FBCCI, Korean importers sign deal to boost bilateral trade
The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), the apex trade organisation of Bangladesh, and the Korea Importers Association (Koima) have signed a Memorandum of Understanding (MoU) to strengthen trade and investment relations between the two countries.
FBCCI Senior Vice President Md Amin Helaly, and Koima Chairman Byung-Kwan signed the MoU, on behalf of their respective sides, at the InterContinental Hotel in the capital on Monday, said a press release.
Tapan Kanti Ghosh, senior secretary of the commerce ministry, was present as chief guest.
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Mentioning that Bangladesh and South Korea are celebrating 50 years of the bilateral relationship, Helaly said, "We have been united by a shared history of development, economic growth, and industrial progress. In the last fifty years, both nations have built a solid foundation of a long-lasting partnership through exchanging the highest-level delegation and signing a number of MoUs for future growth."
Bangladesh has crossed the milestone of $55 billion in exports in 2022-23 FY. The FBCCI plans to make Bangladesh a trillion-dollar economy by maintaining the trend of growth. Also, it has set an export target of $300 billion by 2041 to achieve the goal of a modern and smart Bangladesh, said the chamber's senior vice president.
"To reach the target, we need to focus on market and product diversification," he stressed.
South Korea has already recognised Bangladesh as a highly promising investment destination, mentioned Helaly, adding, "Korean investment in Bangladesh increased substantially after the establishment of the Special Export Processing Zone exclusively for Korean investors."
At present, South Korea is the 4th largest in Bangladesh for foreign direct investment with a total stock of $1.48 billion till June this year. More than 200 Korean companies are currently operating in Bangladesh.
Helaly also called upon the Korean companies to explore joint ventures, and subcontracting arrangements with Bangladeshi companies, especially in the SME sector.
Key sectors with significant potential for Korean companies include semiconductors, microchips, hi-tech, plastics, auto parts, agricultural instruments, ceramic products, and software, among others.
To facilitate smooth trade, he urged the national accreditation body of South Korea to sign a Mutual Recognition Agreement with the Bangladesh Standards and Testing Institute to accredit Bangladeshi products for export to Korea.
Addressing the MoU signing event, Commerce Ministry Senior Secretary Tapan Kanti Ghosh highlighted the investment opportunities in Bangladesh, and invited Korean investors to invest in Bangladesh.
Chairman of the Korea Importers Association (Koima), Kim Byung-Kwan commended the recent developments in Bangladesh, and highlighted the significance of the MoU.
"The MoU represents a significant step towards fostering stronger trade and investment relations between the two countries. We are excited about the potential it holds for mutual growth and prosperity," he said.
Korean Ambassador to Bangladesh Park Young-sik, FBCCI Vice Presidents Shomi Kaiser, Joshoda Jibon Deb Nath and Anwar Sadat Sarker, its directors, and other dignitaries were present.
