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Korean investors to widen operations in Bangladesh

| Updated: November 07, 2021 16:58:30

Korean investors to widen operations in Bangladesh

In a bid to further promote bilateral trade with Bangladesh, Korean entrepreneurs, who have already a strong presence in the RMG sector, are planning to invest in other sectors like ICT and health.

These issues came up during the first-ever dialogue between the businessmen of the two countries held in the port city, a spokesperson of the Korean Embassy said on Sunday.

Korea-Bangladesh Chamber of Commerce and Industry (KBCCI) held its board meeting on Sunday.

It also organised a round table dialogue in association with the Embassy of the Republic of Korea in cooperation and the Chittagong Chamber of Commerce and Industry (CCCI) on Saturday.

Korean Ambassador in Dhaka Lee Jang-keun participated as an observer in the Board meeting of the KBCCI held on KEPZ premises. He also took part in the dialogue.

Appreciating strong economic ties between Korea and Bangladesh, the participants in the dialogue discussed opportunities and challenges in further promoting bilateral economic partnership.

The participants widely shared the view that Korea and Bangladesh should seek to expand areas of economic cooperation to various sectors such as infrastructure, ICT, and health based on the history of successful cooperation in the Ready-Made Garment (RMG) sector, in which Chittagong has been playing a crucial role, the spokesperson said.

A number of business leaders from both countries joined the meeting including Mostafa Kamal, the President of KBCCI cum Chairman of Meghna Group of Industries (MGI), Mahbubul Alam, the President of CCCI, Young-oh Ryu, President of the Korean Association in Bangladesh, Jinhyuk Paik, President of the Korean Association in Chittagong.

Representatives of Korean companies operating in Chittagong including Youngone Corporation of KEPZ also participated at the meeting.

Ambassador Lee Jang-keun made a presentation on Korea-Bangladesh relations focusing on trade and investment.

Stressing that the two countries have a great potential to further develop mutually beneficial economic ties, Ambassador Lee mentioned that “the first round table meeting in Chittagong, the gate to Bangladesh, would be another step towards the end and serve as a valuable opportunity to further untap the bilateral economic potential.”

He also reaffirmed his commitment for making efforts to elevate bilateral relations to a new height and diversify the areas of cooperation through more engagement with Chittagong business community.

At the same time, Ambassador Lee also asked for the support of the CCCI to the Korean business community.

Youngone Corporation, the first Korean RMG foreign investor in Bangladesh and the operator of the KEPZ, Korean Export Processing Zone in Chittagong, set up its first factory in the city in 1980 and currently employs more than 75,000 local workers across the country.

 Among Korean companies operating in Chittagong are BESTEC, GIANT, MZM Textile, HKD, Young An Hat, Pacific Zipper, UJIN, NEO PRINTEC, GH HAEWAE, LHOTSE, etc.

Around 300 Koreans are living in the city with more than 50 companies under operation.

The spokesperson said, Ambassador Lee visited Bangladesh-Korea Technical Training Center (BKTTC) established with grant aid from Korean government through KOICA, Korea’s development agency, on Sunday.

It was set up in 2013 with a total project cost of 4.8 million USD.

‘Ambassador Lee also visited the site of the cyber investigation center at the Criminal Investigation Department of the Chattogram Metropolitan Police to be established with the Korean support by 2023”.

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