UNB, Dhaka :Korean Ambassador in Dhaka Lee Yun-young has said Bangladesh should come out from protectionism and open up its market for big investors with a view to removing its anti-FDI (foreign direct investment) atmosphere.”As Bangladesh’s ‘enduring friend’, Korea wants to see more ‘success stories’ through a stronger partnership with Bangladesh in the coming days overcoming all the challenges, including an ‘anti-FDI’ atmosphere here right now,” the Korean envoy told UNB in an interview.The envoy said Bangladesh’s preparation to that end should start right now to find ways to make its economic base stronger by competing with other countries as Bangladesh wants to join the middle-income club by 2021.Korea which feels very proud of sowing seeds of RMG industry in Bangladesh, now the world’s second RMG producing country, thinks Bangladesh still has potentials among the Asian countries.”Political uncertainty, inadequate infrastructure, and shortage of power and gas supply and ‘image deficiency’ overshadow the potential,” said Ambassador Lee.Talking to this correspondent at his office on Thursday, the diplomat said, “In the future, you have to invite big manufacturing plants and attract big investors here to take the opportunity to export to potential markets, including India, Southeast Asian countries and even Africa.”He thinks if Bangladesh can successfully invite Korean companies-Samsung Electronics, LG Electronics and other big companies in KEPZ removing all the obstacles it will encourage other investors of the world to follow.The Ambassador floated an idea for Bangladesh to launch a ‘combined campaign’ comprising ministers, government officials and leading businesspeople in potential destinations to attract major investments in Bangladesh.”You’ve to dispatch such type of combined campaign teams to major countries to promote investment and attract major companies to come to Bangladesh,” he said.The envoy thinks Bangladesh should start such promotional campaign right now. “Let them (potential global investors) know that Bangladesh is a promising economy and good destination for investment,” he said adding that the Korea also did the same job in the past.The Korean Ambassador expressed disappointment over ‘very complex bureaucracy’ and the impediments faced by the Korean Export Processing Zone (KEPZ); and drew attention of Bangladesh’s top authority to remove those problems very quickly.”We want to invest more in KEPZ according to our master plan. If fully developed, 300,000 new jobs and $1.5 billion new export will be created through the KEPZ,” he said.”If Bangladesh can’t solve the issue (KEPZ), Bangladesh will not be able to attract any major investment. This is very serious issue. We want equal treatment like other EPZ. This is our simple request,” said the diplomat.
