Prime Minister Sheikh Hasina is in Thailand but what are the opportunities and possibilities for Bangladesh

Bangladesh Prime Minister Sheikh Hasina left for Thailand on Wednesday on a six-day visit that is likely to sign a memorandum of understanding to begin talks on a free trade agreement between the two countries.

It is said that besides reducing the trade deficit, Bangladesh is emphasizing on creating opportunities for mutual cooperation in the energy, tourism and construction sectors.

Bangladesh Foreign Minister Dr. Hasan Mahmud has already said that a total of five documents may be signed between the two countries during Sheikh Hasina’s visit. These include an agreement, three memorandums of understanding and a letter of interest.

Besides, Prime Minister Sheikh Hasina will attend the session of UNCUP during her visit to Thailand.

The visit is expected to include an agreement with Thailand on visa exemption for official passport holders. If the agreement is reached, the government officials of both countries will get visa-free travel facility.

“This is a bilateral and multilateral visit. Through this visit, an opportunity will be created for the expansion of trade between the two countries and the review of the free trade agreement as well as detailed discussions on other matters of common interest,” Foreign Minister Hasan Mahmud said in a press conference organized on the occasion of the visit on Monday.

Thailand is one of the first countries to recognize Bangladesh after its independence. Although in all these years, the trade potential of Bangladesh with Thailand has not been exposed much, analysts think.

Shahed Akhtar, the former ambassador of Bangladesh in Thailand, told BBC Bangla that there is scope for increasing the trade between the two countries. He thinks that the potential of Bangladesh in the field of trade will be brighter if the free trade agreement can be advanced.

“Thailand is a very cooperative country for Bangladesh. Apart from trade, Bangladesh has the opportunity to benefit through Thai investment and technology transfer in many sea-centric sectors as the maritime border problem is resolved,” said Mr. Akhtar

According to the Bank of Thailand, the trade between Bangladesh and Thailand in 2023, the amount of import from Thailand was only 1.18 billion dollars and the amount of export of Bangladesh to Thailand was only 90 million dollars.

Officials of the Ministry of Foreign Affairs in Dhaka think that if it is possible to move towards a free trade agreement, it will be possible to reduce the trade deficit between the two countries.

According to the Bangladesh Embassy in Bangkok, the products that Bangladesh exports to Thailand include various types of textiles, ready-made garments, animal products, electrical and electronic equipment and fish.

On the other hand, the products imported from Thailand include cotton and cotton fabrics, industrial machinery, sugar and sugar-based products, electronics and other products.

According to the embassy, ​​products with high potential for export from Bangladesh to the Thai market include medicines and chemicals, chemical products, leather and leather products, frozen fish, raw jute and jute products, knitwear and oven garments and some products like tea.

All in all, the officials of Bangladesh believe that this visit of the Prime Minister will play a role in increasing mutual cooperation in the fields of energy, tourism and customs.

Foreign Minister Dr. Hasan Mahmud said in a press conference organized on the occasion of the visit, “in addition to trade expansion through the initiation of Free Trade Agreements or FTAs, investment, tourism, energy, land and sea connectivity will be discussed in detail during the visit.”

Former Ambassador Shahed Akhtar says that he thinks there is great opportunity for both countries to work and benefit in the energy, tourism and maritime sectors.

He thinks that Bangladesh will benefit from Thailand’s cooperation especially in the construction of flyovers and high-rise buildings, in addition to gaining expertise in sea research, increasing fish production and especially sea oil and gas exploration.

“Thailand has been making some investments in Bangladesh recently. But its amount is very less. The country can help Bangladesh by exchanging technology and experience in various stages of Blue Economy. They are far ahead in sea fisheries. Bangladesh is just getting started. And starting negotiations on free trade agreement means the possibility of trade expansion,” said Mr. Akhtar

Apart from this, Thailand is a very influential country in ASEAN. Bangladesh has previously received cooperation from Thailand at the diplomatic level in this regard. Moreover, as there are offices of many important organizations, Bangkok has special importance at the regional and international level.

In addition, many diplomats think that there is an opportunity to seek the cooperation of Thailand in Bangladesh on the Rohingya issue.

In a press conference on Monday, the foreign minister said, “Bangladesh will reiterate its call to Thailand as a member of ASEAN to play a more active role in the process of repatriation of Rohingya amid the ongoing political conflict inside Myanmar. As both Thailand and Myanmar are ASEAN member countries, the Rohingya issue will be discussed with due importance”.

Shahed Akhtar also says that there is an opportunity for Bangladesh to get Thailand’s cooperation to bring about the expected progress in Rohingya repatriation.

On the other hand, Bangladesh is hoping for investment and joint activities in the tourism sector and campaigning on the Buddhist religious buildings of Bangladesh and officials are hoping that this issue will also be discussed during the Prime Minister’s visit.

Incidentally, apart from the large number of tourists from Bangladesh every year, many Bangladeshis also go to Thailand for medical treatment. Recently there has been an increase in the number of travelers from Bangladesh in both sectors.