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Chief Adviser Professor Muhammad Yunus on Monday called on South Korea to invest more in Bangladesh and recruit more Bangladeshi workers, especially in their shipbuilding industry, for mutual benefits.
Professor Yunus made the call when Park Young-sik, the South Korean Ambassador to Bangladesh, visited him at his office in Dhaka, said a spokesperson from the CA Office.
“We look forward to a broader and more developed relationship with South Korea; we aim to elevate our existing relationship to the next step,” Professor Yunus told the ambassador.
Raising the issue of the current situation in the Korean peninsula, Ambassador Park Young-sik expressed concern about North Korea's troop deployment in the Russia-Ukraine war and its recent ballistic missile tests. The chief adviser sought peace and stability in the Korean peninsula.
Mr Park Young-sik told Dr Yunus that many South Korean companies were keen to invest in Bangladesh, given the recent positive turn in the business climate. He conveyed Korea's particular interest in importing Bangladeshi workers for Korea's shipbuilding sector.
He noted that many South Korean companies have been operating RMG factories in Bangladesh’s specialised economic zones.
The ambassador also stated that Bangladesh is the number one recipient country of Korea’s Economic Development Cooperation Fund (EDCF) and is a very important development partner.
The total amount of the ODA loan from EDCF is $3 billion for Bangladesh, involving 34 projects.
EDCF also has 14 projects in progress that are ongoing or under feasibility study, which will raise the amount of Korean investment to $7 billion.
“We hope to continue to proceed with existing projects without interruption,” said the South Korean Ambassador.
“Just 50 years ago, Korea was also an ODA (Official Development Assistance) recipient country. So, we are well aware of the difficulties facing Bangladesh and could be good partners through sharing development experience,” said Ambassador Park Young-sik.
He underscored the need for early negotiation of an EPA between Bangladesh and South Korea.
The chief adviser thanked Korea for its continued support to Bangladesh in various fields.
Principal Coordinator for Sustainable Development Goals (SDGs) Affairs Lamiya Morshed and Economic Relations Division Secretary Md Shahriar Kader Siddiky were present on the occasion.