FY) 2023-24. This marked a significant increase from the $93.11 million recorded in FY 2019-20, reflecting a notable annual growth rate of 9.5 percent, he said. Taskeen added that a substantial number of Sri Lankan investors, particularly from the banking, textile, power, construction, and pharmaceutical sectors, have already made foreign direct investments of $428.56 million in Bangladesh. He also encouraged Sri Lankan entrepreneurs to consider investing further in agriculture and food processing, the construction industry, healthcare, tourism, IT, and fast-moving consumer goods (FMCG). Taskeen Ahmed emphasised Sri Lanka's expertise and technical assistance in areas such as deep-sea fishing, tourism, and the shipping industry. He also proposed that negotiations at the government level be expanded to facilitate the early signing of the proposed PTA, which would significantly enhance bilateral trade and investment. Among others, Razeev H Chowdhury, senior vice-president of the DCCI, Md Salem Sulaiman, vice-president, and Srimali Jayarathne, counsellor (commercial) at the Sri Lankan High Commission in Bangladesh, were also present.

Daily Mirror

Factual

By Nuzla Rizkiya Sri Lanka’s apparel industry is upbeat about future growth and expansion with industry leaders emphasising the need for greater collaboration and policy consistency to sustain the sector’s current growth momentum. Stakeholders opined that the current period is an opportune time to engage in industry-wide collaboration and explore new partnerships to leverage Sri Lanka’s strengths to drive growth and attract new buyers. Commenting on the industry’s current trajectory, Joint Apparel Association Forum (JAAF) Chairman Saifudeen Jafferjee opined that the sector must strengthen its backward linkages to counter challenges in the geo-political landscape. “Current tariff wars and the trade agreements being discussed are challenges, but they also present opportunities. We need to form strategies to establish Sri Lanka as a true apparel hub,” Jafferjee said addressing the 14th Sri Lankan edition of CEMS-Global USA’s Textile Series of Exhibitions currently taking place in Colombo. He urged that the country’s reputation as an ethical manufacturer should be promoted to improve design development and brand creation. Additionally, he emphasised the importance of strengthening backward integration in supplying capacities, which would further enhance the industry’s competitiveness and sustainability. As of 2024, the fashion and apparel sector has grown to become a pivotal contributor to the Sri Lankan economy, providing employment to over 350,000 individuals directly and up to one million indirectly. Export earnings from the sector last year surpassed US$ 4.7 billion, with apparel and manufacturing production accounting for approximately 7 percent of the country’s GDP. Building on this momentum, the industry has set itself a target of achieving US$ 8 billion in apparel exports for 2025. However, industry leaders caution that achieving this ambitious target requires policy consistency and improved collaborations to improve Sri Lanka’s competitiveness in the global market. JAAF Secretary General Yohan Lawrence highlighted the importance of forming global partnerships to connect local manufacturers with international suppliers as a vital tool to expand market reach. “Every year, Sri Lanka is seeing slightly bigger exhibitions, more exhibitors and more throughput. It’s not just about large factories—small and medium enterprises (SMEs) also benefit significantly from these events by gaining access to new suppliers of raw materials, chemicals, and machinery,” Lawrence stated. Reiterating his sentiments, Sri Lanka Apparel Exporters Association (SLAEA) Chairperson Rajitha Jayasuriya highlighted the apparel sector’s pioneering role in placing Sri Lanka on the global map by facilitating employment and trade opportunities. “Innovation, machinery, technology, and other opportunities for the apparel industry continue to expand and we must make use of them,” Jayasuriya said. Meanwhile, Deputy Minister of Industries Chathuranga Abeysinghe commended the apparel sector’s resilience in navigating challenging periods, especially during the postwar era, the COVID-19 pandemic and the economic crisis that followed. He acknowledged how the apparel industry has set an example for all other sectors in navigating turbulent and challenging times. “The government and the apparel industry must share a unified vision to achieve the US$ 8 billion export target. We must ensure that we retain our reputation as an ethical and high-quality manufacturer,” Abeysinghe said. Pix by Kithsiri de Mel

Ada Derana

Factual

A meeting between President Anura Kumara Dissanayake and officials of the Ministry of Industry and Entrepreneurship Development was held today (14) at the Presidential Secretariat. Discussions focused on enhancing the efficiency, integration and development of the manufacturing sector to strengthen the national economy, as well as addressing the challenges associated with these efforts, according to the President’s Media Division (PMD). Key topics included government-led initial investments and proper regulation to empower small and medium-scale entrepreneurs, the establishment of local small-scale industries within investment zones and challenges related to business loans faced by small and medium-scale enterprises. The President directed officials to expedite the release of lands allocated to the Ministry of Industry that have not been released so far, the PMD said. Further discussions were held on maintaining and regulating import restrictions to strengthen local industries, prioritizing local suppliers in construction industry procurement and resolving issues in the gem and jewellery sector to ensure its full contribution to the national economy. The President also instructed officials to swiftly implement tax exemptions for tourists to boost the gem and jewelry industry, the statement added. Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Industry and Entrepreneurship Development Thilaka Jayasundara and several other ministry officials attended the meeting. --PMD—

Ada Derana

Highly Factual

Sri Lanka has expressed its willingness to invest in joint ventures in Bangladesh, particularly in synthetic fabric manufacturing, which holds significant potential for investors from both nations, Sri Lankan High Commissioner to Bangladesh Dharmapala Weerakkody said today. He made these remarks during a courtesy call on Taskeen Ahmed, president of the Dhaka Chamber of Commerce & Industry (DCCI), at the chamber’s office in the capital, according to a press release. Weerakkody highlighted several sectors as highly promising for joint venture investments, including healthcare, tourism, large hotels, information technology, education, and pharmaceuticals. He pointed out that both Bangladesh and Sri Lanka are members of the South Asian Association for Regional Cooperation and have maintained a strong and friendly bilateral diplomatic relationship for many years. He urged Bangladeshi entrepreneurs to leverage Sri Lanka’s experience and technical expertise to develop the country’s local tourism sector. The high commissioner also said that Sri Lanka has already signed preferential trade agreements (PTAs) with several countries, and negotiations with Bangladesh are set to begin soon to further expand bilateral trade and investment. During the meeting, DCCI President Taskeen Ahmed stated that bilateral trade between Bangladesh and Sri Lanka reached $134.06 million in the fiscal year (FY) 2023-24. This marked a significant increase from the $93.11 million recorded in FY 2019-20, reflecting a notable annual growth rate of 9.5 percent, he said. Taskeen added that a substantial number of Sri Lankan investors, particularly from the banking, textile, power, construction, and pharmaceutical sectors, have already made foreign direct investments of $428.56 million in Bangladesh. He also encouraged Sri Lankan entrepreneurs to consider investing further in agriculture and food processing, the construction industry, healthcare, tourism, IT, and fast-moving consumer goods (FMCG). Taskeen Ahmed emphasised Sri Lanka’s expertise and technical assistance in areas such as deep-sea fishing, tourism, and the shipping industry. He also proposed that negotiations at the government level be expanded to facilitate the early signing of the proposed PTA, which would significantly enhance bilateral trade and investment. Among others, Razeev H Chowdhury, senior vice-president of the DCCI, Md Salem Sulaiman, vice-president, and Srimali Jayarathne, counsellor (commercial) at the Sri Lankan High Commission in Bangladesh, were also present. Source: The Daily Star --Agencies