Previously, Bangladesh welcomed Thailand’s interest in profitable investments and proposed increased B2B institutional cooperation between trade bodies and joint chambers. Bangladesh sought Thai cooperation in agro-based industries, especially in poultry, fisheries, and aquaculture, through capacity building and technology transfer.
Through the bilateral meetings and signing of agreements, the visit is expected to contribute significantly to advancing mutual interests and strengthening the bonds of friendship between Bangladesh and Thailand.
Bangladesh has always had a large trade deficit with Thailand, with the Southeast Asian nation exporting various types of products to Bangladesh. Thailand’s trade with Bangladesh was more than $1.18 billion in 2023, including Bangladeshi products worth only $90 million sent to Thailand.
In 2022, Bangladesh sold $83 million in goods to Thailand, but imports from the country reached $1.17 billion. The free trade agreement can help reduce this huge gap in bilateral trade and significantly boost trade and investment between them.
Bangladesh and Thailand can leverage the tourism sector’s immense potential through joint activities, expertise exchange, Buddhist circuit tourism promotion, and investment in tourism areas. Bangladesh has emerged as a significant contributor to Thailand’s medical tourism sector over the past two decades.
In 2019, about 140,000 Bangladeshis visited Thailand for tourism including 4,300 going for medical treatment contributing almost 6.7 billion Thai baht to Thailand’s economy. According to the Foreign Minister of Bangladesh, collaboration in the tourism industry will create significant economic growth and employment opportunities in both countries. Besides this, visa exemptions for official passport holders of Bangladesh and Thailand will facilitate communication between government officials in both countries.
The future cooperation between Bangladesh and Thailand presents promising prospects, particularly in enhancing regional connectivity. Situated at strategic crossroads between East/Southeast Asia and the Middle East, both countries hold geopolitical significance for trade and transit.
By investing in infrastructure development such as ports, roads, and railways, they can establish efficient trade routes and facilitate the movement of goods and people across regions. This improved connectivity not only fosters economic growth but also strengthens diplomatic ties and regional integration.
The visit also holds significance in the context of Bangladesh’s multilateral diplomacy, the Rohingya crisis, and trilateral connectivity. Bangladesh actively participates in UNESCAP activities, contributing to resolutions and organizing side events to address socio-economic issues in the Asia-Pacific region. Bangladesh supports ESCAP initiatives for regional connectivity, energy access, and civil registration systems, contributing to shared prosperity in the Asia-Pacific.
As an elected member of ESCAP’s Governing Council, Bangladesh demonstrates leadership and commitment to regional development.
Bangladesh is expressing interest in joining the India-Myanmar-Thailand trilateral highway and the ASEAN as a sectoral dialogue partner.
As Thailand is a key member of the grouping, PM Sheikh Hasina’s visit provides an opportunity for Bangladesh to strongly negotiate on these topics. Again, since Myanmar is also a member of ASEAN, Bangladesh may seek the cooperation of Thailand to play a proactive role in ensuring the speedy repatriation of Rohingya refugees sheltered in Bangladesh.
To conclude, PM Sheikh Hasina’s visit to Thailand signifies a milestone in strengthening bilateral relations and fostering regional cooperation. Through enhanced collaboration in various sectors, including trade, investment, and regional connectivity, both countries can unlock new opportunities for mutual prosperity. By addressing challenges and leveraging their strategic positions, Bangladesh and Thailand can navigate towards a future of enhanced regional integration and diplomatic cooperation.
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