Dhaka, Seoul agree to deepen ties, explore strategic partnership

Bangladesh and South Korea have agreed to strengthen political trust, expand economic cooperation, and explore the possibility of elevating their bilateral relations to a strategic partnership.

The decision came today during the fourth round of Foreign Office Consultations (FOC) held in Seoul.

The Bangladesh delegation was led by foreign ministry Secretary (Bilateral-East and West) Ambassador Md Nazrul Islam, while South Korea was headed by First Vice Minister of Foreign Affairs Park Yoonjoo, according to a Ministry of Foreign Affairs press release.

Both sides stressed the need for high-level visits at the heads of state or government level, noting that such visits would be crucial to upgrading Bangladesh–South Korea relations to a strategic partnership, reports BSS.

During the talks, both sides discussed issues including political and economic cooperation, trade and investment, and human resource development under the Employment Permit System (EPS). 

They also discussed infrastructure development, relocation of Korean electronics and semiconductor plants, energy cooperation and the situation of forcibly displaced Myanmar's nationals Rohingyas.

The delegations also reviewed progress since the 3rd round of consultations held in March 2022 in Dhaka, and identified new avenues of cooperation, particularly in science and technology, artificial intelligence, energy transition, fisheries, biotechnology, climate change, agricultural mechanization and modernisation of marine ports and shipyards.

Bangladesh stressed the importance of Korean support for its high-quality infrastructure projects through EDCF, KOICA, and EDPF grants and loans.

Dhaka also encouraged Korean firms to relocate manufacturing plants and production facilities to Bangladesh to strengthen industrial value chains and contribute to sustainable development in South Asia.

The South Korean side commended Bangladesh's role in sheltering more than a million Rohingyas and reiterated its support for their safe, dignified and voluntary repatriation to Myanmar. It also expressed interest in contributing further to South Asia's sustainable development.

Meanwhile, on Monday, the two countries began negotiations on a comprehensive economic partnership agreement (CEPA). 

A Korea Times report, citing South Korea's Ministry of Trade, Industry and Energy, said the first round of talks is being held in Seoul and will run until today.

It further said the talks come as South Korea looks to strengthen its presence in South Asia amid global trade uncertainties.

"Signing a CEPA with Bangladesh will serve as a bridgehead for Korean companies to enter the Southwest Asian market, which holds great potential," said Kwon Hye-jin, director general for FTA negotiations at the ministry.