South Korea will give Bangladesh $3 billion as foreign development aid under a five-year agreement to support infrastructure construction, ICT and transport sectors.
This information was given by the South Korean ambassador in Dhaka, Lee Jang-Kun, on Wednesday (August 10) at the National Press Club in the capital.
The ambassador said, hopefully, we will be able to implement some meaningful programs in the next five years. The amount of assistance this time is quite large. The Korean government is working with the Bangladesh government to finalize the projects and hopes to sign the agreement by the end of the year.
Lee Jang-Kun said that the amount of Korean foreign development aid given to Bangladesh in the last five years was 700 million. Korea has given loans to Bangladesh at a very low interest rate of less than one percent and a grace period of 15 years.
Informing that Bangladesh-Korea trade is increasing significantly, the ambassador said that Bangladesh-Korea trade is increasing significantly in recent years. In the last financial year it was 2.3 billion dollars, which was 1.8 billion dollars in the previous year.
He said, Korea is not a direct foreign investor in Bangladesh. Last year the annual FDI was 1.4 billion and 100 million worth of FDI is coming from Korea annually.
The ambassador expressed hope that about 4,000 Bangladeshi workers are going to Korea for employment this year. He said that since January of this year, about 3 thousand workers have left.
Lee Jang-Kun said that 10,000 Bangladeshis sent 209 million US dollars from the country in the fiscal year 2019-20.
The ambassador also said that there are three Korean technical training centers in Bangladesh.
Regarding the Rohingya, the ambassador said, Korea supports Bangladesh at the international level for humanitarian assistance for the Rohingya and their sustainable repatriation. Korea provides $4-5 million annually to support the Rohingya and host communities.
Diplomatic Correspondents Association Bangladesh (DICAB) organized the event. DICAB President Rezaul Karim Lotus and general secretary of the organization AKM Moinuddin spoke.