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Korea Importers Association (KOIMA) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) signed a Memorandum of Understanding (MOU) to strengthen trade relations between the two countries, a spokesperson for the Korean Embassy in Dhaka said on Monday.
According to the data of Korea International Trade Association, the bilateral trade volume in 2022 stood at USD 3.035 billion, registering an increase of 38.71 per cent from last year's USD 2.188 billion.
The MoU signed on Sunday aims to expand bilateral trade between Korea and Bangladesh while diversifying and stabilising global supply chains and strengthening partnership, he added.
The two-way bilateral trade has exceeded $3 billion for the first time, which is a testament to the robust economic ties between the two countries.
This MoU between KOIMA and FBCCI is expected to play a significant role in enhancing two-way bilateral trade and investment in the future, said Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, who was present in the signing ceremony.
South Korean Ambassador Park Young-sik said the year 2023 marks the 50th anniversary of diplomatic relations between Korea and Bangladesh.
"The year will also 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 Russian-Ukrainian war," said the ambassador.
He also hoped that the Bangladeshi business sector would take advantage of Korea's preferential trade policy, which has provided 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 Korea and 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.
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.