At the first-ever “Bangladesh Trade and Investment Expo”, a three-day event that kicked off in Bangkok yesterday, Bangladeshi Commerce Minister Tofail Ahmed said the two countries could cooperate more in many sectors.

“Bangladesh’s economy is expected to grow strongly, by more than 7 per cent this year from last year’s 6 per cent,” he said.

“The country has a policy to promote more export and promote more foreign direct investment to help develop our nation. Thailand, with [its] close relations [with Bangladesh], could seek greater trading and investment opportunities. Bangladesh has tariff privileges for being a least developed [country], while we can be a springboard to third markets,” he said.

The minister said there were many sectors in which Thai investors and traders could do business in his country such as information technology, textiles and garments, infrastructure development, travel and tourism, beverages, pharmaceuticals and construction.

The Bangladeshi government has a policy to promote special economic zones and offer many investment privileges for investors, he added.

Thai Commerce Minister Apiradi Tantraporn said Thailand could be a gateway for Bangladesh to reach other Asean countries, while foreseeing Bangladesh as a springboard for producing and exporting goods to third countries.

Thailand and Bangladesh will strengthen ties in trade, investment and economic activities at the upcoming fourth Thailand-Bangladesh Joint Trade Committee meeting to find more cooperation in various areas as well as solve problems for both countries in trading and investing, she said.

Bilateral trade is expected to double to about US$2 billion (Bt71 million) next year from the current level. Thai exports to Bangladesh last year were worth about $900 million, while Bangladesh exports to Thailand were valued at $39 million.

Bangladeshi Ambassador to Thailand Saida Muna Tasneem said her country would like to broaden trade and investment with Thailand.

The ongoing expo is the first in the 44 years of diplomatic relations between Thailand and Bangladesh. Fifty-five top companies from Bangladesh are showcasing their products and services including ready-made garments, pharmaceuticals, leather, ceramics and tableware, silk, tea, jute products, light engineering, furniture, IT and tourism.

Isara Vongkusolkit, chairman of the Board of Trade of Thailand, said many trade and investment opportunities were awaiting Thai investors. Bangladesh has a large population of more than 160 million and a supply of cheap labour, with the facility for duty-free re-export.

Products that Thailand could export more of to this market include fruit juice and halal food, and it could invest in energy, agricultural and manufacturing.

Stanley Kang, chairman of the Joint Foreign Chambers of Commerce, said Thailand and Bangladesh could begin talks on a free-trade agreement to facilitate trade growth.

Abdul Matlub Ahmed, president of the Federation of Bangladesh Chambers of Commerce and Industry, said the two sides could set up a bilateral agreement on |trade in priority products under an early harvest programme. For instance, they could select 30 items on which both sides waived tariffs.

Kalin Sarasin, managing director of SCG Trading, said the company had exported many construction materials to Bangladesh to support its infrastructure-development projects.

To date, Thai interests have invested in 96 projects worth $605 million in various industries such as poultry, fish meal, electronics and power generation. Charoen Pokphand has invested in Bangladesh’s food-processing industry, and Italian-Thai Development in the infrastructure sector, including the Dhaka Elevated Expressway.