Thanks to the interim government's efforts to create a new era of foreign investment, South Korean investors are now prepared to make significant investments in Bangladesh.
This announcement was made during a meeting on Tuesday at the State Guest House Jamuna, between the delegation of Korean investors, led by Kihak Sung, chairman of Youngone Corporation, and Chief Adviser Professor Muhammad Yunus.
The delegation included officials from LG, as well as representatives from several large companies in sectors such as textiles, fashion, spinning, logistics, healthcare, electricity, and renewable energy.
Earlier, on Monday, officials visited the Korean Export Processing Zone (KEPZ) in Chittagong, where several investors made immediate investment commitments at the industrial park owned and operated by Youngone Corporation.
Chief Adviser Professor Yunus highlighted the government's commitment to reforms aimed at improving the business environment in Bangladesh, including significant changes in labor, industry, energy, and investment policies.
Prof Yunus said: "We are delighted that you are visiting Bangladesh at a time when we are building a new Bangladesh. In this new Bangladesh, we have made foreign investment easier and hassle-free."
He further added: "Our job is to smooth the path for you. I know you have faced some tough times over the past 16 years, and we want to make up for the lost time."
Kihak Sung, who first visited Bangladesh in the mid-1990s, echoed the chief adviser's comments and praised the interim government's business-friendly policies, which have improved the overall business environment in the country.
Professor Yunus urged foreign investors to positively impact the lives of Bangladesh's people by investing in the country, saying: "Make Bangladesh your business destination and source of inspiration. You have the power to inspire millions."
Kihak Sung also announced that his company, Youngone Corporation, will establish a textile and fashion college in Chittagong within the next few months, which will help establish Bangladesh as the world’s leading textile hub.
He praised the chief adviser’s recent letter to US President Donald Trump regarding customs issues, saying that it addressed the concerns of the new US administration.
"It was a well-written letter," he said, advising the garment industry not to be alarmed about potential US actions.
Representatives from Korea’s fashion and retail industries highlighted Bangladesh’s unique supply chain integration and hinted at plans to purchase garments from the country.
Bangladesh’s pharmaceutical sector is also rapidly growing, with the country becoming a leading exporter of pharmaceuticals in the global trade landscape.
One investor expressed interest in setting up an Active Pharmaceutical Ingredient (API) plant in Bangladesh.
Professor Yunus also advised one of the top Korean surgeons in the delegation to consider establishing a hospital in Chittagong.