President urges South Korea to boost trade, investment with Bangladesh

President Mohammed Shahabuddin today (9 June) called upon South Korea to enhance bilateral trade and investment with Bangladesh, highlighting the country's favourable business climate and expanding investment opportunities.

The president made the call when newly appointed Ambassador of the Republic of Korea to Bangladesh Kim Ji-joon presented his credentials to him through a state ceremony at Bangabhaban this morning.

Later, President's Press Secretary, Md Sarwar Alam, briefed reporters about the meeting.

Welcoming the ambassador, President Shahabuddin said South Korea is the fourth-largest foreign investor in Bangladesh, with nearly one hundred Korean companies, including global technology giants Samsung and Hyundai, operating and investing in the country's Export Processing Zones (EPZs).

He said Bangladesh now enjoys an excellent business and investment environment following the assumption of office by a democratically elected government through a free and fair election.

The president urged the ambassador to encourage greater Korean investment in Bangladesh's light engineering, electronics, shipbuilding, agro-processing, information technology, ready-made garments and infrastructure sectors.

Expressing satisfaction over the growing trade relations between the two countries, he thanked the South Korean government for providing duty-and quota-free access to 95% of Bangladeshi products and requested the continuation of the facility for at least four years after Bangladesh's graduation from the Least Developed Country (LDC) category.

He also expressed satisfaction over the progress made towards signing the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

The president appreciated South Korea for maintaining a bilateral parliamentary friendship group in their assembly known as the Korea-Bangladesh Parliamentary Friendship Association to further strengthen cooperation in key areas.

Describing South Korea as one of Bangladesh's important development partners, he said Korean development assistance and concessional loans have been contributing significantly to the country's socio-economic progress.

The president also sought the envoy's support in creating more employment opportunities for Bangladeshi workers in South Korea, particularly in the shipbuilding and other industrial sectors.

During the meeting, Ambassador Kim reaffirmed his country's strong interest in expanding bilateral trade and investment with Bangladesh. He also expressed commitment to strengthening cooperation in culture, education and other fields to deepen people-to-people ties between the two nations.

The ambassador sought the President's continued support in discharging his responsibilities in Bangladesh.

Earlier, a smartly turned-out contingent of the President Guard Regiment (PGR) accorded the envoy a guard of honour upon his arrival at Bangabhaban.

President's secretaries and senior officials of the Ministry of Foreign Affairs were present there.