Lee Nak-yeon ‘knows Dhaka’, says Momen on South Korean PM’s visit

Bangladesh is expecting to develop a new relation dominated by trade and investment with South Korea as Prime Minister Lee Nak-yeon has started his two-day official visit, first from such level in 17 years from the economic giant.

“He knows Dhaka,” Foreign Minister AK Abdul Momen told bdnews24.com while sharing what he discussed in a brief meeting with Lee on his arrival at the airport, and Bangladesh’s expectations from the visit.

Momen said Bangladesh wants South Korea to invest here fast for mutual benefits. “This is the most opportune time. Those who come first will be bigger winners. Those who follow will also be winners, but not as much as the first-comers.”

Momen received Lee, whose role is like that of a vice president in South Korea, about 6pm on Saturday at the Hazrat Shahjalal International Airport.

During the visit, Lee will meet President Md Abdul Hamid and Prime Minister Sheikh Hasina, among others. He will also talk to Bangladeshi and South Korean businesses on Sunday.

“We have historic relations. The rise of our garment industry is credited to the initial support of South Korea. We have good business relations. We want diversity in their investments,” Momen said.

A number of deals are expected to be signed during Lee’s official talk with Hasina, Momen said. “We are happy that he has come along with four MPs and a group of 71-strong businessmen. I am hopeful.”

“He knows our stable government, steady GDP growth, so they are keen to invest here. And we are ready to welcome them. We’ll give them whatever support is necessary.”

One of Bangladesh's strong development partners, South Korea opened its embassy in Dhaka in early 1975, more than a year after the establishment of diplomatic relations in 1973.

Later, South Korean entrepreneurs came to Bangladesh to set up garment factories, many of whom are still active.

A World Bank development report said the boom of Bangladesh’s readymade garment industry that wheels its economy is because of initial training from Korean Daewoo Corporation in 1979, when Bangladesh had no modern industry.

The corporation teamed up with Bangladesh’s Desh Ltd and trained its 130 newly recruited and educated employees who later left Desh to start their own clothing businesses for the industry to flourish.

The readymade clothes are now the largest export earners of Bangladesh.

South Korea supports Bangladesh through grants, soft loans and technical cooperation.

The ongoing country strategy, 2016 to 2020, of its development arm, KOICA, is mostly focused on health, education, transportation and ICT.

“They want to invest more because they are facing different problems in their own country with the rise of aged population and increased wages,” Momen said.

“So, many companies are looking forward to invest elsewhere. We are providing that opportunity. They will make money if they do business here. The return is the highest (in doing business in Bangladesh) compared to the other countries in the region,” he said.

“South Korea is innovative. We need lots of improvement in IT. South Korea can help us. We hope that they will help in this regard,” the foreign minister said.

He noted that the government has assigned a “big” Export Processing Zone for South Korean business and about 30,000 people are now working there.

“They will take our people and teach their language. This will be a win-win”.

South Korea is also supporting Bangladesh on Rohingya issue, the foreign minister said.

“When I received him (Lee), I raised the Roihngya issue as usual along with the opportunities of trade and investment. He knows Dhaka,” he said.

Lee will leave Dhaka on Monday after visiting the Bangabandhu Memorial Museum at Dhanmondi.