Experts urge strategic partnership to boost Korean investment

Speakers at a seminar on Wednesday stressed the importance of establishing a strategic partnership to facilitate Korean investment in Bangladesh.

They identified a number of sectors, including infrastructure development, logistics, electronics, ICT, digital services, renewable energy and textiles, as potential areas for Korean investment.

They also called for necessary reforms, especially in the fields of financial liberalisation, easy repatriation of profit and automation in tax regime, to boost Korean investment in Bangladesh.

The seminar titled "Accelerating Korean Investment in Bangladesh Opportunities, Challenges, and Policy Reforms", jointly organised by the EBL and the Korea-Bangladesh Chamber of Commerce and Industry (KBCCI), was held at the Eastern Bank PLC (EBL) head office in the city's Gulshan area.

Korean Ambassador PARK Young Sik attended the seminar as the chief guest while Managing Director of EBL Ali Reza Iftekhar delivered the welcome speech.

Director General of the International Trade, Investment, and Technology Wing at the Ministry of Foreign Affairs Dr Syed Muntasir Mamun and Deputy Governor of Bangladesh Bank Dr. Md. Habibur Rahman were present at the seminar as special guests.

Head of Business Development at the Bangladesh Investment Development Authority (BIDA) Nahian Rahman Rochi gave the keynote presentation at the seminar.

In his speech, Ambassador PARK Young Sik said the present bilateral trade between Korea and Bangladesh stands at approximately $2.6 billion to $3.0 billion.

"Korea's trade surplus is offset by the investment of Korean companies," he said, adding that his country's investment in Bangladesh is the fourth largest in terms of accumulative amount.

Mentioning lower FDI-GDP ratio in Bangladesh, the Korean envoy suggested that Bangladesh should improve further its investment climate for attracting more investment.

"The existing tax and tariff policies should be improved and repatriation of profits by foreign investors has to be made easier," he said.

Underscoring the need for finalisation of the proposed bilateral Economic Partnership Agreement (EPA) between the two countries, he said: "Such agreement is expected to boost bilateral trade and investment between the two countries through reducing existing trade barriers, expanding market access and removing investment barriers.

The proposed EPA aims to create new opportunities for businesses and strengthen economic ties between Korea and Bangladesh.

Highlighted EBL's role in facilitating cross-border investment, Mr Ali Reza Iftekhar emphasised the need for strategic partnerships to unlock the full potential of bilateral trade and investment between the two countries.

Outlining the evolving investment landscape of Bangladesh, Mr Rahman Rochi shared the BIDA's initiatives to enhance investor confidence, especially in the areas of regulatory reforms and streamlined services.

Pointing out the facilities the BIDA has offered to the investors, he said: "Bangladesh today stands at an inflection point. It's a blue-chip investment (destination)."

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