Tuesday, 24 May, 2022

Bangladesh, S Korea have great potential to boost trade: BGMEA

  • Diplomatic Correspondent
  • 18 January, 2022 12:00 AM
  • Print news
Bangladesh, S Korea have great potential to boost trade: BGMEA

Bangladesh and South Korea have great potential to derive more mutual trade benefits through collaboration in apparel and textile sectors, said Faruque Hassan, Bangladesh Garment Manu-facturers and Exporters Association (BGMEA) president.

He remarked this during a meeting with South Korean Ambassador to Dhaka Lee Jang-keun who called on him at BGMEA’s Gulshan office on Sunday.

They had discussions about possible areas of expanding trade between the two countries and how both countries can collaborate in a meaningful way to pave the way for boosting bilateral trade.

Hassan requested Ambassador Lee Jang-keun to encourage Korean businessmen to invest in backward linkage industry of Bangladesh, especially the non-cotton textile sector.

The Korean envoy pointed to extending incentive facility to RMG factories inside export processing zone (EPZ) against their exports to new markets.

Faruque Hassan thanked the South Korean envoy for his visit and showing interest in collaboration for increasing mutual trade between the two Asian nations.

South Korea is the 5th largest foreign investor in Bangladesh with textile and garment sector accounting for more than 70 per cent of Korea's investment.

South Korea is the first and largest foreign investor in RMG sector in Bangladesh and largest employer of Bangladesh local workers.

Ambassador Lee 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 for the first time.

Between January and November 2021, Bangladesh's export to Korea increased by 35.8 per cent to $498 million while Korea's export to Bangladesh increased by 61.9 per cent to $1.51 billion.

Garments accounted for 81 per cent of Bangladesh's export to Korea during the period with $442 million.

BGMEA vice-presidents Shahidullah Azim and Miran Ali, Embassy of South Korea First Secretary Lee Jungyoul, and Dhaka Chamber of Commerce and Industry (DCCI) former president Shams Mahmud were also present at the meeting.