Bangladesh and South Korea have agreed to finalise the draft of their Comprehensive Economic Partnership Agreement (CEPA) by December, paving the way for preparations for its formal signing.
The decision was reached at a meeting between Commerce Minister Khandakar Abdul Muktadir and South Korean Ambassador to Bangladesh Kim Ji-joon at the ministry on Tuesday.
Muktadir assured the Korean side that operational and import-related difficulties faced by Korean investors would be addressed as a priority.
He proposed joint investment in shipbuilding and setting up a specialised Design and Development Centre in Bangladesh to utilise local engineers and skilled manpower.
The ambassador expressed interest in concluding the CEPA quickly to boost bilateral trade and economic ties. He said Seoul had already shared its position on the draft agreement and a detailed questionnaire with Dhaka.
The two sides also discussed challenges faced by around 200 South Korean companies operating in Bangladesh, including administrative hurdles in importing research materials and samples for Samsung's Research and Development Centre, delays in issuing import permits and customs-related complications.
In response, Muktadir directed the appointment of a commerce ministry joint secretary as a focal point to address import-related problems faced by Korean investors. He also said the government was working to simplify visa procedures and introduce fully online, real-time issuance of import permits.
The minister said a joint coordination meeting involving the Ministry of Commerce, National Board of Revenue, Ministry of Finance and Korean investors would be held soon to resolve policy-related issues.
On shipbuilding cooperation, the ambassador welcomed the proposed design and development centre and expressed interest in coordinating with South Korean shipbuilders Hanwha Ocean and Hyundai Heavy Industries to explore technology transfer and joint investment opportunities.