South Korea pledges support for Bangladesh's sustainable economic growth: Ambassador

South Korea Committed to Supporting Bangladesh’s Quality Economic Growth: Ambassador

South Korean Ambassador to Bangladesh, Park Young-sik, reaffirmed his country's readiness to assist Bangladesh in achieving quality economic growth.

• Speaking at a discussion with members of the Overseas Correspondents Association of Bangladesh (OCAB) on Thursday, the ambassador emphasized that Bangladesh should prioritize the quality of economic growth alongside its quantity.
• He highlighted that innovation, knowledge, and technology are key drivers of high-quality economic growth, areas where foreign companies can contribute significantly.
• Stressing the need to strengthen the manufacturing sector, he suggested reducing high tariffs on raw and intermediate materials to promote domestic production, as Bangladeshi companies are currently more engaged in trading than manufacturing.
• Addressing trade expansion, he encouraged growth in existing sectors such as RMG, jute, footwear, pharmaceuticals, and light industrial goods, while also exploring new product categories. He noted that Bangladesh’s ongoing Free Trade Agreement (FTA) negotiations with South Korea and other nations could help diversify trade.
• On Foreign Direct Investment (FDI), Ambassador Park pointed out that Bangladesh's FDI-to-GDP ratio stands at only 0.75%, significantly lower than India’s 1.7% and Vietnam’s 4.7%. He urged improvements in visa processing, customs clearance, tax policies, and profit repatriation while tackling corruption to create a more attractive investment climate.
• He also stressed the importance of providing better living conditions for foreign investors and advised Bangladesh to actively seek investments from China and Middle Eastern nations, as they are less dependent on international financial markets.
• Highlighting Bangladesh’s infrastructure potential, he expressed South Korea’s ambition to become a key partner in its development, similar to its role in the RMG sector.

OCAB President Nazrul Islam Mithu chaired the event, with General Secretary Julhas Alam delivering the welcome address.