In a significant move towards enhancing bilateral trade and investment cooperation, Bangladesh is actively contemplating to implement a bilateral instrument such as the Economic Partnership Agreement (EPA) with South Korea.
According to news report, Foreign Ministers recent remarks underscore the importance of fostering closer ties between the two nations, signalling a promising trajectory for economic collaboration.
However, during a recently held meeting between representatives of Bangladesh and South Korea, discussions centred on various avenues to bolster cooperation. Ranging from revising of air services agreements to exchange of high-level visits, both sides are keen on fortifying existing frameworks for mutual benefit. Particularly noteworthy is emphasis on modernizing Bangladeshs industries, including the crucial Ready-Made Garments (RMG) sector, through direct investments and technology transfer.
Additionally, Foreign Minister aptly highlighted the significance of forging new arrangements in light of Bangladeshs forthcoming graduation from Least Developed Country (LDC) status in 2026.
This transition necessitates proactive measures to sustain economic momentum and ensure continued growth. By exploring avenues such as the EPA, Bangladesh aims to harness the potential of its burgeoning economy while fostering mutually beneficial partnerships with strategic allies like South Korea.
Acknowledging the longstanding friendship between Bangladesh and South Korea, he expressed gratitude for the latters unwavering support and cooperation over the past five decades. The recent gesture of providing luxurious vehicles and facilitating preferential market access for Bangladeshi products underscores South Koreas commitment to nurturing bilateral relations.
It was way back in 1974 when South Korea opened its embassy in Dhaka with the latter opening its embassy at Seoul in 1987. Since then bilateral ties between the countries only grew stronger.
Furthermore, he lauded South Koreas role as a major foreign investor in Bangladesh and extended a warm welcome for further investment across key sectors such as light engineering, electronics, infrastructure, and ICT. The ongoing feasibility study for the Metro Rail Project in Chattogram, initiated by KOICA (Korea International Cooperation Agency), exemplifies the depth of bilateral collaboration and potentials for transformative infrastructure projects.
Addressing challenges such as language barriers for Bangladeshi skilled workers seeking employment opportunities in South Korea, both nations are actively working towards practical solutions. Initiatives such as language and technology training programs at designated Technical Training Centres (TTCs) underscoring the commitment to overcome obstacles and maximize the benefits of bilateral cooperation.
As Bangladesh charts its course towards economic growth and development, partnerships with nations like South Korea hold immense promise. The exploration of instruments like the EPA and the continued exchange of expertise and technology pave the path for a mutually enriching relationship. With a shared commitment to prosperity and progress, Bangladesh and South Korea stand poised to embark on a new era of collaboration, fostering sustainable development and prosperity for their people.
