Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, October 23, 2019 12:20:43 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

OPINION

Lee Nak-yeon's Visit

To Strengthen Economic Cooperation With BD

By
06th-Aug-2019       
Comments
Share your thought
Post a comment »
Read all () »

Md. Muzibur Rahman :
South Korean PM Lee Nak-yeon's recent visit to Bangladesh has given us new usher of further economic and diplomatic cooperation between Bangladesh and South Korea. South Korea is our time-tested friend for a long time after the independence of our country in 1971. Korean citizens are working in different industries, factories of Bangladesh and helping to build many infrastructures, mega projects which are directly or indirectly linked with our socio-economic development.
South Korean Prime Minister Lee Nak-yeon has visited Bangladesh as part of His two day official visit & it has brought positive outcomes for Bangladesh in different social & economic fields. South Korea is the largest investor in our readymade garment sector & leather sector. Korea's Daewoo Company helped train up manpower for the garment sector in Bangladesh in 1979. Later, Korean multinational company Youngone invested in Bangladesh's garment sector and employed thousands of workers.
Currently, the size of total investment by Korean companies in Bangladesh is $1.12 billion and most of them are in the textile and leather sectors. Mr. Lee Nak-yeon has said that some big Korean companies have invested in Bangladesh, but there is a scope for further economic and business expansion. He was rightly speaking in our country's present investment climate position. There are many advantages of investment opportunities in Bangladesh as its prudent macro-economic management, sustained policy support to the private investors, robust investments in infrastructure and human development as the primary factors driving Bangladesh's burgeoning economy.
Bangladesh as to be the 2nd largest economy in the South Asia and 41st in the World in terms of GDP growth is hoping it to hit a record 8.13 percent in this fiscal year. And if the current trend of growth continues, it will attain double-digit growth in near future. Bangladesh has Export Processing Zones and is going to build-up 100 special economic zones throughout the country for the public, private and foreign investors and now it is a lucrative destination for foreign investors. The country has investment friendly policies which are supported by legal protection, equal treatment for local and foreign investors, 100 percent ownership, tax and duty exemptions and guarantees for repatriation of capital and dividend.
Recently Asian Development Bank (ADB) described Bangladesh as the top GDP growth achieving country in South Asia and World Bank (WB) focused and identified Bangladesh as the 4th largest economic growing country and convenient destination for Foreign Direct Investment (FDI). So, there is a great potential for investment and economic development in Bangladesh and new investors (local & foreign) have great opportunities to reap the existing benefits and dividends. Bangladesh is a coastal state and is in delta region which has potentials of the blue economy and ocean resources in which Korea can help to tap these resources.
Bangladesh is in the takeoff position in its digital development and gradually it is transforming into a digital economy. All manufacturing and service sectors are steadily coming under digitization mechanism which will help to grow fast of its socio-economic development. For this reason, Bangladesh is building up grand Information and Communication Technology (ICT) parks in several districts. It has potentialities in agro-farming, jute sector, leather sector, deep sea fishing, power, construction, shipbuilding etc. Korea can invest in these lucrative sectors. Korea can import from Bangladesh skilled, semi-skilled, unskilled workforce for its development activities. It can also import woven garments, tea, leather and leather goods, pharmaceuticals, chemicals, petro-chemicals, jute and jute goods, wooden made furniture, plastic products, construction materials like rod, cement, ceramics, fruits and vegetables, processed foods and fish.
Official summit talks had been held in Prime Minister's Office (PMO) in Dhaka between Prime Minister Sheikh Hasina and her South Korean counterpart Lee Nak-yeon and signed several Memorandums of Understandings (MoUs) to boost the bilateral trade and investment between the two countries. Among them, MoUs between Bangladesh Investment Development Authority (BIDA) and Korea Trade Investment Promotion Agency (KOTRA), a document on cultural exchange programs between Bangladesh and South Korea for 2019-2023 and 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.
Korea pledges to invest in some promising sectors like Bangladesh's infrastructures in power, ICT, deep sea fishing, construction, energy and expressed eagerness to increase the trade items and volumes. It can help us to train our workforces in science and technology, technical and vocational education. Seoul has considered and assured Bangladesh of duty free, quota-free market access for all Bangladeshi products to their market as the bilateral trade is heavily tilted towards Korea. It will help Bangladesh to export more items to South Korea to narrow down the trade balance between the two countries. The Korean side informed that they have earmarked US$ 1 billion ODA (Overseas Development Assistance) for Bangladesh for 2020.
It will also help to accelerate our ongoing development activities. South Korean peoples are skilled and industrious. They started investing in Bangladesh from the late of Twentieth Century and still now increasing their investment and trade volumes in different sectors. We hope recent visit of South Korean PM will bring more dynamism in peoples to people's contracts, trade, investment and economic development of Bangladesh.
(Md. Muzibur Rahman, freelancer; writes on development and economic issues; e-mail: muzibur64@gmail.com)

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Killing by police and filing case against five thousand people are not solutions


At least four people were killed and more than a hundred others injured on Tuesday as religious men clashed with police in Bhola's Borhanuddin upazila over a hate conversation spread through Facebook and messenger. At one stage of the clash that broke out around 10:30am, law enforcers had to fire ...

Football »

'Gentle giant' Lukaku thriving at Inter Milan after Man United flop


AFP, Milan :Italian coach Antonio Conte has made his "gentle giant" Romelu Lukaku the focus of Inter Milan's attack this season where the striker has found his scoring touch again after leaving Manchester United.The Belgian got off the mark in his first league match against Lecce and has since scored ...

Football »

Sheffield United beat Arsenal 1-0 in Premier League


AP, Sheffield :Arsenal slumped to a 1-0 loss at promoted Sheffield United on Monday in the Premier League, upping the pressure on coach Unai Emery after another performance void of creativity and flair.Lys Mousset took advantage of poor defending from a corner to tap in from close range in the ...

City »

Prime Minister Sheikh Hasina addressing a discussion at Krishibid Institution, Bangladesh in the city's Khamarbari on Tuesday marking National Safe Road Day.


International »

Trump says ‘small’ number of US troops remain in Syria


AFP, Washington :President Donald Trump said Monday that a "small" number of U.S. troops will remain in Syria amid blistering criticism from lawmakers in both parties who have denounced his previous decision to withdraw American forces."I'm trying to get out of wars. We may have to get in wars, too," ...

International »

Netanyahu fails to form govt before deadline, opportunity for rival


AP, Jerusalem :Prime Minister Benjamin Netanyahu informed Israel's president Monday he could not form a new government following deadlocked September elections, making way for his opponent Benny Gantz to try.The decision was an important defeat for Netanyahu as he seeks to continue his tenure as Israel's longest-serving prime minister, but ...

National »

PANCHBIBI (Joypurhat): Farmers at Joypurhat passing busy time preparing fields for potato cultivation. This snap was taken from Gangaprosad village yesterday.


Business & Economy »

Mohammad Ali, DMD of Islami Bank Bangladesh Limited, speaking at a View Exchange & Discussion meeting of Rural Development Scheme (RDS), organized by Rajshahi Zone of the bank at its Pabna Branch premises on Saturday. Md. Kawsar ul Alam, Rajshahi Zonal head, M Jubayer Azam Halali, EVP of the bank and local elites were also present.


Entertainment »

Pooja Zunjar, new born baby die as family fails to get ambulance


Pooja Zunjar, a 25-year-old Marathi actress, and her newborn baby died within hours of birth in Maharashtra's Hingoli district on Sunday due to the unavailability of an ambulance.  Relatives of the deceased actress claimed - she would have been alive had they managed to get an ambulance in time.  The ...

Editorial »

Government has to take blame for mismanagement in WASA


The Parliamentary Standing Committee on Public Undertakings has expressed utmost dissatisfaction over Dhaka Water Supply and Sewerage Authority for its failure in providing safe drinking water to citizens, dealing with the waterlogging problem and alleged widespread corruption of its officials. The JS body asked the Dhaka WASA managing director to ...

Cricket »

Rashid taken with first pick in Hundred draft as Gayle misses out


Afghanistan star Rashid Khan became the first player selected in The Hundred draft, but West Indies legend Chris Gayle wasn't selected for next year's tournament.Rashid has enjoyed a superb start to his international career, with 81 wickets at 12.03 in Twenty20 making him ideal for the new eight-team UK-based competition ...

Sports »

Andy Murray jokes 'I need to get back on the road' after European Open win


Andy Murray said he would reassess his goals after a "surprise" win at the European Open, and joked that he needed to get back on tour to stop his family growing too large.The Scot, 32, had hip surgery in January and won his first title in two years in Antwerp ...

Entertainment »

Faria in new TVC after two years


Sheikh Arif Bulbon :Viewers’ choice model and actress Faria Shahrin has returned to country few days ago after completing Honours in Media Marketing from Asia Pacific University of Malaysia. According to her, from now she will remain in country and will work in media regularly. She has already started work. ...

International »

Beijing says no one can stop Taiwan ‘reunification’


AFP, Beijing :China's defence minister made an uncompromising call Monday for the "reunification" of Taiwan with the mainland, telling a high level defence forum that the process was something "no force" could stop.Self-ruled Taiwan is viewed by China as a renegade province which will eventually be unified with the mainland, ...

International »

US troops in Syria heading to Iraq, not home as Trump claims


AP, Kabul :While President Donald Trump insists he's bringing home Americans from "endless wars" in the Mideast, his Pentagon chief says all U.S. troops leaving Syria will go to western Iraq and the American military will continue operations against the Islamic State group.They aren't coming home and the United States ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news