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Korean envoy meets BGMEA President

  • Diplomatic Correspondent
  • 17th January, 2022 09:38:49 AM
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Korean envoy meets BGMEA President

Ambassador of South Korea to Bangladesh Lee Jang-keun visited the BGMEA Office in Gushan-2 Dhaka and met Faruque Hassan, President of the BGMEA, and other officials on Sunday.

Stressing the central role of the RMG sector in the development and strengthening of Korea-Bangladesh business relations, Ambassador Lee expressed his willingness to work closely with the organization in further deepening cooperation in the RMG sector, including in the areas of hi-tech textile technology, design and fashion capacity building.

Korea is the 5th largest FDI country in Bangladesh with textile and garment sector accounting for more than 70% of Korea's investment. Korea is the first and largest foreign investor in RMG sector in Bangladesh and largest employer of Bangladesh local workers.

Ambassador Lee also stressed the importance of making the best use of Korean investors in Bangladesh in promoting and strengthening trade and business ties between the two countries by improving their business environment and addressing business obstacles.

Bilateral trade between Korea and Bangladesh reached historic high in 2021 having crossed 2 billion US dollars for the first time.

Between January and November 2021, Bangladesh's export to Korea increased by 35.8% to 498 million US dollars while Korea's export to Bangladesh increased by 61.9% to 1.51 billion US dollars.

Garments accounted for 81% of Bangladesh's export to Korea during the period with 442 million US dollars.