DHAKA, April 27, 2024 (BSS) - 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.
 
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 Prime Minister Sheikh Hasina to Thailand, a foreign ministry's press release said here today.

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.