President Mohammed Shahabuddin today called on South Korea to strengthen bilateral trade and investment with Bangladesh, highlighting the country’s favourable business environment and growing investment opportunities.
He made the call when newly appointed Ambassador of the Republic of Korea (ROK) to Bangladesh Kim Ji-joon presented his credentials to him at a state ceremony at Bangabhaban on Sunday morning, according to the President’s Press Secretary Md Sarwar Alam.
Welcoming the ambassador, President Shahabuddin said South Korea is the fourth-largest foreign investor in Bangladesh. He noted that around one hundred Korean companies, including global giants Samsung and Hyundai, are operating and investing in the country’s Export Processing Zones (EPZs).
He said Bangladesh now offers an improved business and investment climate following the formation of a democratically elected government through a free and fair election.
The President urged the ambassador to encourage more Korean investment in Bangladesh’s light engineering, electronics, shipbuilding, agro-processing, information technology, ready-made garments and infrastructure sectors.
Expressing satisfaction over growing trade ties, he thanked the South Korean government for providing duty-free and quota-free access to 95 percent of Bangladeshi products. He also requested continuation of the facility for at least four years after Bangladesh graduates from the Least Developed Country (LDC) category.
He also expressed satisfaction over progress towards signing the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
The President appreciated South Korea for maintaining a parliamentary friendship group in its legislature, known as the Korea-Bangladesh Parliamentary Friendship Association, aimed at strengthening cooperation in key areas.
Describing South Korea as an important development partner, he said Korean development assistance and concessional loans have contributed significantly to Bangladesh’s socio-economic progress.
The President also sought support from the envoy in expanding employment opportunities for Bangladeshi workers in South Korea, particularly in shipbuilding and other industrial sectors.
Ambassador Kim, in response, expressed his country’s strong interest in expanding trade and investment with Bangladesh. He also pledged to strengthen cooperation in culture, education and other sectors to deepen people-to-people ties.
He sought the President’s continued support in discharging his responsibilities in Bangladesh.
Earlier, a smartly turned-out contingent of the President Guard Regiment (PGR) presented a guard of honour to the envoy upon his arrival at Bangabhaban.
President’s secretaries and senior officials of the Ministry of Foreign Affairs were present at the ceremony.
