DHAKA, Sept 9, 2021 (BSS) - Dhaka Chamber of Commerce and Industry
(DCCI) President Rizwan Rahman today said showcasing Korean success stories
in Bangladesh to lure investors.
 
     The DCCI president said this while meeting with Ambassador of South
Korean to Bangladesh Lee Jang-Keun at DCCI in the city, said a press release.
 
    Welcoming the South Korean Ambassador to DCCI, Rizwan Rahman said there
is a steady increase in bilateral trade between the two countries, which
currently stands at approximately US$ 1.6 billion.
 
     Of the total bilateral trade, he said, Bangladesh's export to the
Republic Korea recorded only $398.66 million in FY2020-21.
 
     Cumulative stock of FDI from South Korea to Bangladesh reached $1030.67
million, he mentioned.
 
     He also invited Korean investors to invest in Leather and Footwear,
Shipbuilding, Pharmaceuticals, Backward Linkage of RMG, Automotive and
Infrastructure, Agro processing, Power sector, Electronics sectors.
 
     He requested the envoy to relocate Korean sunset industries to
Bangladesh.
 
     Rizwan also said that DCCI and the South Korean Embassy can work
together for improving business climate for signing a bilateral FTA.
 
     He lastly invited South Korean entrepreneurs to join the B2Bs under
"Bangladesh Trade and Investment Summit" to be held from 26th of October
jointly organized by the Ministry of Commerce and DCCI.
 
     Lee Jang-Keun said that the trade relation between Bangladesh and Korea
is very close.
 
     South Korea is the 5th largest source of FDI for Bangladesh and most of
its investments are from the manufacturing sector, he added.
 
     He said 93 percent of Bangladeshi products get duty and quota free
market access in South Korea.
 
     Regarding FTA, he said that South Korea already has FTAs with about 70
countries including China, ASEAN and Europe.
     In response to the comments of DCCI President, he said after the LDC
graduation, Bangladesh may take an initiative of signing an FTA with South
Korea.

     However, there is a huge potential for South Korean investors in the
pharmaceutical and ICT sector here in Bangladesh, he said.
 
     For more export competitiveness, he suggested improving product
diversification. He also termed business to business contact, exchange of
both ways delegations and chamber to chamber interaction very important to
increase bilateral trade as well as narrowing the trade gap.
 
     DCCI Senior Vice President NKA Mobin and Vice President Monowar Hossain
were also present during the meeting.