Korean Ambassador to Bangladesh Park Young Sik today urged Bangladesh to improve its business climate and focus on quality-driven growth, as the country moves toward graduating from Least Developed Country status and seeks to attract more foreign investment.
‘Bangladesh should focus not just on the quantity, but on the quality of its economic growth,’ the ambassador said while addressing the ‘Korea-Bangladesh Investment Seminar’ at a city hotel here.
He underscored the need for reforms in tariff structures, visa policies for foreign investors, and customs procedures to foster an investment-friendly climate.
‘If domestic production costs remain higher than those of imported goods, foreign companies do not feel the real necessity of investing in Bangladesh,’ Park observed. Organized by the Foreign Investors’ Chamber of Commerce and Industry (FICCI), the seminar brought together stakeholders from both nations to explore avenues for enhancing bilateral economic ties.
Commerce Secretary Mahbubur Rahman attended the event as the chief guest, while FICCI vice-president Yasir Azman and Executive Director Nurul Kabir moderated the session.
Ambassador Park expressed optimism about the future of Korea-Bangladesh relations and highlighted the role Korean companies have played, especially in the readymade garment sector.
‘Over the last 50 years, collaboration in the RMG sector has been a driving force behind our bilateral relations,’ he said.
He also reiterated Korea’s continued commitment to Bangladesh, saying, ‘Korea is not India, China or the US; we have no strategic interests beyond our economic cooperation.’
The envoy further noted that both countries are currently discussing the initiation of negotiations for a bilateral Economic Partnership Agreement (EPA), which he believes could serve as a ‘motor engine’ to take the relationship to new heights over the next 50 years.
Referring to Bangladesh’s economic strides, Park said the country’s per capita income has tripled over the past decade, showcasing significant growth potential.
However, he cautioned that the post-LDC era will pose fresh challenges requiring concerted efforts from both the public and private sectors.
‘The FDI to GDP ratio in Bangladesh remains low at 0.75 per cent, compared to India’s 1.7 percent and Vietnam’s 4.7 per cent,’ the ambassador pointed out, urging reforms to remove barriers to investment.
He also thanked FICCI for hosting the seminar and appreciated its continued role in supporting foreign investors in Bangladesh.
The seminar follows the recent Bangladesh Investment Summit, which Ambassador Park lauded as a timely initiative to boost investor confidence and global engagement.