He also met the Fourth King, Jigme Singye Wangchuck, on Friday, the foreign ministry said.
King Wangchuck, recalling his visits to Bangladesh, reflected on various aspects of the relationship between the two countries.
He lauded Prime Minister Sheikh Hasina's leadership in further strengthening Bangladesh-Bhutan bilateral relations.
Praising Bangladesh's all round development, the King put particular emphasis on the BBIN cooperation for the region's prosperity.
The foreign minister expressed his admiration at Bhutan's "tremendous progress" achieved over the years and acknowledged the "pragmatic and dynamic role" of the King in this regard.
They dwelled on various sectors of collaboration.
After the meeting, the King hosted a lunch in honour of the foreign minister which was joined by members of the Royal family.
During these meetings the foreign minister was accompanied by his wife Shaheen Ali, Bangladesh’s Ambassador to Bhutan Jishnu Roy Choudhury and Director General (South Asia) of the Foreign Ministry Tareq Md Ariful Islam.
The foreign minister is scheduled to visit one of Bhutan's hydro-power projects on Saturday, the last of his three-day bilateral visit.