Invest here, Bangladesh tells Korea

Bangladesh seeks Korean investment in infrastructure and manpower development as the two countries celebrate 40 years of diplomatic ties.

Foreign minister Dipu Moni on Sunday sought Korea as ‘strategic partner’ to fulfil her government's vision of a ‘digital Bangladesh’ by 2021.

Prime Minister’s foreign policy adviser Gowher Rizvi said more and more Korean companies should invest through public-private partnership (PPP) in Bangladesh's infrastructure.

Korea is the world's fifteenth biggest economy with its GDP pegged currently at $887.4billion.

Both Moni and Rizvi were speaking at a day long seminar in Dhaka.

‘‘Devote your thoughts and ideas for a future partnership,’’ Moni told diplomats and business leaders participating at the seminar .

Highlighting Korea’s role in Bangladesh’s economic development, Rizvi said most investments in the past came into readymade garments. " But now we are looking partners for infrastructure development, roads and human resource development’’.

He encouraged them to come under the public private partnership (PPP) scheme.

A strong development partner of Bangladesh, Korea opened its embassy in Dhaka in early 1975, more than a year after the establishment of the diplomatic relations in 1973.

The Korea Trade-Investment Promotion Agency opened its office in Dhaka in 1978 as there was a ‘strong demand’ for the promotion of trade and investment.

In the 70’s, Korean entrepreneurs came to Bangladesh to set up garment factories, ‘many of whom are still active in Bangladesh’.

A World Bank development report recently said the boom of Bangladesh’s readymade garment industry boosting its economy owes much to Korean influence.

Korean current investments in Bangladesh range from textiles to power generation to the development of energy and natural resources, shipbuilding and ICT.

Big companies like Samsung and LG are expanding their commercial presence in Bangladesh while small and medium-sized enterprises are also turning up.

Korea is also building an exclusive Export Processing Zone in Chittagong, the first private EPZ in Bangladesh that expects to attract investment of $ 1.3 billion from all over the world.

Korean ambassador Lee Yun-young said Bangladesh was the Korea’s priority partner country when it comes to the development cooperation.

Bangladesh is the fourth largest recipient of Economic Development Cooperation Fund loan from Korea.

But due to lack of diversity in Bangladesh's exports, the trade gap remains high with more than $1,5 billion in imports against only $209 million in exports in 2011-12.

Korea’s foreign policy, development cooperation and strategic cooperation with Bangladesh are being discussed in the daylong seminar.

Korean National Diplomatic Academy’s Director General Hyun-wook Kim said their current foreign policy aimed at ‘trustpolitik’ particularly when it comes to issues related to the North Korea.

He said despite their economic growth, rising tension in the Korean Peninsula due to North Korea’s nuclear activities remained a challenge.

He said their goal was ‘to play a responsible middle power role contributing to world’s peace and stability’.

‘We want to build trust with North Korea that has the militaristic policy,’ he said.

He said Korea’s low fertility rate that led to a growing old-age population also remained a cause of concern.

‘’The current administration looked forward a new era of hope and happiness,’’ he said.

The Korean embassy in Dhaka kicked off its year-long bonhomie with Bangladesh in January with a musical show.