FBCCI, KOIMA join hands to expand bilateral trade between Bangladesh and South Korea

Korea Importers Association (KOIMA) and the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) signed a Memorandum of Understanding (MOU) to strengthen trade relations between the two countries, a spokesperson of the Korean Embassy in Dhaka said on Monday.

According to the statistics of Korea International Trade Association, the bilateral trade volume in 2022 was recorded at US$ 3.035 billion, an increase of 38.71 per cent from last year's US$ 2.188 billion. 

The MoU, signed on Sunday, aims to expand bilateral trade between South Korea and Bangladesh while diversifying and stabilising global supply chains and strengthening partnerships, he added.

“Two-way bilateral trade has exceeded $3 billion for the first time, a testament to the robust economic ties between our nations. This MOU between KOIMA and FBCCI is expected to play a significant role in enhancing two-way bilateral trade in the future,” said Tapan Kanti Ghosh, Senior Secretary of the Ministry of Commerce, who was present at the signing event.

On the occasion, South Korean Ambassador Park Young-sik said that the year 2023, which marks the 50th anniversary of diplomatic relations between Korea and Bangladesh, will mark a significant turning point in the bilateral trade between the two countries by overcoming the challenges of Covid-19 pandemic and global economic challenges stemming from the ongoing war between Russia and Ukraine. 

He also hoped that the Bangladeshi business sector would take advantage of Korea's preferential trade policy towards Bangladesh, which has been providing duty-free and quota-free access to the Korean market for 95 per cent of Bangladeshi products since 2008.

To commemorate the 50th anniversary of the establishment of diplomatic relations between the Republic of Korea and the People's Republic of Bangladesh, a high-level delegation from the Korea Importers Association (KOIMA) visited Dhaka from November 5 to 6. 

Korea and Bangladesh have strengthened cooperation in various fields such as trade, investment, development and people-to-people exchanges.

With over 52 years of experience, KOIMA is Korea's only organisation dedicated exclusively to facilitating imports into the country for the development of its industry. KOIMA's 8,500 members are specialists in their respective business fields and perform various activities that ultimately contribute to strengthening trade relations with other countries.

Over these five decades, Korea and Bangladesh have witnessed a remarkable journey of cooperation in various fields, including trade, investment, development and people-to-people exchanges. 

Korea is currently the fifth largest contributor of foreign direct investment (FDI) to Bangladesh, with the most notable recent investment being the expansion of manufacturing industries in automobiles, mobile phones and electronics. Companies such as Samsung Electronics and Hyundai have established a strong presence in Bangladesh, creating quality employment opportunities through domestic manufacturing.

Both countries are at the cusp of a new era in our relations, discussions on the Economic Partnership Agreement (EPA) and similar agreements between Korea and Bangladesh are underway, promising to further enhance our trade and investment cooperation.

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