Korean Prime Minister, Lee Nak-yon on Sunday expressed keen interest in enhancing economic cooperation and more Korean investment in Bangladesh.
Praising the ongoing development and success of Bangladesh, the visiting Prime Minister has shown his interest in investing in the potential sectors including Infrastructure, Power, ICT and IT.
The Korean Premier made the observations while presenting the keynote speech at ‘Korea-Bangladesh Business Forum’ at the Hotel Intercontinental Dhaka on Sunday. The forum was jointly organized by FBCCI and KITA (Korea International Trade Association). Salman F Rahman, Prime Ministers Private Industry and Investment Advisor, Industries Minister, Nurul Majid Mahmud Humayun and Commerce Minister, Tipu Munshi attended the forum with FBCCI President Sheikh F Fahim in the chair.
While addressing, Commerce Minister, Tipu Munshi termed Korea as the significant development partner of Bangladesh. He hoped that the visit of Korean Prime Minister will open up new avenue of cooperation in all aspects. Industries Minister, Nurul Majid Mahmud Humayun mentioned that Korea is the 6th largest foreign investor in Bangladesh.
Minister mentioned that his Ministry is working as facilitator for making a favorable and congenial environment for the investor. Two separate sessions took place in the morning session of the forum on ‘Korean Government’s New Southern Policy and Korea-Bangladesh Cooperation Strategies’ and ‘Best practices of Korea-Bangladesh Cooperation’.
Nabhash Chandra Mandal, Executive Member of Bangladesh Investment Development Authority (BIDA) presented his paper on ‘Korea-Bangladesh Investment Cooperation and Future Outlook and Lee Sun Joo presented the paper on ‘KT-Bangladesh Partnership’. In the second session papers were presented by Jahangir Saadat, President, KEPZ on ‘Best practices in Youngone & Korean EPZ’, RyuChul Ho, Regional Director of Hyundai Engineering and Construction on ‘The Bridge of Mutual Cooperation’ and Mohammad Enamul Kabir, Director of Bangladesh Computer Council on’ Korea-Bangladesh IT Cooperation’.
The President, FBCCI said that as an important trade partner the bilateral trade between Bangladesh and Korea stands at US$1.5bn in the last fiscal year with Export from Bangladesh worth US$0.25bn & Imports worth US$ 1.27bn. With duty free quota free market access to 90.4% of our tariff line to Korea, bilateral trade prospects are promising.
The FBCCI Chief mentioned that to attract FDI, we have one of the most liberal & flexible investment regimes in South Asia and Ease of Doing business measures is being addressed at the highest policy level. Sheikh Fahim also said that, as a transitional economy, it is imperative that our bilateral ties reflect the potential opportunities we have to deepen our cooperation in Business cooperation & Investments through mergers and acquisition in electronics, automobiles, telecommunications, shipbuilding, chemicals and steel, Joint High tech research, development and innovation JVs on light, medium and heavy industries.
He further stressed need for knowledge transfer to transition from 3rd IR to 4th IR including service sector cooperation in ICT, nanotechnology, robotics, IOT, cyber security, AI, quantum computing, quantum internet among others. "Bi-lateral cooperation is also needed in business process re-engineering of MSMEs, Joint collaboration for demand driven technical skills modules, TVET program for Manufacturing, Industry, Service and Quaternary economy, and industry-academia gap assessment, Knowledge transfer for developing STEAM (Science, Technology, Engineering, Arts, Mathematics) education curriculum, teaching modules and teacher’s training and Joint initiative for exploration and Joint ventures on blue economy", Fahim added.
A Memorandum of Understanding (MoU) between FBCCI and Korea International Trade Association was signed. FBCCI President, Sheikh F Fahim and Yung Zu Kim on behalf of their respective organizations signed the memorandum. Speakers mentioned that Bangladesh exported goods worth US$293.69 million to South Korea in 2018-19 and imported goods worth US$981.20 million. The principal export products of Bangladesh to South Korea are Knitwear, Woven garments, Footwear and Leather and Leather goods etc.
The import items from South Korea are Vehicles, Aircraft, Vessels and Associated Transport Equipment, Base Metals & Articles of Base Metal, Machinery and mechanical appliances; electrical equipment and parts and Chemical Products etc. Yung Zu Kim, Chairman & CEO of KITA spoke on the occasion while FBCCI Vice Presidents, Directors, Former FBCCI Presidents, Heads of Member bodies and the leading Industrialists of the country were present.
