South Korea-Bangladesh agree on joint effort to improve bilateral trade

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South Korea and Bangladesh have decided on joint effort to enhance bilateral trade and investment.

Regardless of the close ties between your two countries, bilateral trade volume has remained stagnant at 1.6 billion US dollars for quite some time.

South Korean Ambassador Lee Jang-Keun paid a call on Commerce Minister Tipu Munshi today where they discussed to strengthen bilateral fits in trade and investment.

As a result of Covid-19 pandemic, Korea's export to Bangladesh decreased by 19.4 percent in 2020 and fell to at least one 1.03 billion US dollars from 1.28 billion US us dollars in 2019, said a news release that was sent from the Embassy of the Republic of Korea in Bangladesh.

Whereas Bangladesh's export to Korea decreased by 2.9 percent and stood at 393 million US dollars in 2020 from 405 million US dollars in 2019.

While garment and textile, leather are important export items of Bangladesh, metal and machinery closely linked to investment actions are the key export items from Korea to Bangladesh.

Both sides decided to help to make efforts to diversify components of export and import.

Korea is providing duty and quota-free usage of the Korean industry to 95 percent of Bangladeshi products since 2012.

Ambassador Lee asked Munshi to lend assistance to the Korean companies which have invested found in Bangladesh for their successful business procedure in the country and provide foreign investors with favorable organization environment.

He emphasised the value of the victory of KEPZ found in attracting major expenditure by Korean companies.

By 2020, Korea is the fifth major investor in Bangladesh, following the US, UK, the Netherlands, and Singapore, with 1.17 billion US us dollars of total accumulated inventory expenditure, according to Bangladesh Bank info.

Korea is the greatest foreign investor found in EPZs with 75 businesses operating found in the EPZs.