South Korean ambassador urges alignment of EPZ Act with Labour Act to attract foreign investment
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South Korean Ambassador Park Young-sik on Monday stressed the need to further align Bangladesh’s Export Processing Zones (EPZ) Act 2019 with its Labour Act 2006 to create a more conducive environment for foreign investors.
Highlighting the need to improve labour productivity, he also underscored the importance of enhancing the operational efficiency of the Chattogram port, terming it key to facilitating smoother trade operations.
The foreign diplomat made the remarks at a courtesy call with Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Mahmud Hasan Khan at the latter’s Uttara office in the city.
The meeting focused on exploring avenues to strengthen bilateral trade and investment ties between Bangladesh and South Korea, according to a statement.
Both sides discussed potential areas of collaboration, with particular emphasis on the textile and garment sectors, it added.
BGMEA vice president Md Shehab Udduza Chowdhury, 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).
During the meeting, BGMEA President Mr Khan highlighted Bangladesh’s growing potential as a destination for South Korean exports of man-made fibres, 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 added, 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 sought the ambassador’s support in expanding Bangladesh’s apparel exports to South Korea and attracting Korean investment in non-textile sectors within Bangladesh.
The BGMEA leader also emphasised the need for enhanced market intelligence sharing and stronger business-to-business connectivity between Korean and Bangladeshi enterprises to deepen economic cooperation.
Both 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 countries by fostering deeper economic integration.