Hasan urges Thai private sector to invest in Bangladesh

Foreign minister Dr Hasan Mahmud has urged the Thai private sector to make investment in Bangladesh by taking full advantage of Dhaka’s various incentives for foreign business and partnership.

He also emphasized on the importance of early commencement of the Free Trade Agreement (FTA) between Bangladesh and Thailand for enhancing bilateral trade and balancing trade deficit, reports BSS.

The foreign minister was speaking at a business meeting, organised by Bangladesh Embassy in Bangkok on Friday on the sidelines of the official visit of Minister Sheikh Hasina to Thailand, a foreign ministry’s press release said on Saturday.

Earlier on the day, Bangladesh and Thailand have signed a Letter of Intent (LoI) to commence Free Trade Agreement (FTA) between the two countries.

During the business meeting, Hasan underlined the potential for trade and investment between Bangladesh and Thailand and said it will ultimately contribute to the overall development and prosperity of both the countries.

The foreign minister highlighted Thailand’s significance as a key trade partner for Bangladesh within the ASEAN region.

He also described 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 Prime Minister Sheikh Hasina.

Hasan also 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, he observed.

Finance Minister Abul Hassan Mahmood, Prime Minister’s Private Industry and Investment Advisor Salman Fazlur Rahman, Home Affairs Minister Asaduzzaman Khan, State Minister of Commerce Ahasanul Islam Titu, and Foreign Secretary Masud bin Momen attended the event.

Salman Rahman elaborated on the incentives provided by the Bangladesh government to foreign investors.

He invited Thai investment in Bangladesh’s Tourism sector and opined that Dhaka might be benefitted from Technology Transfer of the Thai government.

Stating the recently enacted Offshore Banking Act 2024 by Bangladesh Government, State Minister of Commerce called upon Thai investors to consider investment in Bangladesh.

As a bridge between South Asia and South East Asia, he said, 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 the 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 the Bangladesh government for foreign investors investing in
Bangladesh.

He highlighted Agro-business, 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 the 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.