South Korean Ambassador to Bangladesh Park Young-sik speaks at Cosmos Dialogue titled “Bangladesh-South Korea Relations: Prognosis for the Future” held in Dhaka on 27 January 2024. Photo: UNB
“>
South Korean Ambassador to Bangladesh Park Young-sik speaks at Cosmos Dialogue titled “Bangladesh-South Korea Relations: Prognosis for the Future” held in Dhaka on 27 January 2024. Photo: UNB
South Korean Ambassador in Dhaka Park Young-sik said on Sunday both Bangladesh and his country should make all efforts to shorten the period of the Economics Partnership Agreement (EPA) negotiation.
“Bangladesh does not have much time, because the graduation of LDC is going to be effective on 24 November 2026, that will bring challenges and opportunities as well. Therefore, if EPA negotiations are started, both sides should make all efforts to shorten the period of negotiations,” he said in a seminar organised by the Embassy of the Republic of Korea and the Foreign Investors’ Chamber of Commerce and Industry (FICCI) titled “Strengthening bilateral trade and investment through the Korea-Bangladesh EPA” at a city hotel.
“This EPA is more than just an extension of the current GSP benefits. This agreement is expected to boost bilateral trade and investment in mutually beneficial ways by
reducing trade barriers, expanding market access, and removing obstacles that hinder foreign investment.
“It aims to create new opportunities for businesses in both countries and strengthen economic ties,” he said.
“Graduation from LDC means that Bangladesh should focus not just on the quantity, but on the quality of its economic growth. The quality of economic growth must be driven by innovation, knowledge and technology-areas where foreign companies can make substantial contributions,” he added.
The envoy said, “This is why Bangladesh needs foreign direct investment. However, Bangladesh’s FDI is the lowest in terms of the GDP ratio. Bangladesh is 0.75%, while India is 1.7% and Vietnam is 4.7%. In this regard, I would like to reiterate the importance of why the business environment of Bangladesh should be improved.”
He also said complexities in getting Bangladeshi visas, prolonged the process at the Chattogram port and procedural delay and lack of transparency of custom clearance still remain barriers for investment.
“Korea has always been invested in Bangladesh and will continue to be so, even without FTA. Korea is not India, China or the US. We have no strategic interests beyond our economic cooperation,” he said.
The envoy said, “I have had many opportunities to witness long and tedious negotiations in the texts of FTA. If both countries can refer to the texts of other FTAs, they can save time and focus on important issues: market liberalization of goods, investment and services.”
The Bangladesh-Korea EPA negotiation launching ceremony was held in November last year in Seoul.
Besides, a Memorandum of Understanding (MoU) on the development of trade and investment Framework was signed between the two countries in the function as an initial step for signing the EPA.
This milestone follows decades of strong diplomatic and economic ties and reflects the mutual commitment to deepening cooperation in a range of sectors including manufacturing, ICT, infrastructure, energy, and textiles.
Mentioning bottlenecks of attracting FDI, Economist Zaidi Sattar said, “Restrictive trade regime, infrastructure deficit, bureaucratic delay, corruption, weak contract enforcement and political instability are the major barriers.”
Mahbubur Rahman, commerce secretary graces the seminar as the chief guest, emphasized the government’s readiness to engage in meaningful dialogue and urged Korean investors to take advantage of Bangladesh’s competitive edge, including a young workforce, favorable policies, and strategic location.