CA Yunus urges South Korea to invest more in Bangladesh, recruit more workers

Chief Adviser Professor Muhammad Yunus today (4 November) urged South Korea to invest more in Bangladesh and recruit more Bangladeshi workers, especially in their shipbuilding industry, for mutual benefits.

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

"We look forward to a broader and more developed relationship with South Korea; elevate our existing relationship to the next step," he told the ambassador.

Raising the issue of the current situation in the Korean peninsula, Ambassador Park Young-sik expressed concern at North Korea's troop deployment in the Russia-Ukraine war and its recent ballistic missile test. The chief adviser sought for peace and stability in the Korean peninsula. 

Young-sik told the chief adviser that many South Korean companies were keen to invest in Bangladesh with the recent positive turn in the business climate. He conveyed about Korea's particular interest in employing Bangladeshi workers for Korea's shipbuilding sector. 

He also mentioned that many South Korean companies are operating RMG factories in Bangladesh's specialised economic zones.

The ambassador further said Bangladesh is the number one recipient country of Korea's Economic Development Cooperation Fund (EDCF) and is a very important development partner.

The total amount of the Official Development Assistance (ODA) loan for Bangladesh from EDCF is $3 billion, involving 34 projects.

The EDCF also has 14 projects in progress that are ongoing or under feasibility study. It will raise the amount of Korean investment to $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 recipient country. So, we are well aware of the difficulties of Bangladesh and could be good partners through sharing development experience," said Ambassador Young-sik. He underscored the need for early negotiation of an Economic Partnership Agreement (EPA) between Bangladesh and South Korea. 

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