Commerce Minister Tipu Munshi emphasised the importance of increasing Bangladesh’s trade and investment with South Korea through the Free Trade Agreement (FTA), mentioning that South Korea is not only a friend of Bangladesh but also an important trading partner. Bangladesh has long-standing trade and economic relations with Korea.
He made the remarks during an exchange of views with the South Korean Ambassador to Bangladesh Lee Jung-keun in his office room at the Commerce Ministry on Sunday (13 March).
Mentioning that Korea has investments in readymade garments, electronics, and other sectors of Bangladesh, Tipu Munshi said that several Korean companies are working in these sectors. There is also an opportunity to further increase this investment and trade. Garments made in Bangladesh are being exported to Korea. Bangladesh is keen to increase its exports to Korea.
The Commerce Minister said that due to the increase in trade and investment of Bangladesh with Korea, it is necessary to have a trade agreement between the two countries. This will increase investment and trade. Therefore, the feasibility of a free trade agreement can be examined.
At the time, the Korean Ambassador said that Bangladesh has made unprecedented progress in the last ten years. This development is now visible. Korea’s bilateral trade with Bangladesh is now at its peak. Several Korean companies are working in various sectors of Bangladesh, including readymade garments and electronic products.
Mentioning that Bangladesh has successfully tackled the COVID-19 situation, Lee Jung-keun said that Korea has adopted a plan to make cars in Bangladesh. South Korea is increasing global trade. Korea believes that Bangladesh is an important place for growth in trade and investment.
It must be mentioned that in the last fiscal year 2020-2021, Bangladesh exported goods worth USD 398.66 million to Korea, and at the same time imported goods worth USD 1,126.60 million.
