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Thai stock exchange team in Ctg to visit CSE

Thai bourse president leads delegation to find areas of co-operation

STAR BUSINESS REPORT
A high-profile delegation of the Stock Exchange of Thailand (SET) led by its President Kittiratt Na-Ranong arrived here yesterday on a mission to foster ties between the Chittagong Stock Exchange (CSE) and the Thai bourse.
Na-Ranong, who is leading a three-member team, will meet CSE President Habibullah Khan and other high officials of the port city bourse to pinpoint the areas of cooperation and exchange information, knowledge, experience and technology.
The visit is aimed at working towards the goal of a memorandum of understanding (MoU) signed two years back between the two bourses.
The SET president and the then CSE President Mirza Salman Ispahani signed the MoU on December 13, 2002 in the Thai city of Chiang Mai during the visit of Prime Minister Khaleda Zia at a function attended by prime ministers of the two countries.
Purpose of the deal was to develop capital markets of both the countries by
utilising all possible means under the umbrella of a long-term friendly relation between Bangladesh and Thailand as well as to expand global connections.
During Khaleda Zia's December 1315 visit, Thailand reduced tariffs on 128 Bangladeshi items, assured Bangladesh of extending support in its bid to join Asean Regional Forum (ARF). An agreement was also signed on reciprocal protection of investment.
Bangladesh and Thailand are two founding members of Bimstec, now renamed as the Bay of Bengal Initiative for Multi-Sectoral Technological and Economic Cooperation. So the cooperation of the two bourses bear special significance in contributing to the government's efforts to enhance bilateral trade relations, CSE officials said.
The SET has similar agreements with ten bourses in Asia-Pacific and the Americas. These are New York, Philadelphia and Pacific stock exchanges in the US, Lima Stock Exchange in Peru, Luxembourg Stock Exchange, Australian Stock Exchange, Tokyo Stock Exchange, Ho Chi Minh
Stock Exchange in Vietnam, Taiwan Stock Exchange and Hong Kong Stock Exchange.
According to CSE officials, the global network of SET will help CSE expand its international collaboration, bring new expertise and dynamism to the market and strengthen the port city bourse's capacity to adapt to a changing global environment.
Earlier, Thai Prime Minister Thaksin Shinawatra along with his 50-member entourage during a visit in Bangladesh went to the CSE and exchanged views with the bourse officials as well as the leading entrepreneurs of Chittagong.
During the discussion, leaders of both the stock exchanges agreed that the two sides could be benefited if they work closely within a common framework for their development. The decided to begin the task with exchange of visits by the executives from both the bourses.
CSE officials said they will also take steps to enlist rich Thai companies with the CSE under the existing rules and regulations of both the bourses to attract more investment.