‘Predictable, stable environment should get top priority for more FDI’

The improvement of a business-friendly, predictable and stable environment should be one of the top priorities among the interim government's tasks in order to attract more foreign investment, South Korean Ambassador to Bangladesh Park Young Sik said on Saturday.

“Korea is fully committed to continuing our long-standing cooperation with Bangladesh. The Korean Embassy is looking forward to engaging in further discussions with the interim government on this matter” the Korean envoy said while addressing a group of members of the Diplomatic Correspondents’ Association at the Korean EPZ in Chattogram.

He also said the Economic Partnership Agreement (EPA), now under discussions between Korea and Bangladesh, will be a foundation for a strategic and long-term relationship between the two countries.

“The EPA is not just an extension of the GSP benefits that Korea is currently offering to Bangladesh. It will substantially upgrade bilateral trade and investment in mutually beneficial ways,” he noted.

“Korea wants to establish long-term and strategic relations with Bangladesh. Korea neither seeks short-term gains nor makes any empty promise that cannot be easily kept,” the envoy said.

He said, “Korea is trying to participate in Bangladesh's infrastructure development.”

“Currently, numerous projects are under discussions through the Economic Development Cooperation Fund, soft loans from the Korean government, or the Public-Private Partnership mechanism,” he added.

He anticipates that the ongoing projects will make smooth progress and greatly contribute to the development of infrastructure in Bangladesh, Mr Young said adding that Korean companies do not delay any project intentionally or inflate the cost of the project deliberately, and they focus on timely completion.

The envoy felt that both countries could promote bilateral collaboration in new areas.

 “Footwear, light industries, ICT, pharmaceuticals, shipbuilding, blue economy and deep-sea fishing, agriculture and agricultural machinery, greenhouse and carbon trading scheme are potential areas. Korean companies have new technology, while Bangladeshi companies can start new businesses.”

“Korea is currently the fourth largest FDI investor in Bangladesh. Korea's investment has been expanded to manufacturing industries thanks to a recent increase in investment in automobiles, mobile phones, and consumer electronics through joint ventures with local partners. Samsung Electronics manufactures consumer electronic goods, including mobile phones, in Narsingdi, while Hyundai cars are being assembled at the plant at the Kaliakoir Hi-Tech Park from 2023,” the envoy said.

About the Korea Export Processing Zone (KEPZ) in Chattogram, he said it is the first country-specific private Export Processing Zone (EPZ) in the country, is serving as a symbol of the business collaborations which Korea and Bangladesh have cultivated over the last fifty years since December 18, 1973 when the bilateral diplomatic ties were established.

The KEPZ and Youngone is currently exporting approximately USD 1.25 billion and employing more than 70,000 workers in Bangladesh, Mr Jahangir Sadat, President of the Group in Bangladesh, told a briefing.

mirmostafiz@yahoo.con