Randeep Sarai, Canada's Secretary of State for International Development, was in Bangladesh and Thailand last week, where he announced C$130 million for five projects to "advance long-term, inclusive growth opportunities across the Indo-Pacific region" focused on agriculture, entrepreneurship, and financial institutions.
Canadian Prime Minister Mark Carney revived the role of secretaries of state, 'junior ministers' who provide "dedicated leadership on specific issues or priorities within the broader portfolio of a cabinet minister."
Sarai unveiled four Bangladesh-focused projects — amounting to C$45 million — including a Canadian Agri-Innovation Export Hub, financial and regulatory reforms, and training for Bangladeshi trade negotiators.
Sarai also met with Bangladesh's prime minister, Tarique Rahman, pitching Canadian oil and LNG and deeper climate co-operation. Sarai also invited Rahman to visit Canada.
In Thailand, Sarai participated in the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group and, on the sidelines of these meetings, attended the G7 Development Ministers’ Meeting.
The Carney government's 2025 budget announced C$2.7 billion in foreign-aid cuts over the next four years. This mirrored steep aid cuts by the U.S., the U.K., and other G7 countries.
Loan demonstrates Canada's commitment to Thailand: Lee
The headline announcement last week was a C$85-million loan from FinDev Canada, Canada's development finance institution, to Muangthai Capital, a leading non-bank financial institution in Thailand, for rural, women-owned businesses.
Our Director of Inclusive International Trade, A.W. Lee, told Asia Watch that "women face a universal financing gap, and the backing of formal finance for underserved, rural, women-owned MSMEs in Thailand underscores Canada's commitment to inclusive economic development and gender-responsive growth. This loan will also help foster Thailand's economic development with real financial investment and deeper institutional financial presence and integration."
The potential impact, he says, "multiplies positive social change with economic growth, improving access to capital for businesses that are often underserved (e.g. rural women entrepreneurs), while also helping mobilize private financing alongside Canada’s investment." Lee suggested that the loan could help foster investment predictability in Thailand and lead to stronger market access into Thailand for Canadian entrepreneurs.
