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Bangladesh and South Korea have agreed to deepen their economic partnership following the conclusion of negotiations on the Comprehensive Economic Partnership Agreement (CEPA), focusing on trade, investment, technology transfer and private-sector cooperation.
The two countries also agreed to form a government-private sector working group to identify priority areas of cooperation and facilitate business engagement, including through public-private partnerships (PPPs).
The understanding was reached at a bilateral meeting between Finance and Planning Minister Amir Khosru Mahmud Chowdhury and South Korean Trade Minister Jung-sung Park in Seoul on Monday.
Adviser to the Prime Minister on Posts, Telecommunications and Information Technology Rehan Asif Asad, Prime Minister’s Special Assistant for Investment and Capital Market Affairs Tanvir Shahriar Ghani, Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky and senior officials of the ERD and Invest Bangladesh attended the meeting.
A press release received here on Tuesday said the proposed working group would involve relevant government agencies and chambers of commerce. It would identify priority reforms, investment opportunities, business facilitation measures and ways to strengthen private-sector engagement, including PPPs.
Amir Khosru said the conclusion of CEPA negotiations offered an important opportunity to take Bangladesh-South Korea economic relations into a broader and more dynamic phase.
“We now have an opportunity to move beyond the traditional textile and garments-based partnership and build a broader, technology-driven economic relationship with Korea,” he said.
He identified electronics and semiconductors, shipbuilding and maritime industries, renewable energy, artificial intelligence, and digital and creative industries as emerging areas of cooperation.
Other potential sectors include energy, pharmaceuticals, medical devices, agro-processing, logistics, advanced manufacturing and infrastructure.
The minister also briefed the Korean side on Bangladesh’s efforts to improve the investment climate, including the digitalisation and automation of capital repatriation, reducing customs duties on raw materials for electronics from 26 per cent to zero, and streamlining customs and port procedures.
He encouraged greater use of government-to-government (G2G) and PPP models to accelerate strategic infrastructure, energy and other priority investment projects.
South Korean Trade Minister Jung-sung Park reaffirmed his country’s commitment to its longstanding partnership with Bangladesh. He also raised issues of concern to Korean businesses operating in Bangladesh to facilitate their existing operations and future investments.
The Korean side agreed to share a consolidated list of the issues with Bangladesh for consideration and follow-up.
During the visit, the Bangladesh delegation also held high-level meetings with leading South Korean companies to explore investment, technology and business opportunities.
At Hyundai Glovis, discussions with President Lee Kyu-bok and senior officials focused on logistics, port development and the automotive sector. The delegation highlighted opportunities in logistics hubs, ports, economic and free trade zones, automotive supply chains and smart logistics.
Hyundai Glovis expressed strong interest in exploring investment opportunities in Bangladesh, and both sides agreed to form working-level teams to advance potential cooperation.
At Hanwha Ocean, discussions covered shipbuilding, ship repair, dry-docking, maritime infrastructure and Floating Storage and Regasification Unit (FSRU) projects.
Hanwha Ocean proposed a phased approach, starting with ship repair, maintenance and retrofitting before moving towards higher-value shipbuilding and other maritime activities. Both sides agreed to hold further technical discussions and arrange follow-up visits.
The delegation also met Samsung Electronics President Kim Woo-june and senior officials to explore expanded cooperation in electronics manufacturing, artificial intelligence, digital connectivity and workforce development.
The Finance and Planning Minister encouraged Samsung to consider expanding its operations and introducing advanced technological solutions in Bangladesh. Kim expressed the company’s interest in exploring greater cooperation with the country.
Amir Khosru said Bangladesh looked forward to working closely with the South Korean government and businesses to translate the opportunities created by CEPA into tangible economic benefits.
He said the next phase of bilateral economic relations should focus on expanding trade and investment, technology transfer, industrial diversification, quality employment and deeper integration into global value chains to promote shared growth and prosperity.