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For stronger ties

  • Published at 12:00 am July 13th, 2019

Bangladesh must look to explore new trade partners

It is encouraging to see that Bangladesh and South Korea want to strengthen their relationship through greater engagement on trade and investment fronts.

South Korea, home to some of the biggest global businesses of the world, is, no doubt, an Asian economic giant, and a valuable partner in Bangladesh’s development journey.

While Bangladesh continues to make strides as an economy, on the verge of middle-income status as a nation and pushing for double digit growth, it is imperative for the government and all other stakeholders involved to continue to explore new avenues through which this economic ascent will perpetuate and flourish.

To that end, the bilateral instruments -- on trade, investment, and cultural fronts -- to be signed during South Korean Prime Minister Lee Nak-yon’s visit to Bangladesh which begins today, will prove to be invaluable to Bangladesh.

Among the instruments proposed are an MoU (Memorandum of Understanding) between Bangladesh Investment Development Authority and Korea Trade-Investment Promotion Agency (KOTRA), an MoU on cooperation between the Korea National Diplomatic Academy of the Ministry of Foreign Affairs, South Korea and the Foreign Service Academy of the Ministry of Foreign Affairs, Bangladesh, and a document on a cultural exchange program between Bangladesh and South Korea for the years 2019-2023.

It was recently reported that 71% of Bangladesh’s total exports were limited to only 10 countries, and so, Bangladesh must look to explore new trade partners, as well as strengthen relationships with our existing partners, which makes the potential agreements with South Korea particularly important, and the government deserves credit for recognizing this.