Thai entrepreneurs invited to invest in various sectors of Bangladesh

Thai entrepreneurs may take full advantage of the reformed investment policies of Bangladesh by investing in various sectors of the country, a spokesperson for foreign ministry said on Saturday.

To enhance bilateral trade, the Embassy of Bangladesh in Bangkok hosted a business meeting with Thai entrepreneurs on Friday on the sidelines of the official visit of Prime Minister Sheikh Hasina to Thailand.

Several visiting ministers addressed the event where they underscored the country's remarkable progress in all socio-economic indicators over the last 15 years and its successful graduation from the LDC status.

Finance minister Abul Hassan Mahmood Ali, foreign minister Dr Hasan Mahmud, home minister Asaduzzaman Khan, PM's private industry and investment adviser Salman F Rahman, state minister of commerce Ahasanul Islam Titu and foreign secretary Masud bin Momen were present at the meeting.

Emphasising the potential for trade and investment between Bangladesh and Thailand, Dr Hasan exhorted the private sector of Thailand to take full advantage of various incentives of his government for business, investment and partnership, said the spokesperson.

The minister also highlighted Thailand's significance as a key trade partner of Bangladesh within the ASEAN region.

Dr Hasan mentioned the signing of a letter of intent to commence a free trade agreement (FTA) between the two countries earlier in the day.

He emphasised the importance of early commencement of FTA for enhancing bilateral trade and balancing trade deficit between the two countries.

Furthermore, the minister stressed the importance of fostering increased people-to-people contact as a means to fortify the bond between Bangladesh and Thailand.

By prioritising such exchanges, both countries can deepen their understanding, collaboration and partnership, and benefit their people, he said.

At the meeting, Mr Salman elaborated on the incentives provided by the Bangladesh government to foreign investors, according to the spokesperson.

He opined that the government would be benefitted from Technology Transfer from Thai government and invited Thai investment in the tourism sector of Bangladesh.

State minister Titu called upon Thai investors to consider investment in Bangladesh, citing the recently enacted 'Offshore Banking Act 2024' by his government.

He said as a bridge between South Asia and South East Asia, Bangladesh could be considered for investment as a regional trade hub and a major market size.

He urged the private sectors of both countries to explore all opportunities for business and investment.

Sutec Co Ltd senior executive vice-president Charles Frederick, a prominent Thai global sugar engineering company, suggested that Bangladesh explore the potential for collaboration with local private investors to revitalise one or two sugar mills.

If this initiative proves successful, according to him, it can pave the way for the government to develop a policy framework aimed at promoting private investment in the sugarcane industry.

A BIDA representative delivered a detailed presentation on the incentives provided by Bangladesh for foreign investors investing in Bangladesh.

He highlighted agribusiness, digital economy, logistics and light manufacturing sectors, which Thai investors might consider for investment.

Ever since the establishment of diplomatic relations, the bilateral relations between the countries have flourished to a comprehensive partnership 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 in Bangkok Abdul Hye thanked all the dignitaries and guests for their presence there.

Thai Ambassador in Dhaka Makawadi Sumitmor was also present.

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