Diplomatic Correspondent

South Korean Ambassador Park Young-sik on Wednesday reiterated his nation’s steadfast support for ensuring Bangladesh’s economic progress, hoping that areas of bilateral collaboration would be expanded even in the absence of a free trade agreement (FTA).

He delivered his remarks as the chief guest at a seminar titled “Investment Services by Using One Stop Service Portal” held at a hotel in the capital. Korea Bangladesh Chamber of Commerce and Industry (KBCCI) and the Bangladesh Investment Development Authority (BIDA) jointly organised the event.

The seminar was chaired by KBCCI President Shahab Uddin Khan. Additionally, BIDA Executive Member Mohsina Yasmin and Eastern Bank Ltd Managing Director Ali Reza Iftekhar spoke at the event.

Addressing the attendees, including officials from both countries as well as private sector representatives, Ambassador Park underscored the pivotal role South Korean companies have been playing in Bangladesh’s development, particularly in the garments sector.

Highlighting the ongoing discussions regarding a bilateral economic partnership agreement (EPA), Park expressed optimism about the prospects of enhanced trade and investment between the two nations.

He noted that while the RMG sector has been instrumental in fostering bilateral relations, there are opportunities for diversifying the areas of cooperation into manufacturing and infrastructure.

Ambassador Park also discussed Bangladesh’s journey towards graduation from the least developed country (LDC) status by 2026 and its aspirations for becoming a developed nation by 2041.

He emphasised the importance of attracting foreign direct investment (FDI) to support Bangladesh’s economic growth, pointing out that Bangladesh’s current FDI-GDP ratio is lower than that of India and Vietnam.

During his speech, Ambassador Park outlined several key points to bolster FDI inflows into Bangladesh: reduction of high tariffs on raw materials, intermediate capital availability as well as the implementation of policies to improve the business environment for foreign investors.

Park also proposed regular discussions on the business climate and highlighted potential areas for bilateral cooperation including footwear, ICT, pharmaceuticals, shipbuilding, agriculture, and brick-making technology to address environmental challenges.