Dhaka, Sep 28 (V7N): South Korean Ambassador Park Young-sik emphasized that creating a "business-friendly, predictable, and stable environment" should be a top priority for Bangladesh's interim government to attract more foreign investment.

"Korea remains committed to maintaining its longstanding cooperation with Bangladesh," stated the ambassador on Saturday during a visit to the Korean Export Processing Zone (KEPZ) in Chittagong, accompanied by members of the Diplomatic Correspondents Association, Bangladesh (DCAB).

Ambassador Park highlighted Bangladesh's potential for development, citing its impressive economic growth of over 5% annually for the past two decades. He added that Bangladesh’s upcoming graduation from the Least Developed Country (LDC) status in 2026 is expected to attract crucial foreign capital for sustainable economic development.

"Korea aims to be a vital partner in Bangladesh's growth, as we have been in the Ready-Made Garments (RMG) sector," he noted, recalling Korean investments in the late 1970s that significantly boosted Bangladesh’s RMG industry.

Ambassador Park outlined three key points for enhancing bilateral relations:

  1. Long-Term Strategic Relations: Korea seeks a long-term, strategic partnership with Bangladesh, rather than short-term gains. The Economic Partnership Agreement (EPA), currently under discussion, will serve as a foundation for this relationship, extending beyond the current GSP benefits and significantly enhancing trade and investment.

  2. Infrastructure Development Participation: Korea is eager to contribute to Bangladesh's infrastructure projects through the Economic Development Cooperation Fund, soft loans, and public-private partnerships. The ambassador emphasized that Korean companies focus on timely project completion without inflating costs.

  3. Exploring New Sectors: Both nations can collaborate in areas such as footwear, light industries, ICT, pharmaceuticals, shipbuilding, agriculture, and carbon trading. Korea’s technological advancements can support Bangladesh in launching new businesses.

The Korea Economic Processing Zone (KEPZ) in Chattogram, the first country-specific private EPZ in Bangladesh, symbolizes the long-standing business relationship between the two countries. The KEPZ exports around USD 1.25 billion annually and employs over 70,000 workers.

Ambassador Park recalled the partnership between Bangladesh’s Desh Garment and Korea’s Daewoo Corporation in 1979, which laid the foundation for Bangladesh’s now-thriving RMG industry, accounting for over 85% of the country’s exports.

Currently, Korea ranks as the fourth-largest foreign direct investor in Bangladesh, expanding investments into manufacturing industries, including automobiles, mobile phones, and consumer electronics. Samsung Electronics manufactures mobile phones in Narsingdi, while Hyundai cars are being assembled at the Kaliakoir Hi-Tech Park from 2023.

The ambassador reiterated Korea’s commitment to continuous investment across various sectors, positioning Bangladesh for sustainable growth post-LDC graduation in 2026.

President of the KEPZ Jahangir Sadat, Managing Director MD Shahjahan, DCAB President Nurul Islam Hasib, and General Secretary Ashiqur Rahman Apu were also present during the visit.

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