News Desk, Bangladesh Global: On the sidelines of the official visit of Hon’ble Prime Minister Sheikh Hasina to Thailand, a Business Meeting was organized on 26 April 2024 by the Embassy of Bangladesh in Bangkok. Minister of Finance Mr. Abul Hassan Mahmood Ali, MP, Foreign Minister Dr. Hasan Mahmud, Private Industry & Investment Advisor to Hon’ble Prime Minister Mr. Salman Fazlur Rahman, MP, Minister of Home Affairs Mr. Asaduzzaman Khan, MP, State Minister of Commerce Mr. Ahasanul Islam Titu, MP and Foreign Secretary (Senior Secretary) Masud bin Momen attended the event.
During the discussion, Foreign Minister Hasan Mahmud emphasized on the potential for trade and investment between Bangladesh and Thailand. He underscored Bangladesh's remarkable progress in all indicators of socio-economic development over the last 15 years and Bangladesh’s successful graduation from Least Developed Country (LDC) status, attributing it to the visionary leadership of Hon’ble Prime Minister Sheikh Hasina.
The Foreign Minister also highlighted Thailand's significance as a key trade partner for Bangladesh within the ASEAN region. He was pleased to mention the signing of Letter of Intent (LoI) to commence Free Trade Agreement (FTA) between the two countries earlier on the day, and emphasized on the importance of early commencement of FTA for enhancing bilateral trade and balancing trade deficit between the two countries. He called upon the private sectors of Thailand to take full advantage of various government incentives for business, investment, and partnership which will ultimately contribute to the overall development and prosperity of Bangladesh's economy.
Furthermore, he stressed upon the importance of fostering increased people-to-people contact as a means to strengthen the bonds between Bangladesh and Thailand. By prioritizing such exchanges, both countries can deepen their understanding, collaboration, and partnership and benefit their people.
Adviser to the Prime Minister for Private Industry & Investment Salman Fazlur Rahman, MP elaborated the incentives provided by Bangladesh Government to foreign investors. He opined that Bangladesh Government might be benefitted from Technology Transfer from Thai Government and invited Thai investment in Tourism sector of Bangladesh.
Stating the recently enacted Offshore Banking Act 2024 by Bangladesh Government, State Minister of Commerce called upon Thai investors to consider investment in Bangladesh. He further added that as a bridge between South Asia and South East Asia, Bangladesh could be considered for investment as a regional hub and for its reasonable size of market. He urged private sectors of Bangladesh and Thailand to explore all opportunities while assuring required facilitation from Government.
Senior Executive Vice President of Sutec Co Ltd Charles Frederick, a prominent Thai global sugar engineering company, in his deliberations suggested that Bangladesh Government may explore the potential for collaboration with local private investors to revitalize one or two existing sugar mills. He noted that if this initiative proves successful, it could pave the way for the government to develop a policy framework aimed at promoting private investment in the sugar cane industry.
A representative of BIDA delivered a detailed presentation on the incentives provided by Bangladesh Government for foreign investors investing in Bangladesh. He highlighted on Agribusiness, Digital Economy, Logistics and Light Manufacturing sectors which Thai investors may consider for investment.
Ever since the establishment of Diplomatic relations, the bilateral relations between the countries have flourished to a comprehensive partnership comprising cooperation in trade and investment, culture, education, health, agriculture and connectivity.
The event was attended by prominent Business personnel from Thai business community. Bangladesh Ambassador to Thailand Abdul Hye thanked all the dignitaries and guests for their presence at the event. Ambassador of Thailand to Bangladesh Makawadi Sumitmor was also present.
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