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Sri Lanka - Bangladesh trade crosses US$100 million for the first time
Publication Date : 16-07-2014
As bilateral trade crossed the critical $100 million mark for the first time, a confident Bangladesh called for a formal investment protection mechanism to drive trade volumes to next levels.
"As a result of an investment protection agreement, fundamentals of investments would be right for Bangladeshi investors looking at Sri Lanka.
"And this would drive our bilateral trade forward as well," said Mohammad Sufiur Rahman, High Commissioner of Bangladesh to Sri Lanka on July 11.
High Commissioner Rahman was addressing Sri Lanka industry and commerce minister Rishad Bathiudeen in Colombo.
Sri Lanka has signed bilateral Investment Protection Agreements (IPA) with 28 countries.
15000 Sri Lankans are currently employed in Bangladesh and 45 Lankan firms have invested $ 292 million in the country in various ventures while Bangladeshi investments in Sri Lanka is around $3 million (in 6 projects).
Restrictions on capital and current investment outflows by Bangladesh is seen as one of the limiting factors contributing to the non-achievement of full potential of investment development and protection capacity for both countries.