S Korean envoy seeks stronger trade, investment in BD

Park Young-sik, ambassador of the Republic of Korea to Bangladesh, held a meeting with Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), at the BGMEA Complex in Uttara, Dhaka.

The meeting focused on strengthening bilateral trade and investment issues.

During the meeting, the BGMEA president  highlighted Bangladesh’s growing potential as a destination for South Korean exports of man-made fibress, textile machinery, chemical dyes, and other raw materials. He also noted that South Korea is a promising market for Bangladeshi apparel exports, offering significant opportunities for mutually beneficial trade.

President Mahmud Hasan Khan expressed appreciation for South Korea’s historical support in the development of Bangladesh’s garment industry, especially in technical assistance and workforce training during its formative years.

He sought the ambassador’s support in expanding Bangladesh’s apparel exports to South Korea and attracting Korean investment in non-textile sectors within Bangladesh. The BGMEA leadership also emphasised the need for enhanced market intelligence sharing and stronger business-to-business connectivity between Korean and Bangladeshi enterprises to deepen economic cooperation.

The ambassador underscored the importance of further aligning Bangladesh’s Export Processing Zones (EPZ) Act 2019 with the Bangladesh Labour Act 2006 to create a more conducive environment for foreign investors.

He also highlighted the need to improve labor productivity and the operational efficiency of the Chattogram port, which are key to facilitating smoother trade operations.

Both parties expressed optimism that the signing of a Free Trade Agreement (FTA) or an Economic Partnership Agreement (EPA) between Bangladesh and South Korea would significantly benefit both countries by fostering deeper economic integration.

BGMEA president Mahmud thanked the South Korean government for its continued support and expressed confidence that bilateral relations will continue to strengthen in the coming years, reports UNB. 

Present during the meeting from BGMEA were Vice President Md. Shehab Udduza Chowdhury, Director, Faisal Samad, and Member Israfil Atique. The Ambassador was accompanied by Kim Jeong ki, Consul at the Korean Embassy in Dhaka, and Noh Chy Woo, Country Head, Spandex Performance Unit and Spandex Plant, Hyosung TNC Corporation (Bangladesh Liaison Office).