Trade agreement between Bangladesh and South Korea

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Korea Importers Association (KOIMA) have signed an agreement to strengthen trade and investment between Bangladesh and South Korea.

The agreement was signed between FBCCI and Coima at Hotel Intercontinental in the capital on Monday (November 6).

Senior vice president of the organization on behalf of FBCCI. Amin Helali and Kim Byeong-kwan, the company’s chairman, signed the agreement on behalf of Koima.

FBCCI senior vice-president commented that this agreement will play a helpful role in increasing trade relations between Bangladesh and South Korea. Amin Helali.

He said that Bangladesh and South Korea are celebrating 50 years of bilateral relations this year. The two friendly countries have been working together for a long time for their development, economic growth and progress. Bangladesh and South Korea have exchanged several business delegations and signed several MoUs in recent years to strengthen relations and boost trade.

Md. Amin Helali also said that Bangladesh has crossed the milestone of exporting 55 billion dollars in the fiscal year 2022-23. Continuing this trend of growth, we plan to become a trillion-dollar economy and we have set a target of $300 billion in exports by 2041 to transform Bangladesh into a modern, smart Bangladesh. To achieve this goal, FBCCI is working for the government in exploring new markets and product diversification in the world.

South Korea has already recognized Bangladesh as a highly promising investment destination. Our government has established a Special Export Processing Zone (Special EPZ) for Korean investors only. Where Korean investment has already increased significantly. South Korea has been recognized as the fourth largest foreign direct investor (FDI) in Bangladesh by investing 1.48 billion US dollars there till June this year. He also commented that currently more than 200 Korean companies are working in Bangladesh.

The Senior Vice President urged Korean companies to invest in joint ventures and subcontracting with Bangladeshi enterprises, especially the small and medium sector. He urged Korean investors to invest in Bangladesh’s semiconductor, microchips, hi-tech, plastics, auto parts, agricultural machinery, ceramic products and software and other potential sectors.

In the chief guest’s speech, Tapan Kanti Ghosh, Senior Secretary of the Ministry of Commerce highlighted the trade potential of Bangladesh and urged Korean investors to invest in the country.

Chairman of Korea Importers Association (KOIMA) Kim Byeong-kwan praised the recent development of Bangladesh. He said that this MoU is an important step in building strong trade and investment relations between our two countries.

Korean Ambassador to Bangladesh Park Young Sik, FBCCI Vice President Shami Kaiser, Dr. Yashoda Jiban Debnath, Mohammad Anwar Sadat Sarkar, Directors were present.

SI/SM