South Korea’s ambassador to Bangladesh has said in a seminar that Bangladesh’s ICT sector is being observed as a major target for future investment. The ambassador’s remarks at a meeting attended by the commerce minister and over a hundred business organisations from the two countries offer encoragmnent to efforts to build closer partnerships between Bangladesh and South Korea. Korean companies have a strong track record in helping nurture export-led growth at home, and have been major drivers in bringing about the growth of Bangladesh’s garment sector. As major investors in Bangladesh, Korean companies employ over 55,000 workers in Chittagong EPZ alone. It is important to build on the mutual goodwill between our nations to overcome the difficulties that have hampered recent expansion at CEPZ and to provide more incentives for South Korean entrepreneurs seeking to increase investment and trade in Bangladesh. A Comprehensive Economic Partnership Agreement that builds on the existing duty-free market access for Bangladeshis products provided by South Korea would be in the interest of both countries. Closer co-operation is imperative to grow new opportunities for entrepreneurs looking to invest in Bangladesh’s labour force and growing domestic market. It can also help narrow Bangladesh’s $1 billion trade deficit with South Korea and increase our competitiveness. This can, in turn, attract investors from other nations looking to build on growing trade links and deepening connections between East and South Asia. Korea’s success in investing in export-led industry and skills development to rise up the global value chain offers many lessons for Bangladesh as we look to attract new investment to drive economic growth. New trade agreements with South Korea and other nations are vital to help build a stronger foundation to nurture the economic growth we need to create more higher value jobs.
