South
Korean Ambassador to Bangladesh Park Young-sik today (Saturday, September 28)
reiterated his country’s commitment to continuing its long-standing cooperation
with Bangladesh.
“Korea
is ready to be a crucial partner in Dhaka’s economic development, as we have already
done in the RMG sector,” he said, calling for creating more improved business
environment in Bangladesh to attract further foreign investment.
The
envoy also said South Korea is keen to expand its investment in Bangladesh.
He
made the remarks during a view exchange with members of the Diplomatic
Correspondents Association of Bangladesh (DCAB) while visiting the Korean
Export Processing Zone (KEPZ) near Chattogram.
Park
said, “The improvement of business-friendly, predictable and stable environment
should be one of the top priorities among the interim government’s tasks in
order to attract more foreign investment.”
He
said the Korean Embassy in Dhaka is eager to engage in further discussions with
the interim government on improving the investment climate.
Park
also highlighted Bangladesh's strong growth potential, citing its steady annual
economic growth rate of over 5% for the past 20 years.
He
expressed optimism that Bangladesh's upcoming graduation from Least Developed
Country (LDC) status in 2026 will help attract essential foreign capital needed
for sustainable development.
The
ambassador also underscored the significance of the ongoing discussions
regarding the Economic Partnership Agreement (EPA) between the two countries.
“This
EPA will not only extend the Generalized System of Preferences (GSP) benefits
Korea currently offers to Bangladesh but will enhance bilateral trade and
investment for mutual benefit”, he added
Currently,
he said numerous projects are under discussions with the Bangladesh government
through the Economic Development Cooperation Fund, soft loans from the Korean
government, or the Public-Private Partnership mechanism.
The
Korean Embassy anticipated that the ongoing projects will make smooth progress
and greatly contribute to the development of infrastructure in Bangladesh.
“Korean
companies do not delay any project intentionally or inflate the cost of the
project deliberately, and they focus on timely completion”, said the
ambassador.
He
further said both countries can promote bilateral collaboration in new areas
like footwear, light industries, ICT, pharmaceuticals, shipbuilding, blue
economy and deep-sea fishing, agriculture and agricultural machinery, green
house and carbon trading scheme.
“Korean
companies have new technology, while Bangladeshi companies can start new
businesses”, said the envoy.
KEPZ
President Jahangir Saadat and DCAB President Nurul Islam Hasib also spoke at
the event, focusing on the deepening of economic ties between the two nations.