Korean envoy for further aligning EPZ act with its labour law

South Korean Ambassador Park Young-sik has called for further aligning Bangladesh's Export Processing Zones (EPZ) Act 2019 with its Labour Act 2006 to create more conducive environment for foreign investors.

Highlighting the importance of labour productivity, he also underscored the need for enhancing operational efficiency of the Chattogram port, terming it key to facilitating smoother trade operations.

The envoy made the remarks while making a courtesy call on Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Mahmud Hasan Khan at the latter's Uttara office in the city, said a statement.

The meeting focused on exploring avenues to strengthen bilateral trade and investment ties between Bangladesh and South Korea, it mentioned.

During the meeting, they discussed issues including the potential areas of collaboration, especially in the textile and garment sectors, it added.

During the meeting, BGMEA President Mr Khan highlighted Bangladesh's growing potential as a destination for South Korean exports of man-made fibers, textile machinery, chemical dyes, and other raw materials.

South Korea represents a promising market for Bangladeshi apparel exports, offering significant opportunities for mutually beneficial trade, he said, appreciating South Korea's historical support in the development of Bangladesh's garment industry -- particularly in the areas of technical assistance and workforce training during the industry's formative years.

He also sought the Ambassador's support in expanding Bangladesh's apparel exports to South Korea and attracting Korean investment in non-textile sectors in Bangladesh.

The BGMEA leader also laid emphasis on enhanced market-intelligence sharing and stronger business-to-business connectivity between Korean and Bangladeshi enterprises, aiming to deepen economic cooperation.

Both the parties expressed optimism that the signing of a Free Trade Agreement (FTA) or an Economic Partnership Agreement (EPA) between Bangladesh and South Korea would significantly benefit both the countries by fostering deeper economic integration.

BGMEA Vice President Md Shehab Udduza Chowdhury, its Director Faisal Samad, and Member Israfil Atique were present while the Ambassador was accompanied by Kim Jeong ki, Consul at the Korean Embassy in Dhaka, and Noh Chy Woo, Country Head, Spandex Performance Unit and Spandex Plant, Hyosung TNC Corporation (Bangladesh Liaison Office).

Munni_fe@yahoo.com