South Korean Ambassador Park Young-sik is optimistic that the Bangladeshi business sector would take advantage of Korea's preferential trade policy towards the country.
South Korea has provided duty-free and quota-free access for 95 percent of Bangladeshi products to the Korean market since 2008.
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To commemorate the 50th anniversary of establishment of diplomatic relations between Bangladesh and the Republic of Korea, a high-level delegation from the Korea Importers Association (KOIMA) visited Dhaka from November 5 to 6.
During the visit, the KOIMA delegation signed a MoU with Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to expand bilateral trade between South Korea and Bangladesh while diversifying and stabilizing global supply chains and strengthening partnership.
Bilateral trade between the two countries has exceeded $3 billion for the first time.
This MoU between KOIMA and FBCCI is expected to play a significant role in enhancing the bilateral trade in the future, the Korean side said.
Commerce Secretary Tapan Kanti Ghosh joined today’s event as chief guest.
Ambassador Park Young-sik said that the year 2023, which marks the 50th anniversary of diplomatic relations between South 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 Russia-Ukraine war.
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South 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 organization 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.
South 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 strong presence in Bangladesh, creating quality employment opportunities through domestic manufacturing.
Both countries are at the cusp of a new era in relations. Discussions on the Economic Partnership Agreement (EPA) and similar agreements between South Korea and Bangladesh are underway, promising to further enhance trade and investment cooperation.
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According to the statistics of Korea International Trade Association, Bangladesh and South Korea’s bilateral trade volume in 2022 was $3.035 billion, an increase of 38.71 percent from the previous year’s $2.188 billion.