UNB, Dhaka :
Commerce Minister Tofail Ahmed on Friday invited South Korean investors to come up with massive investment to help accelerate Bangladesh’s economic growth ensuring equal benefits for both sides.
“We believe more Korean investments in our country will not only accelerate the economic growth of Bangladesh but also equally benefit Korea,” he said while addressing an ‘investment seminar’ in Seoul, the capital of South Korea.
The Commerce Minister also addressed the Korea Bangladesh joint business roundtable and a meeting of Korea Trade-Investment Promotion Agency (KOTRA) there, said an official here at the Commerce Ministry.
Executive Chairman of Bangladesh Export Processing Zones Authority (BEPZA) Maj Gen Mohd Habibur Rahman Khan made a presentation highlighting the investment potential and facilities provided by the government. Managing Director of AK Khan & Company Ltd Salahuddin Kasem Khan also spoke on the occasion.
Tofail said there were many misconceptions about Bangladesh but now many emerging market reports say that Bangladesh is the ‘New Rising Star’ in South Asia for foreign direct investment (FDI).
The Commerce Minister also said more Korean investment in Bangladesh would enhance export to South Korea. “South Korean investors can take the opportunity to invest in the EPZs, private EPZs, economic zones and ICT parks.”
South Korea has already offered duty-free access of some 4,802 products originating in Bangladesh to their market.
“So, Korea can import more Bangladeshi products by investing more in Bangladesh,” Tofail Ahmed said adding that marketing mission comprising private and public sectors of the two countries can visit respective countries to identify the prospective areas where Bangladeshi products are likely to have access.
With the changing global business and investment scenario, the Commerce Minister said, Bangladesh is highly interested to attract more and more South Korean investments.
He invited Korean investors to visit Bangladesh and see for themselves the facilities and incentives offered by the Bangladesh government mentioning that there is a saying that ‘seeing is believing’.
Tofail said the present government has taken numerous steps to boost up the volume of export and investment. “We’re trying to explore all the potentials we’ve with South Korea. We would like to enter the supply chain of South Korea’s transnational subcontracting of manufacturing industries like electronics.”
The Commerce Minister hoped that the foreign investors will enjoy friendly advantages of the liberal policy of the government and favourable investment environment of Bangladesh.
South Korea is one of the trading partners of Bangladesh. Bangladesh’s export earnings from Korea amounted to US$ 344.81 million during 2013-2014 and imported US$ 1199.2 million during the same period.
Bangladesh has a trade deficit with Korea for long from 2007-2008 to 2013-2014, Bangladesh has substantial negative trade balance with the Republic of Korea.
Tofail said although there are some investment of South Korea in Bangladesh, the investors of South Korea may also invest more in the sectors like composite textile and RMG with backward linkages and hi-end products; infrastructure projects that includes power generation, gas and oil exploration, industrial parks, shipbuilding, renewable energy power projects and biotechnology.
