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BD eyes big investments from giants like Samsung, Hyundai and LG

ROK business delegation due next month


Saif Uddin | Published: June 13, 2019 09:32:27 | Updated: June 13, 2019 15:21:49


Picture used for illustrative purpose only — Collected

A high-level business delegation from South Korea will visit Bangladesh in July next to explore possible investment opportunities here, officials said.

"This is going to be the highest level of business delegation from the Republic of Korea (ROK) ever coming to Bangladesh next month," Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Kazi M Aminul Islam told the FE.

"The business delegation will comprise of representatives from the South Korea based multinational business giants like Samsung, Hyundai and LG," he added.

Undoubtedly Bangladesh can expect large amount of investment proposal from the Korean businessmen, he said, adding that the foreigners will be encouraged to make the investment by themselves as well as with the help of their partners here.

"We are preparing to welcome them and set our next course of actions following a meeting to be held in a short time," said Mr Islam.

The BIDA chief also said many multinational conglomerates are nowadays getting familiarised with the congenial investment opportunities in Bangladesh and showing their interest to invest here thanks to the initiatives taken by the government agencies.

Business representatives of the East Asian nation met the BIDA chairman last year, when he visited there, and expressed their interest to investment in Bangladesh, said Mr Islam.

"Responding to our invitation, the high-level delegation is now coming to Bangladesh," said the bureaucrat.

He also mentioned about the recent visit to Bangladesh by the business delegation from Saudi Arabia that placed multibillion dollar investment proposals in Bangladesh's energy, aviation and healthcare sectors.

According data available with the BIDA, Bangladesh received foreign direct investment (FDI) worth US$ 73 million from South Korea alone in the calendar year 2018.

Of the total, textile sector received South Korean FDI of $ 35 million, leather $ 21 million and banking sector $ 11 million in the same period. The remaining $ 5.0 million were invested in other sector.

The Korea Trade-Investment Promotion Agency (KOTRA) is facilitating the delegation's visit to Bangladesh.

Contacted, Jong Won Kim, Korean Embassy's Trade Representative (Director General) Commercial Section, said the number of members and participating companies will be finalised soon.

Earlier in the last month, a delegation of The Hyundai Group, a South Korean business conglomerate, in a meeting with the Bangladesh Economic Zones Authority (BEZA) expressed its interest to invest in the energy and power sector of Bangladesh.

The FDI inflow to Bangladesh marked a sharp rise of 68 per cent in the last calendar year. In 2018, the amount hit a record high of $3.6 billion, which was $2.6 billion in previous year.

According to data available with Bangladesh embassy in South Korea, the bilateral trade reached $ 1.4 billion in 2016-17 from $ 22.86 million in 2005.

saif.febd@gmail.com

 

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