Adviser Adilur urges Korean investment, highlights incentives, key sectors

Adviser for Industries, Housing and Public Works Adilur Rahman Khan urged Korean investors to explore business opportunities in Bangladesh, emphasising the favourable facilities the country offers.

Speaking at a seminar titled “Korea-Bangladesh Economic Cooperation,” organised by the Foreign Investors’ Chamber of Commerce and Industry (FICCI) in collaboration with the Embassy of the Republic of Korea at The Westin Dhaka on Sunday, he underscored the importance of bolstering economic ties with Korea for Bangladesh’s progress.

“We are ready to provide extensive support to foreign investors,” Khan stated as the chief guest.

“With a young and dynamic workforce, Bangladesh is keen to leverage its potential. Our longstanding relationship with Korea is invaluable, and I believe it will only strengthen in the future.”

In the fiscal year 2022-23, bilateral trade between Bangladesh and Korea reached US$2.23 billion, with Bangladesh exporting goods worth $623.79 million and importing $1.6 billion from Korea.

Korean Ambassador Park Young-sik discussed the significance of Free Trade Agreements (FTAs) for Bangladesh, highlighting the necessity for a Korea-Bangladesh Economic Partnership Agreement (EPA) and the implications of Bangladesh’s entry into the Regional Comprehensive Economic Partnership (RCEP).

“We hope to elevate our partnership to new heights in the future. Bangladesh will graduate from LDC status by 2026, and the private sector will play a crucial role in this transition. Key challenges, such as tax and customs systems, were discussed to improve FDI attractiveness,” he added.

The ambassador stressed the need for cooperation on economic reforms, particularly in tax and customs, to attract foreign direct investment (FDI). He also emphasised the potential for collaboration in the blue economy, climate change, and technology.

Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Export Processing Zones Authority (BEZA), expressed optimism about Korean investments in manufacturing and technology, calling for a strategic framework to support mutual growth.

FICCI President Zaved Akhtar and keynote speaker Samsoo Kim from the Korea Trade-Investment Promotion Agency (KOTRA) emphasised the role of innovation and strategic policies in fostering FDI.

Kim presented on increasing FDI through Korea’s successful policies, while Samsung Electronics representatives highlighted the National Equipment Identity Registration (NEIR) to address challenges in the mobile industry.

Other contributions included Woo Jung-Hyun from Korea Eximbank, who discussed the role of the Economic Development Cooperation Fund (EDCF) in supporting Bangladeshi projects, and Kim Si-Hyung, Director of the Korea Overseas Infrastructure & Urban Development Corporation (KIND), who advocated for public-private partnerships (PPPs) to drive infrastructure development.

KBCCI President Shahab Uddin Khan praised FICCI’s efforts in strengthening international economic partnerships that benefit Bangladesh’s FDI landscape.