Korean envoy meets BIDA chief, discusses investment

Sun Online Desk

25th October, 2020 09:18:00 printer

Korean envoy meets BIDA chief, discusses investment

Korean Ambassador in Dhaka Lee Jang-keun paid a visit to Bangladesh Investment Development Authority (BIDA) on Sunday.

He discussed various issues with BIDA Executive Chairman Md Sirazul Islam to strengthen business and investment cooperation between Korea and Bangladesh.

Appreciating active business relations between the two countries, both sides agreed to work closely to explore cooperation and investment opportunities, beyond the traditional textile and garment sector, in new areas of ICT, infrastructure, health, and electronics automobiles, banking, and services.

According to the recent statistics of Bangladesh Bank, Korea is the 6th major FDI investment partner for Bangladesh with the accumulated investment of 1.44 billion US dollars as of March 2020. It is next to USA, UK, the Netherlands, Singapore and Hong Kong.

For the first quarter of 2020, Korea's FDI to Bangladesh recorded 65.6 million US dollars.

Korea has played a meaningful role in developing Bangladesh's RMG industry being the first and largest investor in the field from the late 1970s. Still, close to 90 percent of Korea's investment in Bangladesh is in the textile and leather industries.