Staff Correspondent

South Korean Ambassador to Bangladesh Park Young-sik today said Bangladesh requires further infrastructure development to make its economy more resilient, and Seoul aspires to become a vital partner in this effort.

"Korea aspires to become a vital partner in Bangladesh's infrastructure advancement, just as we have already accomplished in the RMG sector,' he said while speaking at a reception hosted by his embassy marking the "National Day of Korea" on Thursday evening.

Currently, the envoy said, numerous projects are under discussion through the Economic Development Cooperation Fund, soft loans from the Korean government, or the Public-Private Partnership mechanism.

"It is my sincere hope that the ongoing projects will make smooth progress and greatly contribute to the development of infrastructure in Bangladesh," he added.

On the front of development cooperation, he said, Bangladesh is a key priority partner country for Korea's development cooperation efforts and currently ranks third among Korea's ODA recipients.

He said Korea has annually provided humanitarian aids of $3 to $5 million for the Rohingyas and their communities in Bangladesh, and the funding for humanitarian aid was increased to $10 million this year.

Additionally, the envoy said, Korea has become a hub for Bangladeshi migrant workers. Since 2008, over 35,000 Bangladeshi workers went to Korea under the Employment Permit System (EPS).

Praising the Bangladesh interim government's role, the ambassador said it has done commendable jobs to secure law and order despite various challenges and uncertainties.

"I am confident that the interim government will be able to get through difficulties that Bangladesh has faced since the fall of the Hasina government," he said.

Looking to the future, he said, Bangladesh is marching towards graduation from the LDC status in 2026 while the country has shown great potential, as evidenced by the tripling of Bangladesh's per capita income over the last decade.

However, the ambassador said, the post-LDC graduation phase will require considerable efforts from both the government and the private sector to overcome a lot of challenges, which the LDC graduation would cause in a few years to come.

"Bangladesh needs foreign direct investment... Korean companies demonstrated its strong will to make continuous investment in Bangladesh, demanding a better business environment for foreign investors," he added.

The envoy said Korea's investment in Bangladesh has become the fourth largest, while the KEPZ is currently exporting roughly $1.25 billion and employing 70,000 workers.

He said that the two nations agreed to start the negotiation of bilateral economic partnership agreement that will further enhance trade and investment in mutually beneficial ways.

"We've cherished our close ties for the past 50 years, and I hope that everyone joins hands with me to start the next 50-year journey in the friendship between Korea and Bangladesh," said the ambassador.

The reception held on the embassy premises was attended by dignitaries, diplomats, and public figures from diverse sectors.