StanChart launches Korea-Bangladesh desk

Standard Chartered Bangladesh has launched a dedicated business desk for Korean investors, aiming to encourage more investments in Bangladesh from that country.

The desk named Korea-Bangladesh Corridor Initiative with the theme "Soul of Seoul" was inaugurated at the Westin Dhaka Hotel on Thursday night.

The bank also unveiled a guidebook styled "Doing business in Bangladesh," both in English and Korean language.

Planning Minister Muhammad Abdul Mannan was chief guest at the inauguration ceremony. Bangladesh Investment Development Authority (Bida) Executive Chairman Sirazul Islam, Public-Private Partnership (PPP) Office CEO Md Alkama Siddiqui, Bangladesh Export Processing Zones Authority Executive Chairman Major General SM Salahuddin Islam, Korea-Bangladesh Chamber of Commerce and Industry Chairperson Mustafa Kamal, and Korea Trade-Investment Promotion Agency Deputy Director Jae Ho Chang were also present at the event.

The planning minister welcomed Korean investors as well as others from different countries to invest in Bangladesh and assured them of providing all types of cooperation and facilities.

Naser Ezaz Bijoy, CEO of the Standard Chartered Bank, said, "South Korea was one of the earliest investors in Bangladesh, and remains the largest investor in our textile and garment sectors, accounting for more than a quarter of the sectors' FDI [foreign direct investment] stock."

But its investments remained concentrated in sectors such as leather and banking, which means there was a significant potential for its growth in sectors like infrastructure development, shipbuilding, light engineering and more if they got a business-friendly environment, Naser elaborated.

He hoped that initiatives like the Korea-Bangladesh Corridor desk, development of Korea-focused export processing zones and, overall, the government's efforts to create a favourable environment for doing business would build a new bridge between these two friendly countries. 

The bank hoped that they would be able to offer its Korean clients the most extensive network with international banks in Bangladesh.