DHAKA, Nov 6, 2023 (BSS) - The Federation of Bangladesh Chambers of Commerce
and Industry (FBCCI) and the Korea Importers Association (KOIMA) have
formalized their commitment to enhance trade and investment relations between
Bangladesh and South Korea through the signing of a Memorandum of
Understanding (MoU).

Senior Vice President of FBCCI, Md. Amin Helaly, and Chairman of KOIMA, Kim
Byung-Kwan, signed the MoU on behalf of their respective organizations today
at a city hotel, said a press release.

While speaking as the chief guest, Senior Secretary of the Ministry of
Commerce Tapan Kanti Ghosh highlighted the investment opportunities in
Bangladesh and invited Korean investors to invest in Bangladesh.

FBCCI Senior Vice President Md. Amin Helaly emphasized the potential impact
of the MoU on strengthening the trade connections between Bangladesh and
South Korea.

He said, "Bangladesh and South Korea are celebrating 50 years of the
bilateral relationship. We have been united by a shared history of
development, economic growth, and industrial progress. In these fifty years,
both nations have built a solid foundation of a long-lasting partnership
through exchanging the highest level delegation and signing a number of MoUs
for future growth."

Md. Amin Helaly said, "Bangladesh has crossed the milestone of $55 billion in
exports in 2022-23. Following this trend, we are working to develop
competitiveness to achieve the trillion-dollar economy and to earn our target
export worth of US$ 300 billion by 2041. To reach this target we need to
focus on market and product diversification."

South Korea has already recognized Bangladesh as a highly promising
investment destination. Korean investment in Bangladesh increased
substantially after the establishment of the Special Export Processing Zone
exclusively for Korean investors.

At present, South Korea is the 4th largest in Bangladesh for Foreign Direct
Investment (FDI) with a total stock of $1.48 billion till June 2023. More
than 200 Korean Companies are operating in Bangladesh right now, he added.

The Senior Vice President urged Korean companies to explore joint ventures
and subcontracting arrangements with Bangladeshi companies, especially in the
SME sector.

Key sectors with significant potential for Korean companies include
semiconductors, microchips, hi-tech, plastics, auto parts, agricultural
instruments, ceramic products, and software, among others.

To facilitate smooth trade, he urged the national accreditation body of South
Korea to sign a Mutual Recognition Agreement with the Bangladesh Standards
and Testing Institute (BSTI) to accredit Bangladeshi products for export to
Korea.

Chairman of the Korea Importers Association (KOIMA), Kim Byung-Kwan,
commended the recent developments in Bangladesh and highlighted the
significance of the MoU.

He said, "This MoU represents a significant step towards fostering stronger
trade and investment relations between our two countries. We are excited
about the potential it holds for mutual growth and prosperity."

Among others, the Ambassador of the Republic of Korea to Bangladesh Park
Young-sik, FBCCI Vice President Shomi Kaiser, Dr. Joshoda Jibon Deb Nath,
Anwar Sadat Sarker, FBCCI Directors and other dignitaries were present at the
program.