Korea Importers Association signs MoU with FBCCI to diversify, stabilise global supply chains

To commemorate the 50th anniversary of the establishment of diplomatic relations between the Republic of Korea and the People's Republic of Bangladesh, a high-level delegation from the Korea Importers Association (KOIMA) visited Dhaka from 5 to 6 November. 

During the visit, KOIMA delegation signed a Memorandum of Understanding with Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to expand bilateral trade between Korea and Bangladesh while diversifying and stabilising global supply chains and strengthening partnership, reads a press release.

This MoU is expected to play a significant role in enhancing two-way bilateral trade in the future. 

Tapan Kanti Ghosh, senior secretary, Ministry of Commerce, graced the occasion as the chief guest. 

Ambassador Park Young-sik said the year 2023, which marks the 50th anniversary of diplomatic relations between Korea and Bangladesh, will mark a significant turning point in the bilateral trade between the two countries by overcoming the challenges of Covid-19 pandemic and global economic challenges stemming from the Russian-Ukrainian war. 

He also hoped that the Bangladeshi business sector would take advantage of Korea's preferential trade policy towards Bangladesh, which has provided duty-free and quota-free access to the Korean market for 95% of Bangladeshi products since 2008.

Korea and Bangladesh have strengthened cooperation in various fields such as trade, investment, development and people-to-people exchanges.

With over 52 years of experience, KOIMA is Korea's only organisation dedicated exclusively to facilitating imports into the country for the development of its industry. KOIMA's 8,500 members are specialists in their respective business fields and perform various activities that ultimately contribute to strengthening trade relations with other countries.

Over these five decades, Korea and Bangladesh have witnessed a remarkable journey of cooperation in various fields, including trade, investment, development and people-to-people exchanges. 

Korea is currently the fifth largest contributor of foreign direct investment (FDI) to Bangladesh, with the most notable recent investment being the expansion of manufacturing industries in automobiles, mobile phones and electronics. Companies such as Samsung Electronics and Hyundai have established a strong presence in Bangladesh, creating quality employment opportunities through domestic manufacturing.

Both countries are at the cusp of a new era in our relations, discussions on the Economic Partnership Agreement (EPA) and similar agreements between Korea and Bangladesh are underway, promising to further enhance our trade and investment cooperation. 

According to the statistics of Korea International Trade Association, the bilateral trade volume in 2022 recorded $3.035 billion, an increase of 38.71% from last year's $2.188 billion.