Thai entrepreneurs have been urged to seize the opportunities presented by Bangladesh’s revamped investment policies across various sectors, as highlighted by a spokesperson from the foreign ministry on Saturday.
In a bid to boost bilateral trade, the Embassy of Bangladesh in Bangkok organized a business gathering with Thai entrepreneurs on Friday, coinciding with Prime Minister Sheikh Hasina’s official visit to Thailand. The event saw the participation of several visiting ministers who lauded Bangladesh’s significant progress across socio-economic indicators over the past 15 years, culminating in its successful graduation from the Least Developed Country (LDC) status.
Among the dignitaries present were Finance Minister Abul Hassan Mahmood Ali, Foreign Minister Dr. Hasan Mahmud, Home Minister Asaduzzaman Khan, Prime Minister’s Private Industry and Investment Adviser Salman F. Rahman, State Minister of Commerce Ahasanul Islam Titu, and Foreign Secretary Masud bin Momen.
Dr. Hasan Mahmud emphasized the potential for trade and investment between Bangladesh and Thailand, urging the Thai private sector to capitalize on the incentives offered by his government for business, investment, and partnership. He also highlighted Thailand’s importance as a key trade partner for Bangladesh within the ASEAN region, noting the signing of a letter of intent to begin negotiations for a free trade agreement (FTA) earlier in the day. Stressing the importance of early commencement of FTA to enhance bilateral trade and address trade imbalances, Dr. Hasan also underscored the significance of fostering increased people-to-people contacts to strengthen the bond between the two nations.
During the meeting, Salman F. Rahman elaborated on the incentives provided by the Bangladesh government to foreign investors and invited Thai investment in Bangladesh’s tourism sector. State Minister Titu encouraged Thai investors to explore opportunities in Bangladesh, citing the recently enacted ‘Offshore Banking Act 2024’ and positioning Bangladesh as a regional trade hub bridging South Asia and Southeast Asia.
Charles Frederick, senior executive vice-president of Sutec Co Ltd, a prominent Thai global sugar engineering company, suggested exploring collaboration with local private investors to revitalize sugar mills in Bangladesh, potentially paving the way for policy frameworks promoting private investment in the sugarcane industry.
A representative from the Bangladesh Investment Development Authority (BIDA) delivered a detailed presentation on incentives for foreign investors, focusing on agribusiness, digital economy, logistics, and light manufacturing sectors.
The event underscored the comprehensive partnership between Bangladesh and Thailand across trade and investment, culture, education, health, agriculture, and connectivity, with prominent business figures from the Thai community in attendance. Bangladesh Ambassador Abdul Hye in Bangkok expressed gratitude to all attendees, with Thai Ambassador Makawadi Sumitmor also present at the event.