South Korean businesses are interested to diversify their business and investment in Bangladesh through investing in pharmaceuticals, information technology and infrastructure sector.
‘We are trying to increase the trade volume between our two countries and if Bangladesh promotes business friendly environment more Korean investors will come to the country for setting up production units in the special economic zones that would help to reduce trade gap,’ Korean ambassador Ahn Seong-doo told reporters following a meeting with commerce minister Tofail Ahmed at Bangladesh Secretariat on Monday.
He said that Samsung was going to manufacture its products in Bangladesh under a joint venture company and LG would also go for joint venture within a short time.
Terming the joint ventures of Samsung and LG a promising future, Seong-doo said, ‘We want to produce state of the art electronics goods in Bangladesh.’
‘Trade deficit is one of the important issues of today’s trade talks and we want to find out the barriers of two-way trade and investment,’ the ambassador said.
Commerce minister Tofail Ahmed said that South Korea provided duty-free market access for nearly 500 Bangladeshi products but the country’s businesses are yet to tap the potential of the facility.
‘More than 200 Korean businesses invested in garment and other business in Bangladesh and we invited more investors in proposed special economic zones,’ he said.
Tofail said that if the Korean investors set up production units in the SEZs, they will get all the facilities from the government and at the same time they will get duty free market access of their products in the global market under the WTO rules.
The commerce minister said that the bilateral trade between Bangladesh and Korea is largely one-sided which is in favour of Korea.
According to the official data, bilateral trade volume in the financial year 2016-17 stood at US$1.50 billion and out of the amount Bangladesh imported worth US$1.26 billion while exported worth US$238.23 million.
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