Bangladesh is eagerly waiting the signing and the implementation of the FTA with Sri Lanka said Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi M. Aminul Islam.
Speaking at the ‘Ayubowan Bangladesh’ forum organised by NDB Investment Bank he said that the current bilateral trade would see a major leap forward with an FTT between the two countries. “Bilateral trade has been on the increase but the volumes are not so great, we can do much better with a FTA.”
He also said that Sri Lankan entrepreneurs are yet to tap the investment potential in Bangladesh.
“The the biggest advantage in Bangladesh is the huge market of 160 million people especially for FMCG. The growing middle class and incentives offered by the government too would be another plus point for Sri Lankan investors.
He said that there is huge unbanked population while the insurance penetration is around 1% and also the domestic LPG Gas usage is less than 5% which are all areas there is potential.”
He said that though there are many foreign countries now investing in Bangladesh in large number it was Sri Lanka entrepreneurs that entered Bangladesh first and set the stage for others to follow.
He said that today with the increased exports and FDI Bangladesh will become the 28th largest economy in the world by 2030. Bangladesh received US$2.65 billion in gross inflows of FDI between July 2016 and May 2017 and exports inched up 5.81% to US$ 36.67 billion in 2017.
Laugfs Holdings Chairman W. K. H. Wegapitiya said that they currently have 9% of the Bangladesh LPG market and would be making more invests in the future to reach out to 33 million households by 2020.
LTL Group Offshore Operations General Manager Gamini Sarath, said that nearly 50% of Bangladesh population don’t have access to electricity and with mega development taking place they too would be reinvesting. “Though we have to get 40 approvals the process is smooth and transparent and we have invested for a third 115 MW power plant which would be operational next year.”
A NDB Capital official said the Bangladesh economy is growing rapidly and in addition to the traditional apparel sector new businesses in the pharmaceuticals, ICT, maritime and tourism are emerging. (SS)
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