Experts at a dialogue today laid emphasis on diversifying the export-oriented industrial sector to face the challenges of LDC graduation.
They made the observation at the virtual dialogue on "Bangladesh-South Korea Trade and Investment Cooperation: In the context of LDC graduation" arranged by the Dhaka Chamber of Commerce and Industry (DCCI), said a press release here.
They informed that after South Korea's graduation from the Least developed country (LDC) basket back in the 70s, the country put more emphasis on diversified export-oriented industrial sectors and that is why today South Korea is the pioneer in manufacturing and exporting electronics, chemicals, heavy industry, automobiles and machinery.
Bangladesh can replicate this transformation from labour-intensive industries to the export-oriented industrial sector to overcome the upcoming challenges of LDC graduation as well as to prepare for the future, they opined.
Senior Secretary of Ministry of Foreign Affairs Masud Bin Momen joined the event as the chief guest while Chairman and Chief Executive Officer (CEO) of Youngone Corporation Kihak Sung joined it as the guest of honour.
Ambassador of Bangladesh to South Korea M Delwar Hossain joined the dialogue as a special guest.
Masud Bin Momen said South Korea is our trusted partner and we always have assistance from the country. About 150 South Korean companies are now in operation in Bangladesh which indicates their keenness about investing in Bangladesh, he added.
He also expressed his hope that even after Bangladesh's LDC graduation, South Korea will continue the preferential treatment for its export items.
Momen also said that government will give special focus to revisiting decades-old bilateral agreements, exploring the possibility of signing an FTA to facilitate deeper partnership, regular exchange of trade missions and direct connectivity between Dhaka and Seoul.
He also underscored the importance of creating a skilled human resources to face the upcoming challenges of enhancing productivity.
DCCI President Rizwan Rahman said South Korea was the 10th largest exporter to Bangladesh in 2021.
In 2021, the bilateral trade between Bangladesh and South Korea was around $1.53 billion with a negative balance of $727 million for Bangladesh.
Bangladesh has many other promising and priority industrial sectors like agro and food processing, plastic manufacturing, jute and jute goods, light engineering and automobiles sector, Hi-tech parks, 4IR technologies and structured economic zones where South Korea can invest in the form of a joint venture, said Rizwan Rahman.
