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Seoul and Dhaka are currently advancing negotiations for a bilateral Economic Partnership Agreement (EPA), said Park Young-sik, ambassador of the Republic of Korea to Bangladesh on Tuesday.
The agreement, if reached, would greatly increase bilateral trade in a mutually beneficial way, the envoy said while addressing a seminar titled "Korea-Bangladesh Economic Cooperation: Sharing Development Experience and Exploring Opportunities".
He said that bilateral economic relations have flourished over the years, benefiting both economies.
"Firstly, two-way trade surpassed $3 billion last year. Secondly, Korea's investment in Bangladesh is the fifth largest in terms of accumulated amount," he added.
Shahriar Alam, state minister for Foreign Affairs, and Zunaid Ahmed Palak, state minister for the ICT Division, were also present at the seminar.
"As we all know, Korea has been with Bangladesh from the very beginning of the growth and prosperity of Bangladesh's ready-made garment (RMG) industry," said Mr Park, reminding that Desh Garments - the first RMG factory in Bangladesh - started its journey in collaboration with Korean company Daewoo Corporation in 1979.
He added that the first country-specific private Export Processing Zone (EPZ), the KEPZ, established in Chattogram, has been a symbol of Korea-Bangladesh business ties.
"The remarkable development of economic relations between our two countries has been made possible by the efforts of businessmen from both countries," the ambassador said.
He said Bangladesh's graduation from the least developed country (LDC) status in 2026 and its goal of becoming a developed country by 2041 offer both opportunities and challenges.
He said that Bangladesh's economy is very positive, citing the latest report by World Economics, which in June this year ranked Bangladesh as the fastest-growing economy in the Asia-Pacific region out of 32 countries.
Mr Park said that LDC graduation would send a positive signal to the international business community, making it easier to attract foreign capital needed for Bangladesh's infrastructure development.
"Korea wishes to become an important partner in Bangladesh's infrastructure development, as we have done in the past in the ready-made garment industry," he said.
Mr Park expressed hope that the Meghna Bridge Project on the Bhulta-Araihazar-Bancharampur Road (R-203) and the Supplying of Treated Water from Meghna River to Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) projects, which are being discussed through the Joint PPP Platform Meeting mechanism, will make rapid progress.
"These two projects can become a litmus test for Korean companies to consider further investment in Bangladesh," he said.