• Monday, Dec 10, 2018
  • Last Update : 12:59 am

Korean investment could be a game changer

  • Published at 12:53 am May 20th, 2018
  • Last updated at 03:50 pm May 20th, 2018
unnamed-1526731160011.jpg
BIGSTOCK

There is simply no denying the fact that FDI is the key to a nation’s sustainable growth

Bangladesh has, in recent years, steadily become a more attractive nation when it comes to foreign direct investment.

Our RMG sector owes its initial growth to the steady stream of FDI made in the industry’s formative years.

Today, that same industry is the primary engine of Bangladesh’s economic growth.

There is simply no denying the fact that FDI is the key to a nation’s sustainable growth.

One of the countries which saw promise early on, and invested heavily in us back in the 70s was South Korea.

And so, the possibility of seeing greater investment from the East Asian economic giant is a very welcome one, and could even be a game changer for our development journey.

Given South Korea’s expertise when it comes to the digitization of industry, and our current government’s desire to modernize all aspects of Bangladesh, it only makes sense for South Korea -- a nation known for its heavy presence in the world of technology through companies such as Samsung and LG -- to start manufacturing its products right here in Bangladesh.

The promise of global tech giants like Samsung and LG to start manufacturing in Bangladesh under a joint-venture company within a short time would also reduce the trade deficit between our two countries.

Bangladesh is now faced with a great opportunity, and we must not squander it -- to encourage South Korea to invest more here, we have already made Korean investors the offer of hundreds of acres of land to set up special economic zones.

We are well on our way towards a virtuous cycle of investment and growth.