The Bangladesh delegation at the talks is being led by Prime Minister Sheikh Hasina, while visiting leader Mahinda Rajapaksha is leading the Sri Lankan side.
Before the formal delegation-level talks, the two leaders held a tête-à-tête.
Earlier, on his arrival at the PMO, the Sri Lankan Prime Minister was received by his Bangladeshi counterpart at the Tiger gate.
UNB has learnt that a number of MoUs are likely to be signed after the bilateral meeting to strengthen cooperation in various sectors of the two SAARC countries.
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Prime Minister Hasina and Rajapaksa will witness the signing of the MoUs.
According to sources in the Foreign Ministry, there is a possibility of signing as many as five MoUs to enhance bilateral ties in the areas of trade, investment and shipping.
The other areas include coastal shipping, preferential trade, and promotion and protection of investment, sources said.
Also read: Sri Lankan President for boosting cooperation with Bangladesh
The Sri Lankan PM arrived here on Friday morning on a two-day official visit to attend the celebrations of the birth centenary of Bangabandhu Sheikh Mujibur Rahman and the golden jubilee of the country’s independence.