Korea keen to boost bilateral trade ties

Diplomatic Correspondent

17 June, 2021 12:00 AM printer

South Korean Ambassador in Dhaka Lee Jang-keun on Wednesday highlighted the importance of furthering the bilateral commercial ties beyond Readymade Garments to various sectors such as bio-pharmaceutical and ICT. 

He said Samsung R&D Institute has been operating in Dhaka since 2011, employing 460 young software developers in Bangladesh, and that Korea Export Processing Zone (KEPZ) has recently inaugurated a 100-acre Hi-tech Park within KEPZ.

Ambassador Lee Jang-keun made the statement while taking part in a virtual discussion titled “Bangladesh and Republic of Korea (ROK): Trade and Investment Opportunities” organised by the Bangladesh Embassy in Seoul.

Salman Fazlur Rahman, adviser to the prime minister on private industry and investment, Paban Chowdhury, executive chairman of BEZA, Md Sirazul Islam, executive chairman of BIDA, Sultana Afroz, secretary and CEO of PPPA, and Md Nazrul Islam, executive chairman of BEPZA, also participated in the panel discussion.

Ambassador Lee pointed out that despite the growth of overall trade volume of the two countries respectively, the bilateral trade has remained at a standstill for the past decade with the trade volume of $1.7 billion.

In order to realise the full potential of the Korea-Bangladesh commercial ties, he emphasised the importance of fostering a business-friendly environment, including addressing the challenges faced by companies doing business with the other country, particularly in tax and tariff policy, repatriation of profit, and streamlining administrative procedures.

Ambassador Lee hoped that all foreign investors and businesspeople in Bangladesh will be made eligible for Covid-19 vaccinations as soon as the vaccine supply becomes normalised in Bangladesh.

He added that equal treatment for foreign investors in Bangladesh’s vaccination programme would be in line with the government’s policy to promote a business-friendly environment.