Thailand and Sri Lanka have agreed to double trade between the two countries to $1bn over the next three to five years.
Thai Foreign Minister Surapong Tovichakchaikul agreed the increase while in Colombo at the the 3rd Sri Lanka-Thailand Joint Commission meeting, alongside Sri Lankan External Affairs Minister GL Peiris.
"With a population of 20 million and high potential of economic expansion, I believe Sri Lanka presents an opportunity for Thailand," Surapong said, adding that trade currently was valued at around $500mn.
The Foreign Minister said that the Sri Lankan government wants Thai companies to invest in infrastructure, fisheries, food processing and tourism.
He added that Thai Prime Minister Yingluck Shinawatra will visit the island with investors later this month.