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Korea asked their entrepreneurs to invest in Bangladesh
- By Efazul Karim -- 6 minutes read --
- Jul 22, 22
" Strengthening Economic Ties: Korea's Expanding Trade and Investment in Bangladesh "
Korea asked Korean entrepreneurs to increase trade and invest in Bangladesh. Tipu Munshi, Minister of Commerce, said, “Korea has been working in Bangladesh's garment sector for a long time. The country wants to invest more in Bangladesh's electricity and infrastructure development.”
Also, the minister proudly said, "In the last fiscal year, Bangladesh exported goods worth 254.84 million US dollars to South Korea.” The Minister Ministry of Commerce announced that on Tuesday, July 2, 2022, at the Secretariat.
The Prime Minister of Korea will visit Bangladesh this year
There are many opportunities to increase trade between Bangladesh and Korea. Necessary initiatives will be taken in this regard. South Korean Ambassador Lee Jang-Keun announced that the Prime Minister of Korea will visit Bangladesh with 100 businessmen this year. At this time, important decisions about Korean trade and investment in Bangladesh will be made.
Lee Jang-Keun added, "South Korean companies are eager to invest here because its market is expanding. It has demonstrated sustained economic growth. Its labor cost is comparatively lower, and the government is improving its policy support."
Bangladesh is a long-time business partner of Korea
Bangladesh is a long-time business partner and a good friend of Korea. Korea is interested in increasing trade with Bangladesh. Korea has a lot of investment and trade in Bangladesh. The Korean Export Processing Zone (KEPZ) has been allotted at Anwara in Chattogram for Korean investment in Bangladesh. There is a Korean investment process going on. Korea will increase trade and invest in Bangladesh. Korea has done, and is still doing, a lot of work in Bangladesh's garment industry including Ready Made Garments (RMG). Bangladesh is a very good business place. As a result, Korean investors are interested in investing in Bangladesh.
Invest in Bangladesh: South Korea is the 5th largest country in terms of foreign direct investment in Bangladesh
Korean Ambassador Lee Jang-Keun proudly mentioned, “South Korea is the 5th largest country in terms of foreign direct investment in Bangladesh."
Desh Garments was established in a joint venture with the Korean Daewoo Corporation. As many as 130 workers and staff were sent to South Korea for six months of training. Many of those trained now own garment factories. Many Korean entrepreneurs have also invested in this sector in Bangladesh.
Korea will invest 7.5 billion BDT in the new city east of Dhaka. This money will be invested in power distribution besides taking electric lines underground. Korea agreed to invest in this project at the Bangladesh-Korea Joint Public Private Partnership (PPP) platform meeting in Seoul on Wednesday, March 2, 2022.
Bangladesh is enjoying a golden time for investment due to its huge domestic market, growing exports, easy availability of power and infrastructure, government policy support, and large working population.
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