Korean Ambassador to Bangladesh Li Zhang Kain hopes that Korean investment in the country will increase further by reducing dividends, changing labor laws and resolving some of the existing problems, including benefits for workers in retirement.
The Ambassador expressed his optimism during a courtesy call on Chittagong Chamber of Commerce and Industry President Mahbubul Alam at the World Trade Center in Agrabad of Chattogram city on Thursday.
Embassy Second Secretary Xu Ji Jong and head of the Korea Trade Investment Promotion Agency (KOTRA) Kim Jung-un were present on the occasion.
The Ambassador said Korea is the sixth largest investor in Bangladesh and their investment amounts to about 1.2 billion. About 200 Korean companies have invested in the country. Korean EPZ is an excellent example of the friendship between the two countries. In addition to ready-made garments, Korea is currently investing in infrastructure development, electronics and automobiles. A joint venture is being planned for the construction of Bangabandhu Medical University and Hospital. Korea is keen to invest in more mega projects, added the Ambassador.
The newly appointed Ambassador remarked that during his tenure, bilateral economic relations between the two countries would be very helpful in developing Bangladesh as a developed country.
Referring to Korea's contribution to the recognition and development of independent Bangladesh, the President of the Chamber said that their cooperation would play a very effective role in realizing the dream of 2021 and 2041. Korean investment in Bangladesh, including EPZ and KPZ, has accelerated socio-economic development in the country, including job creation.
He sought the cooperation of the Ambassador in arranging for the teaching of Korean language with a view to recruiting skilled manpower from Bangladesh and sought the full cooperation of the Chamber.
Chamber President sought cooperation in reducing the Korean investment and trade deficit in the Mirsarai Economic Zone with One Stop Service so that more Bangladeshi products can enter the Korean market.
Chamber President Mahbubul Alam called for the implementation of a flagship project in Chittagong as a memento of friendship between the two countries.
Chamber Director Syed Mohammad Tanvir proposed to create a manual in a joint venture to provide proper training to domestic producers in the production of quality products suitable for the Korean market and requested for necessary information assistance in producing and exporting skilled workers as per the needs of the country.
Korea's Honorary Consul Mohammad Mohsin said the current investment would be further enhanced through talks between the government and Korean investors with the help of the Chittagong Chamber that would benefit both parties.
He requested for regular trade shows in collaboration with KOTRA at the World Trade Center.
CEO Wasfi Tamim briefed the Ambassador about the activities of the Chamber's Initiative Bangladesh Center of Excellence through a documentary. The Ambassador visited the Permanent Exhibition Hall of the World Trade Center.
