Foreign minister calls for swift FTA, increased Thai investment

During a business meeting in Bangkok, Foreign Minister Hasan Mahmud underscored the significance of a forthcoming Free Trade Agreement (FTA) between Bangladesh and Thailand, aimed at enhancing bilateral trade and addressing the trade deficit.

The meeting, held on the sidelines of Prime Minister Sheikh Hasina's official visit to Thailand on 26 April, was organised by the Bangladesh embassy in Bangkok.

Mahmud called upon the Thai private sector to leverage the diverse government incentives available for business and investment, which would contribute to Bangladesh's economic development and prosperity.

He stressed an early commencement of the FTA, mentioning the recent signing of the Letter of Intent (LoI) that marked the initiation of negotiations.

The meeting was attended by notable figures including the Minister of Finance Abul Hassan Mahmood Ali, the Private Industry and Investment Advisor to the Prime Minister Salman F Rahman, Minister of Home Affairs Asaduzzaman Khan, State Minister of Commerce Ahasanul Islam Titu and Foreign Secretary Masud bin Momen.

Mahmud highlighted Thailand's role as a pivotal ASEAN trade partner and pointed to Bangladesh's socio-economic strides under Prime Minister Sheikh Hasina's leadership, including its transition from Least Developed Country (LDC) status.

Salman F Rahman detailed incentives for foreign investors and encouraged Thai investment, particularly in the tourism sector, emphasising potential technology transfers from Thailand to Bangladesh.

Additionally, in light of the newly enacted Offshore Banking Act 2024, State Minister of Commerce Ahasanul Islam Titu urged Thai investors to consider Bangladesh as a regional investment hub.

The event also featured discussions on enhancing people-to-people contacts to strengthen bilateral relationships and insights from Charles Frederick, Senior Executive Vice President of Sutec Co Ltd, who proposed collaborations to revitalise Bangladesh's sugar mills, potentially establishing a private investment-friendly policy framework in the sugarcane industry.

The business meeting concluded with a presentation by a representative from the Bangladesh Investment Development Authority (BIDA), highlighting sectors like agribusiness, digital economy, logistics, and light manufacturing as prime opportunities for Thai investors.

The gathering, attended by prominent business figures from the Thai community, reinforced the longstanding diplomatic ties between Bangladesh and Thailand, enhancing cooperation across multiple sectors.

Abdul Hye, Bangladesh's Ambassador to Thailand, and Makawadi Sumitmor, Thai Ambassador to Bangladesh, expressed their gratitude to all attendees for their participation and support in fostering a comprehensive partnership between the two nations.