It is good to learn that Bangladesh and South Korea have begun negotiations to accelerate trade and investment growth through a bilateral Economic Partnership Agreement (EPA) after signing a memorandum of understanding in November 2024.
It is surprising and a little disappointing to learn that as far as trade is concerned between the two nations, since peaking at $3 billion in 2022, there has been no further improvement. For two nations that have had strong diplomatic relationships for over five decades now, there is no reason for such stagnation to become the norm.
To that end, we welcome the remarks made by South Korean Ambassador Park Young-sik in an exclusive interview with the Dhaka Tribune, calling for greater efforts from both nations.
In particular, we must pay heed to Ambassador Park’s words regarding Bangladesh’s inability to attract more foreign direct investment from South Korea as a result of delays and complicated procedures as well as the inconsistent customs processes that continue to persist in the country.
Time and time again, the call has been made to eliminate the unnecessary bureaucracy and red tape that has contributed to a less-than-ideal investment climate, discouraging most potential investors. While there may be incentives in place for investors, if we cannot create a suitable climate for them to conduct business, we will continue to lag behind others in the region.
With Bangladesh and South Korea set to collaborate across a diverse range of sectors, including industrial development, human resource development, trade and investment promotion, natural resources and energy development, technology, research and innovation, this is now the perfect opportunity, as Bangladesh corrects its wrongs of previous administrations, to do the right things and strengthen our relationship with a valuable partner such as South Korea.