South Korean Ambassador in Dhaka, AHN Seong-doo, has said Bangladesh needs to improve infrastructure facilities and ease ‘administrative rules’ to attract more foreign investment, reports UNB. Observing that Bangladesh is on the right track in its development drive, the Korean envoy said Bangladesh needs to grow its size of the development ‘pie’ further to enter an advanced society maintaining ‘social stability’. “First of all, you’ll have to make the size of your pie bigger. In order to do that social stability is the most important thing. In a very stable society, you can achieve everything,” he said this in an interview with the news agency. ‘Grow the pie’ is an expression used in macroeconomics to refer to the assertion that growing the economy of a nation as a whole creates more availability of wealth and work opportunities than does redistribution of wealth. The diplomat, who earlier served as the Ambassador to Afghanistan and consul-general to Dubai, said Bangladesh needs to start its economic development ‘very vigorously’ before it becomes too late. “I see the bright future in your society. Your population is very healthy and young. That is an advantage and asset for you. You need to invest more in youths to enter an advanced society. We are with you in this journey with support,” Seong-doo said in his first interview to media after his arrival. The envoy said his government will continue to cooperate with Bangladesh government and its people for the further development of Bangladesh society. Citing Korea-Bangladesh’s ‘very successful story’ in the readymade garment industry, the Korean diplomat said the Information and Communications Technology (ICT) will be a crucial factor for economic growth and development in Bangladesh. “Now you have to turn your eyesight on service sector through information and communications technology. Korea is one of the leading countries in this sector. We are very much interested to cooperate with Bangladesh in this area,” he said. On Bangladesh’s development targets, the Korean Ambassador confidently said Bangladesh will achieve its 2021 goal of becoming a middle-income country well ahead of the target. Describing Korea’s relations with Bangladesh as very stronger one, the envoy said there is no conflicting issue between the two countries except a ‘small issue’ – Korean Export Processing Zone (KEPZ). Since the every beginning of diplomatic relations, he said, Korea remains the ‘real partner’ of Bangladesh and a partner from the ‘bottom of heart’. “We always stand side by side with Bangladesh. Since 1973, Korea and Bangladesh cultivated very close and amicable friendship,” he said and added that ‘Our relations, I think, is at the best stage now.’ On trade gap between the two countries, the Korean Ambassador said Bangladesh’s products are not that much diversified. “Bangladesh needs to invite more Korean companies in new areas like ICT and then Bangladesh can re-export those products to Korea and other countries,” he said. Since 2009, he said Bangladesh export to Korea increased very much while the two-way trade volume is now over US$ 1.5 billion. Seong-doo mentioned Korea’s ODA (Official Development Agency), has been playing a crucial role in supporting the welfare and betterment of Bangladesh for the last two decades. “It’s one of our prides that we can participate in the dev of Bangladesh society and economy. Our projects are proved very satisfactory. Both governments and people are happy the way ODA is being spent in Bangladesh,” he said. Seong-doo mentioned that the governments of Bangladesh and Korea signed the Economic Development Cooperation Fund (EDCF) Framework Arrangement in November, last year which will enable Bangladesh to obtain EDCF loans up to $350 million for 2015 to 2017 from Korea to finance infrastructure development projects in the country.
