Korean Ambassador meets with BIDA Executive Chairman

A Korean business delegation, led by H.E. Mr PARK Young Sik, Ambassador of the Republic of Korea to Bangladesh, made a courtesy visit to Mr Ashik Chowdhury, Executive Chairman of the Bangladesh Investment Development Authority (BIDA), at the BIDA office in Dhaka on October 7, 2024.

During the meeting, EC BIDA Mr Chowdhury expressed a positive outlook on Bangladesh's relationship with Korea, highlighting the country's commitment to maintaining a favourable foreign direct investment (FDI) environment. He also stressed the need to improve law and order and uphold worker rights by International Labour Organisation (ILO) conventions. He mentioned that 18 key agreements had been reached between workers and companies to ensure fair practices.

EC BIDA Mr Chowdhury emphasised making Bangladesh a more investment-friendly destination while addressing safety concerns, managing layoffs, and advocating for global buyers' Generalized System of Preferences (GSP) benefits. Discussions also touched on wage issues within export processing zones (EPZs).

The Korean delegation highlighted the need to focus on annual wage increases of 10%, particularly in the ready-made garment (RMG) sector. It also highlighted opportunities in the shoe industry, renewable energy, and MEZ water supply projects.