Investment promotion agreement with Bangladesh soon

Sri Lanka will enter into a Bilateral Investment Promotion Agreement (BIPA) with Bangladesh soon, Industry and Commerce Minister Rishad Bathiudeen, said.

Industry and Commerce Minister Rishad Bathiudeen and Bangladesh High Commissioner to Sri Lanka Mahbub uz Zaman great each other.

Sri Lanka will also implement the long overdue Lanka-Bangladesh Joint Committee for Economic and Technical Cooperation.

Sri Lanka will also speed up implementation of last month's MoU between President Mahinda Rajapaksa and Bangladesh Prime Minister Sheikh Hasina.

This was revealed when the Minister met Bangladesh High Commissioner Mahbub uz Zaman, to Sri Lanka at the Export Development Board (EDB) premises in Colombo recently.

Under the Sri Lanka-Bangladesh Joint Committee for Economic and Technical Cooperation, the two countries have agreed to extend cooperation in the areas of small and cottage industries, air services, tourism, shipping, and cultural cooperation. The third session of the Committee was held in Colombo in 1993 and the holding of the fourth session is long overdue. We will implement the Committee in the due course, the Minister said.

Bangladesh has been increasingly accepting Sri Lankan exports. Sri Lanka's exports to Bangladesh has increased by 380 per cent during the period 2001-2010, and as a result, the total exports now stands at US $ 35.54 million.

The 2010 value alone is a result of growth of 36 percent compared to the value in 2009, Minister Bathiudeen said.

Though Sri Lanka's imports from Bangladesh have decreased slightly from US$14.14 million in 2009 to US$ 12.60 million in 2010, the general import basket continues unchanged in 2010.