Korea biggest source of FDI for Bangladesh in 2022, Korean envoy tells PM

Korea has become the largest foreign direct investor to Bangladesh in the year of 2022 with a gross volume of 662 million dollars.

Ambassador Lee Jang-Keun said this when he paid a farewell call on Prime Minister Sheikh Hasina at the Ganabhaban on Tuesday. 

Ambassador Lee shared with Prime Minister recent milestone development in relations between Korea and Bangladesh in multiple areas such as trade, official development assistance, expatriate workers and investment in the year of 50^th anniversary of Korea-Bangladesh diplomatic ties in 2023, said a spokesperson of the Korean embassy in Dhaka.

Ambassador Lee explained that the trade between Korea and Bangladesh crossed the $3.0 billion mark in 2022 and $2 billion in 2021 for the first time, which was stagnant at around $1.5~1.8 billion over a decade before the Covid-19 pandemic. 

He further elaborated Korean government has decided to provide Bangladesh government with $3.0 billion under the EDCF (Economic Development Cooperation Fund), a soft loan programme, in the period of 2023 and 2027. 

Korea’s previous commitment stood at $500 million for 3 years when Ambassador Lee arrived in Bangladesh in June 2020. 

Expatriate workers are the other arena where we see meaningful development over one or two years, Ambassador Lee said. 

While only around 1,500 Bangladeshi workers were dispatched to Korea under Employment Permit System (EPS) until 2021, the number increased significantly to 5,891 in 2022 and the Korean government plans to receive 10,000 Bangladeshi expatriate workers this year. 

While highly appreciating vibrant the socio-economic development of Bangladesh under the visionary leadership of Primes Minister Sheikh Hasina, outgoing Ambassador Lee expressed deep appreciation for the extensive cooperation and hospitality of the Honorable Prime Minister and Bangladesh people during his tenure in Bangladesh. 

Prime Minister Sheikh Hasina congratulated the successful completion of his tenure in Bangladesh and thanked Ambassador Lee for his efforts to further boost Korea-Bangladesh relations. She also wished Korea’s continuous cooperation with Korea in the course of the socio-economic development of Bangladesh.

mirmostafiz@yahoo.com