Qualitative economic development imperative for sustaining growth

Korean envoy says in a meeting with CCCI

Published : 17 May 2024 08:59 PM

Qualitative economic development is necessary to sustain the economic growth of Bangladesh while diversification should be brought in various fields including the manufacturing sector as Bangladesh is set to graduate from LDC status by 2026, said Korean Ambassador Park Yong-Sik in Chattogram on Thursday. The Ambassador also said Korean companies have investments in the manufacturing, automobile, mobile and home electronics sectors in Bangladesh. Korean companies are working efficiently in big projects.  The envoy mentioned that Korea and Bangladesh have a long-standing strategic relationship.  Bangladesh is Korea's 5th largest trading partner.   The ambassador was addressing a view exchange meeting with Chattogram Chamber of Commerce and Industry (CCCI) leaders at the chamber office of the World Trade Center on Thursday morning. At present, 75 percent of the garment industry's cotton-based garments are exported from Bangladesh to the world.  But manmade fiber clothing is valued worldwide.  Korea has many advanced and modern technologies in Bangladesh's blue economy, tourism, agro and food processing sectors.   Currently, high tariffs on raw material imports, visa complications and delays in customs clearance are major obstacles for Korean companies to invest in Bangladesh.  These barriers to investment need to be addressed. Chamber President Omar Hazzaz said that despite the geographical distance between Bangladesh and South Korea, the two countries have strong relations.  Korea's contribution is behind the current position of Bangladesh's garment sector.  Korea has also contributed to the development of technical education. 

He said, 80 percent of Bangladesh's manufactured garments are Korean investments.  Currently, the demand for manmade fiber garments is increasing in the global market.  So we expect Korean investment and technology in this sector.   There are opportunities for Korean investment in light engineering, renewable energy, education, health, blue economy, shipbuilding and shipping sectors, taking advantage of Bangladesh's geographical location, trade and investment advantages.  

Bangladesh is among the top 10 food producing countries in the world.  But one-third of food is wasted in Bangladesh due to lack of storage.  So can technology and investment in modern agro processing sector.  

The water supply line from the Meghna River under implementation in Bangabandhu Shilpa Nagar will be extended to Sitakund in Chattogram city.

Chamber vice-president Raisa Mahbub said that there is considerable demand for Korean food in Bangladesh.  Besides, Korea's cosmetics, accessories and footwear are valued in Bangladesh.  Keeping in mind the market and foreign demand of Bangladesh, Korean businessmen of Bangladesh have opportunities for single or joint investment.  Chamber director Anjan Shekhar Das, Mahfuzul Haque Shah, Akhtar Uddin Mahmud and consul of the embassy Kim Jeong Ki, Chattogram Korean Association President Jin Hyuk Paik, Korean organization representatives Taeyong spoke.  Chamber Director Zahirul Islam Chowdhury (Alamgir), Benazir Chowdhury Nishan, Alamgir Parvez, Mahbubul Haque Miah and Md. Rezaul Karim Azad were present in the meeting.