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S Korea expects to expand investment, enhance co-op

It invested $1.3b in Bangladesh last year

Published : 02 Feb 2023 01:08 AM

South Korea expects to invest more in Bangladesh as the country was Bangladesh's fifth largest foreign direct investment (FDI) investor, with $1.3 billion already invested.

South Korean Ambassador to Bangladesh Lee Jang-keun made the remarks while speaking at a program at the South Korean Embassy in Dhaka. 

Almost 200 Korean companies have already invested in various sectors starting from RMG.

Recently, its investment has been diversified to include infrastructure, energy, and consumer goods such as electronics, thereby contributing to the further expansion of bilateral collaboration.

The South Korea International Trade Association (SKITA) estimates that the two nations' bilateral trade volume reached $3.035 billion in 2022, a 38.71 percent increase from $2.188 billion the year before.

Korean Community Association, along with Korea Bangladesh Chamber of Commerce and Industry (KBCC1) and Korea Trade-Investment Promotion Agency (KOTRA), was organizing "Korea Week 2023".

 Yong Oh Yu, Chairman of the Korean Community in Bangladesh, informed the reporters at a press conference on Wednesday at the Embassy of the Republic of Korea in the capital. 

Lee Jang-keun said, “it is great to see the Korean Community in Bangladesh has voluntarily organized this big event in honor of the historic 50th anniversary of diplomatic relations between Korea and Bangladesh.” 

He further mentioned that “the Embassy, along with KBCCI and other Korea-related organizations including KOTRA, KOICA, Korea Eximbank, and KIND, will endeavor to successfully carry out multiple events in that name of "Korea Week 2023" to provide more business and entertainment opportunities to Bangladeshi business society and K-Culture lovers.” 

Emphasizing that bilateral trade volume reached an all-time high of $3.4 billion in 2022, Ambassador Lee said that Korea pointed out that he is committed to developing economic relations between the two countries, and to that end, “Showcase Korea 2023” will be a significant momentum as both business society could find more collaboration.

Yong Oh Yu said that Korea recognized the newly independent Bangladesh in May 1972, and that consular connections were established in September 1973, followed by diplomatic relations in December 1973.

"South Korea is considering introducing big Korean companies such as Samsung and Hyundai to Bangladesh to engage in construction, engineering, electronics, and autos as Bangladesh improves its investment environment and expands its market base." stated Yong Oh Yu.

Korean company Samsung has established a manufacturing plant in Narsingdi where mobile phones, refrigerators, televisions, air conditioners, microwave ovens and washing machines are being manufactured.

Since establishing diplomatic ties between South Korea and Bangladesh in 1973, Korea has been enhancing cooperation with Bangladesh in various fields, such as economy, culture, politics, garment, electronics, development cooperation, and human exchange. 

To celebrate and propel economic success and celebrate the 50th anniversary of diplomatic ties in between the two countries, the Korean Community Association is preparing “Korea Week 2023” at the International Convention City Bashundhara (ICCB) and Kurmitola Golf Club in Dhaka from 25 February to 3 March 2023 with a slogan “Stay Strong March Together”. 

A prolusion of festivals and events will mark the 50th anniversary with a view to deepening and promoting more opportunities, building up consolidated economic relationships, and strengthening the bilateral relations between the two countries. 

In “Showcase Korea” (demonstration and display of Korean goods, 25-26 February), more than 40 companies will participate in Showcase Korea, for which event LG will serve as the lead sponsor. 

For Kpop Teams Live Concert on 25 February through Samsung Galaxy sponsorship, Boygroup “TAN” and Girl coup “ICU” along with Korean martial art Taelcwondo performance team “Nolja” will come to Dhaka to entertain Bangladesh Kpop fans. 

In addition, various cultural experience activities (throughout the week sponsed by KOICA), Korean food, electronic products, Korean tourism information will be introduced to Bangladesh people. The event will start at 10 am and continue till 7 pm onwards. 

Tickets for Kpop Live Concert (including Taekwondo performance) are available through the website www.KOREAWEEK2023.COM 

Korea Cup Golf Tournament will be held at Kurmitola Golf Club, Dhaka cantonment on March 1st and 2nd and an award show will be presented on 3rd March.