• Sunday, Nov 28, 2021
  • Last Update : 07:56 pm

South Korea wants stronger ties with Chittagong business community

  • Published at 05:24 pm October 18th, 2021
South Korea Chittagong business

Korea and Bangladesh should try to expand areas of economic cooperation to various sectors such as infrastructure, ICT, and health

South Korean Ambassador to Bangladesh Lee Jang-keun has reaffirmed his commitment to take the bilateral ties with his host country to new heights and diversify the areas of cooperation through more engagement with the business communities in Chittagong.

Stressing that the two countries have a great potential to further develop mutually beneficial economic ties, Lee said the first round table meeting in Chittagong, the gate to Bangladesh, would be another step forward towards this, reports UNB.

The meeting on Korea-Bangladesh economic relations was held in Chittagong's World Trade Center on Sunday.

It was organized by the Embassy of the Republic of Korea in cooperation with the Chittagong Chamber of Commerce and Industry (CCCI) and the Korea-Bangladesh Chamber of Commerce and Industry (KBCCI).

Lee presented on Korea-Bangladesh relations focusing on trade and investment.

Also Read - Envoy: Bangladesh can sign FTA with South Korea after LDC graduation

He also asked for the support of the CCCI for the Korean business community in Chittagong, mentioning the necessity of listening to the current investors to attract more Korean companies.

Several business leaders from both countries joined the meeting, including Mostafa Kamal, president of the KBCCI and chairman of Meghna Group of Industries, Mahbubul Alam, president of the CCCI, Young-oh Ryu, president of the Korean Association in Bangladesh, Jinhyuk Paik, president of the Korean Association in Chittagong.

Representatives of Korean companies operating in Chittagong, including Youngone Corporation of Korean Export Processing Zone (KEPZ), were also present.

Appreciating strong economic ties between Korea and Bangladesh, the participants discussed opportunities and challenges in further promoting bilateral economic partnership.

Korea and Bangladesh should try to expand areas of economic cooperation to various sectors such as infrastructure, ICT, and health – based on the history of successful cooperation in the ready-made garment (RMG) sector, in which Chittagong has been playing a crucial role, they said.

The CCCI members, appreciating the active business operation of Korean companies in Chittagong and the role of the Korean companies in the economic development of Bangladesh, expressed their readiness to increase business relations with them and proposed more interactions and programs.

Also Read - 3 sectors identified for boosting Bangladesh-Korea trade ties

Chittagong, which hosts more than 40 Korean companies, has been an important base for Korean investors.

Among Korean companies operating in Chittagong are Bestec, Giant, MZM Textile, HKD, Young An Hat, Pacific Zipper, Ujin, Neo Printec, GH Haewae, and Lhotse.

Youngone Corporation, the first Korean RMG investor in Bangladesh and the operator of the KEPZ in Chittagong, set up its first factory in the city in 1980 and currently employs more than 75,000 local workers across the country.

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