The newly appointed Thai ambassador to Bangladesh, Makawadee Sumitmor, has expressed hope that a free trade agreement (FTA) can be signed to create more business opportunities between the two countries.
Mrs Makawadee discussed the prospects for a trade pact during a recent meeting with the board of directors of the Bangladesh-Thai Chamber of Commerce and Industry (BTCCI).
Chamber members also offered proposals for enhancing the bilateral trade and investment relationship between the two countries during the meeting at the Royal Thai Embassy in Dhaka.
They said the two countries should consider working together on the creation of a Thai Special Economic Zone in Bangladesh and the relocation of labour-intensive industries such as woven textiles.
The group also asked Thailand to consider making more Bangladeshi products duty-free.
BTCCI said there is potential for cooperation in sectors including power and energy, light engineering, food and handicrafts.
Mrs Makawadee assured the business leaders Thailand would consider all of the chamber's proposals and she would pursue ways to augment business opportunities between the two countries.
In January 2020, the two countries agreed in principle to embark on FTA talks, but progress since then has been limited, partly because of the pandemic.
Mohammad Shahjahan Khan, the BTCCI president, said there was ample scope for cooperation in key sectors including pharmaceuticals, jute and jute products, leather, tourism and hospitality, infrastructure, agro-processing and ready-made garments.
"As we have a huge trade gap between our countries, we should make joint efforts to minimise the gap," he said.
Thailand has enjoyed a huge trade surplus, with exports to Bangladesh amounting to US$1.2 billion and imports worth just $59.2 million in 2018, according to Commerce Ministry statistics.
"Bangladesh has huge potential for investment in different sectors," said Mr Khan.
"Three big Thai companies -- Italthai Group, CP Bangladesh and Siam City Cement -- are good examples of companies tapping the lucrative investment environment."
Mrs Makawadee agreed: "The investment of some big Thai companies in Bangladesh is proof of Thailand's interest in the country as an investment destination."
Mr Khan asked the ambassador to work on improved sea connectivity from Thailand to Bangladesh.
Thai officials have proposed the route between Ranong port in southern Thailand and Chittagong port in Bangladesh be sped up.
Mrs Makawadee said the two sides need to broaden their cooperation.
"Apart from trading, the countries should also try to establish strategic partnerships," she said.
"I realise the problems of connectivity and will try to work on this."
MA Momen, a former president of the BTCCI, stressed more cooperation between the two business communities and more studies of possible joint ventures.
"Thailand needs to import more products from other countries and Bangladesh can be one of its important source markets," he said.
"Bangladesh provides a low-cost production base and competitive labour market for Thai businesses, making it a potential investment destination."
The two countries will celebrate the 50th anniversary of diplomatic relations in 2022 and it is possible some special events can be co-organised, said Mrs Makawadee.
"As Bangladesh and Thailand are tested friends with ethnic, historical and cultural ties, there are huge opportunities to do good business between these two Asian countries," she said.