ROK considers Bangladesh key development partner

South Ambassador in Bangladesh Park Young-Sik said that South Korea considers Bangladesh a significant development partner, having provided more than USD 200 million in grants and USD 1.7 billion in concessional loans.

Moreover, a new framework arrangement has been signed, paving the way for an additional $3 billion of concessional loans from the Economic Development Cooperation Fund (EDCF) for the period 2023-2027.

Park Young-Sik was speaking as the chief at the "KOICA Bangladesh Alumni Night 2023" at a city hotel in the city on Thursday.

Park said that the trade volume between Bangladesh and South Korea, our two nations, reached a historic high of USD 3.4 billion in 2022.  

"As we reflect on the remarkable progress of Korea, it is evident that our two nations share a common journey of overcoming challenges and achieving economic success. Korea, once devastated by the Korean War, defied all expectations and emerged as the 12th largest economy in the world. Today, as a member of the OECD, Korea stands as a testament to the possibilities of transformation from an aid recipient to an aid donor country," said Park Young-Sik.

"Bangladesh, with its dedication and hard work, can replicate Korea's economic success. The country's attainment of graduation from Least Developed Countries (LDC) to developing countries status and its impressive growth rate are clear indicators that Bangladesh is well on its way to achieving the goals outlined in "Vision 2041" envisioned by Prime Minister Sheikh Hasina, said Park Young-Sik.

"KBAA stands as a testament to the strong and enduring bilateral relationship between Korea and Bangladesh. I am pleased to learn that KOICA Bangladesh Office has provided capacity-building fellowship programs to over 2,500 Bangladeshi government officials," he said.

Country Director of KOICA Bangladesh Office Kim Taeyoung KOICA started its journey in Bangladesh in 1993 and has played a crucial role in the development of Korea-Bangladesh relations for the past 30 years.  

Bangladesh is the third greatest recipient of the Korean government ODA as of 2022, and development cooperation has been a central pillar of Korea-Bangladesh ties.

 As a steadfast friend of Bangladesh, Korea is committed to supporting the country until it attains its dream of becoming a developed nation by 2041.

President of Korea Bangladesh Alumni Association (KBAA) and Senior Secretary of Bangladesh Planning Commission Nasima Begum, Country Director of  KOICA Bangladesh Office Taeyoung Kim, Additional Secretary of Ministry of Finance Kabirul Ezdani Khan, KBAA General Secretary and Joint Secretary of Bangladesh Planning Commission Md Forhad Siddique also spoke on the occasion