South Korean envoy sees bright future in bilateral relations with Bangladesh
Ambassador Lee Jang-Keun said South Korea is willing to further strengthen and deepen bilateral relations with Bangladesh taking things to greater heights.
"With the strong support of the business sectors, I have no doubt that the future of our relations, the next 50 years and 100 years, is very bright," said Ambassador Lee while speaking at a two-day trade show titled 'Showcase Korea' began in Dhaka on Saturday (25 February).
"Observing this meaningful year, I strongly believe that this year should be a momentous year for the future of our two countries' relations. It should be a landmark year to take our already close relations into a new and higher level," he added.
Keep updated, follow The Business Standard's Google news channel
Prime minister's adviser on private industries and investment Salman F Rahman joined the opening session as the chief guest.
Among others, Dhaka North City Corporation Mayor Atiqul Islam, Korea-Bangladesh Chamber of Commerce and Industries President and Meghna Group of Industries Chairman Mostafa Kamal, Federation of Bangladesh Chambers of Commerce and Industries President Jashim Uddin and Korean Community in Bangladesh President Yoo Young-ho, were also present.
The Showcase Korea 2023 is co-organised by the Korean Community in Bangladesh and the KBCCI. This year, the event is being held in celebration of the 50th diplomatic anniversary between Korea and Bangladesh.
The South Korean envoy noted that the bilateral trade volume between Korea and Bangladesh has been stagnant, even decreasing for almost 10 years after it reached 1.6 billion dollars in 2012. The Covid-19 pandemic even shrunk the trade volume down to 1.4 billion dollars.
"But finally, it strongly bounced back in 2021 reaching 2.2 billion US dollars, and further jumped in 2022 crossing 3 billion dollars. The trade volume doubled in just two years," he added.
Korea is now the 6th largest foreign investor in Bangladesh with an accumulated stock volume of 1.43 billion dollars.
"During the recent several years, global Korean companies like Samsung and Hyundai have been increasing their engagement with Bangladesh through their local partners," said the envoy.
Samsung opened its assembly factory in Bangladesh in 2013 and now assembles locally most of its electronic devices including mobile phones. Hyundai Motors opened its assembly factory in the Bangabandhu Hi-Tech Park in partnership with Fair Group of Bangladesh.
He assured that the Korean government will always stand by Bangladesh and render their best support for the success of the business sector.
