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Bangladesh, South Korea agree to finalise CEPA draft by Dec
Bangladesh and South Korea have agreed to finalise the draft of the Comprehensive Economic Partnership Agreement (CEPA) by December, paving the way for preparations for its formal signing at a high level.
The understanding was reached at a bilateral meeting between Commerce Minister Khandakar Abdul Muktadir and South Korean Ambassador to Bangladesh Kim Ji-joon at the ministry on Tuesday.
During the meeting, the commerce minister assured the Korean side that operational and import-related problems faced by Korean investors would be resolved on a priority basis.
He also proposed joint investment in the shipbuilding sector and the establishment of a specialised "Design and Development Centre" in Bangladesh to make use of local engineers and manpower.
The Korean Ambassador expressed keen interest in concluding the CEPA quickly to expand bilateral trade and economic ties.
He said Seoul has already conveyed its position to Dhaka on the draft agreement and a detailed questionnaire.
The two sides discussed the finalisation of the deal and the next steps in detail.
Assuring Korea of necessary cooperation to boost investment, the minister said a joint coordination meeting would soon be held with the Commerce Ministry, the National Board of Revenue (NBR), the Finance Ministry and Korean investors to quickly resolve policy-related issues.
The Ambassador highlighted various operational challenges faced by around 200 Korean companies operating in Bangladesh.
He particularly urged the government to remove administrative hurdles in importing research materials and samples for Samsung's Research and Development (R&D) centre, delays in releasing import permits (IPs), and obstacles related to customs policies.
In response, the minister directed that a joint secretary of the Commerce Ministry be assigned as a focal point to swiftly address import-related complications faced by Korean investors, including Samsung.
He said work is underway to simplify the visa process and to make the issuance of IPs fully online and real-time.
The proposed Design and Development Centre for boosting cooperation in shipbuilding was also discussed. The minister highlighted the potential of meeting global demand through joint ventures by utilising local engineers and manpower.
The Ambassador responded positively to the proposal.
He expressed interest in coordinating with leading South Korean shipbuilders Hanwha Ocean and Hyundai Heavy Industries to explore long-term technology transfer and joint investment opportunities, reports UNB.