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Dhaka Tribune

ED: A strategy for stronger partnerships

Ultimately, Bangladesh must do its part in becoming a more attractive destination for investment

Update : 11 Jul 2021, 09:13 AM

While Bangladesh is currently in dire straits with regard to the Covid-19 pandemic, we have no choice but to also look ahead -- pro-actively planning and re-working our strategies for how to reach the ambitious goals we have set for ourselves.

To that end, bilateral relationships have always been extremely important for Bangladesh -- fostering a mutually beneficial relationship with nations who are ahead of us in their development journey is an excellent way for Bangladesh to fast-track its own journey.

Therefore, it is encouraging to see that the Ambassador of the Republic of Korea to Bangladesh, Lee Jang-keun, is eager to take the current relationship South Korea has with Bangladesh to the next level, and sees the enormous potential Bangladesh has to offer foreign investors.

More so, the ambassador intends to have a holistic strategy with a focus on three areas; elevation -- to take the current level of relations higher; diversification -- bringing in more areas and people into the mix; and generation -- a focus on the youth, the present and future generations.

Indeed, it is surprising that bilateral trade volume has remained stagnant for a decade between the two countries. With both countries showing an eagerness to work together, this number is disappointing, and should change soon, with trade volume rising.

However, ultimately, Bangladesh must do its part in becoming a more attractive destination for investment. As has been stated numerous times, there remain too many barriers to entry in business in Bangladesh, and this has time and time again discouraged more investment. Moving forward, as Bangladesh navigates its way out of this pandemic, it must show renewed focus on creating a more favourable business climate, and as a result, continue to strengthen ties with international partners

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