CA seeks more Korean investment in Bangladesh

Chief Adviser Professor Dr Muhammad Yunus today urged South Korea to come up with more investment in Bangladesh and recruit more Bangladeshi workers, especially in shipbuilding industry.

Prof Yunus made the call when South Korean Ambassador in Dhaka Park Young-sik called on him at his office in Tejgaon here.

“We look forward for a broader and more developed relationship with South Korea; elevate our existing relationship to the next step,” the chief adviser told the ambassador.

Raising the issue of current situation in Korean peninsula, Ambassador Park Young-sikh expressed concern over North Korea's troops assemble in Russia-Ukraine war and its recent ballistic missile test. 

The chief adviser sought peace and stability in the Korean peninsula. 

The envoy told the chief adviser that many South Korean companies were keen to invest in Bangladesh with the recent positive turn in business climate. 

He conveyed the chief adviser about Korea's particular interest in importing Bangladeshi workers for Korea's shipbuilding sector. 
 
Park Young-sikh said many South Korean companies were operating in RMG sector in Bangladesh’s specialised economic zones.

He also said as an important development partner, Bangladesh is the number one recipient country of Korea’s Economic Development Cooperation Fund (EDCF). 

Bangladesh’s total amount of the ODA loan from EDCF is US$ 3 billion for Bangladesh, involving 34 projects. Feasibility studies on more 14 projects are in progress and those projects would raise the Korean investment to Bangladesh to US$ 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 of Bangladesh and could be a good partner through sharing development experience,” he said. 

The envoy underscored the need for early negotiation of EPA between Bangladesh and South Korea.  

The chief adviser thanked Korea for their continued support to Bangladesh in various fields. 

CA’s principal coordinator on the affairs of Sustainable Development Goals (SDGs) Lamiya Morshed and Economic Relations Division Secretary Md Shahriar Kader Siddiky were present.