South Korean Ambassador to Bangladesh Park Young-sik on Sunday said Bangladesh and South Korea are currently negotiating the Comprehensive Economic Partnership Agreement (CEPA) and its conclusion will provide another opportunity to take existing close relationship to a step further.
Speaking at a seminar titled "Korean Investors’ CSR Activities and Future Together," the Ambassador touched on how both countries can further promote bilateral trade and investment.
"Korea does not pursue strategic interests beyond our economic cooperation," he said, noting that both Korea and Bangladesh are committed to forging a brighter and more prosperous future for the two nations building on the achievements of the past 50 years.
The Embassy of Korea, KOICA, KOTRA hosted the seminar where stakeholders including KBCCI President Shahab Uddin Khan and Country Director of KOICA Jihoon Kim, among others, spoke.
Ambassador Young-sik said Bangladesh continues to be a promising destination for South Korean investors, with its rapidly growing economy, strategic location, and abundant labor force.
In order to fully realize Bangladesh’s potential as an investment destination, he said, Bangladesh needs to improve business environment for making efforts such as timely visa issuance and renewal, seamless customs clearance, reduction of high tariffs on raw materials and intermediate goods, resolving the problem of overdue payment in dollars after the completion of projects, and allowing repatriation of profits to home countries.
Ambassador Young-sik said Bangladesh’s export to Korea is increasing steadily every year.
However, he said, its amount is not satisfactory due to limited range of export items.
Items such as footwear, ICT products, leather goods, light industrial products and pharmaceuticals can be further exported to Korea.
"A bilateral CEPA can provide an impetus to further increase Bangladesh's share in Korea's market, especially RMG items," said the Ambassador.
He said Bangladesh needs to develop infrastructure to make its economy sustainable and resilient."Korea aspires to become a vital partner in Bangladesh's infrastructure development, as we have done in the RMG sector."
Korean enterprises are known for quality delivery and are ready to continue their contribution to the infrastructure development, he said.
However, the envoy said, Bangladeshi government needs to create an environment for foreign companies to participate in the infrastructure projects.
He said development cooperation complements our economic ties.
Bangladesh ranks third among Korea’s ODA recipients, with projects in education, water and sanitation, health, public administration, and transportation.
"Korea is fully committed to strengthening Technical and Vocational Education and Training (TVET) to address trainer shortages, technology gaps, and outdated equipment, with KOICA supporting capacity-building so that workers are well prepared for future growth," Ambassador Young-sik said.
Korea is the first country in the world to make the transition from an ODA (official development assistance) recipient to a donor nation.
Korea was able to build its economy in just a few decades with the support and assistance of the international community.
The envoy said Korea is willing to share our development experience with other developing countries.
Since the establishment of diplomatic ties in 1973, Bangladesh and Korea have witnessed a remarkable journey of cooperation in various sectors, including trade, investment, development, and people-to-people exchanges.
"Over the last fifty years, collaboration in the RMG sector has been a driving force behind our bilateral relations," he said.
The Ambassador expressed his profound gratitude to the investors and NGOs for their unwavering dedication to CSR. "I also look forward to more CSR activities in Bangladesh."
Korean investors and NGO representatives made their presentations on their CRS activities.
The Ambassador also thaked former Ambassador Farooq Sobhan for sharing insights on the role of CSR in building constructive business relationships.
Korean companies have been a long-standing partner of Bangladesh. The early collaboration between Desh Garment and Daewoo Corporation in 1979 helped to plant the seed of the RMG industry in Bangladesh.
Since then, many Korean companies have significantly contributed to the rapid growth of Bangladesh's RMG sector, which now accounts for more than 80% of the country's exports.
The Korean Export Processing Zone (KEPZ) in Chattogram, Bangladesh’s first privately developed, country-specific EPZ, continues to symbolize this partnership, generating about USD 1.25 billion in exports and employing more than 70,000 workers.
The Ambassador said Youngone Corporation has demonstrated Korea’s strong commitment to sustainable business in Bangladesh.
Through the Korean Export Processing Zone (KEPZ) in Chattogram, Youngone has set a global benchmark for eco-friendly industrial development, he said.
Its Blue & Green Initiative transformed barren land into a thriving green ecosystem with over three million trees and Bangladesh’s largest rooftop solar project, generating 37 megawatts of renewable energy.
In addition, the envoy said, the company’s CSR efforts extend to the community—supporting education, healthcare, and women’s empowerment through initiatives such as a 100-bed medical complex, fashion and textile institute, and scholarship programs for local students.
"Youngone’s dedication to environmental stewardship and community development truly embodies the spirit of responsible and inclusive growth," he said.
Representatives of the Youngone, Dohwa Engineering, LG, Woori Bank and Samsung (Electronics+R&D) were present.
