Commerce minister Tofail Ahmed has called upon Thailand to provide duty-free access to Bangladeshi ready-made garments to bolster trade between the two countries. “So far, Thailand has provided duty-free market access to Bangladesh for 6,998 products, but the items, which have better export potential for Bangladesh, including readymade garments are not in the list,” Tofail Ahmed said. His comments came at Bangladesh-Thailand Investment seminar, jointly organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Friedrich-Naumann-Stiftung FUR DIE FREHEIT of Germany in the city Saturday. Noting that the total exports of Bangladesh to Thailand in 2015-16 were around US$35 million, while the two-way trade between the two countries stood at US$ 776 million, he said, adding that there are scopes for enhancing the trade volume. Bangladesh exported readymade garments worth of around US$ 34 billion last, the bulk of which went to the European Union and the United States. The country exported knitwear worth US$ 7.11 million to Thailand in 2014-15, including woven garments worth US$ 4.84. In this context, Tofail said that under the seventh Five Year Plan of the country, the government has aimed to provide cash incentives for RMG exporters for expanding markets to emerging economies like Thailand. The commerce minister also asked the Thai business people to invest in Bangladesh, taking the opportunity of the country’s competitive labor cost and demographic dividend. “The minimum wage for laborers in Thailand is US$ 300, while in Bangladesh, the minimum wage is US$ 70”, Tofail Ahmed said. “At the same time, 70 per cent population of the country is aged below 40. So we have a very young and dynamic workforce”, he added. The commerce minister also noted that there are significant opportunities for investment for Thai traders in Bangladesh’s Special Economic Zones. “The government has a plan to set up 100 economic zones in various parts of the country, 20 of which have already been inaugurated, while 15 of them are in the pipeline including one in Bhola”, Tofail said. “These economic zones offer excellent incentives for the Thai business entities to invest,” he added. Noting that Thailand has recently adopted a “Look West” policy in terms of overseas trade, the Commerce Minister said that Bangladesh can offer new business horizons for Thailand due to its location. Acting President of the FBCCI Md. Shafiul Islam Mohiuddin in his speech said there are significant investment opportunities for Thailand to invest in Bangladesh in various sectors, including frozen food, leather, ceramics, textile, light engineering and shipbuilding. Speakers in the seminar also noted that Thailand can use Bangladesh as a gateway to access the market of South Asia, while Bangladesh can use Thailand as a gateway to the South East Asia region. Deputy secretary general of the Board of Investment of Thailand Chokedee Kaewsang, president of Thai-Bangladesh Business Council Mingpant Chaya and secretary general of the FBCCI Mir Shahabuddin Mohammad also spoke on the occasion.
