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Bangladesh and South Korea have agreed to form a joint working group comprising representatives from the public and private sectors to expand trade and investment, facilitate technology transfer and diversify industries following the successful conclusion of negotiations on a Comprehensive Economic Partnership Agreement (CEPA).
At the same time, several leading South Korean companies are exploring investment opportunities in Bangladesh’s logistics, shipbuilding, electronics and technology sectors.
The agreement was reached at a bilateral meeting between Bangladesh’s Finance and Planning Minister Amir Khasru Mahmud Chowdhury and South Korean Trade Minister Jung-Sung Park in Seoul on Monday (November 2).
Prime Minister’s Adviser on Posts, Telecommunications and Information Technology Rehan Asif Asad, Prime Minister’s Special Assistant on Investment and Capital Market Tanvir Shahriar Gani, Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiqui and other relevant officials attended the meeting.
The Ministry of Finance disclosed the matter in a press release on Tuesday (November 3).
According to the ministry, the proposed joint working group will include representatives from relevant government agencies and business chambers of the two countries. It will identify priority reforms, investment opportunities, ways to improve the ease of doing business and measures to increase private sector participation through public-private partnerships (PPPs).
At the meeting, the Finance and Planning Minister said the conclusion of CEPA negotiations had created an important opportunity to take Bangladesh-South Korea economic relations to a broader and more dynamic level.
He said Bangladesh was keen to work closely with the South Korean government and businesses to translate the post-CEPA opportunities into tangible economic benefits.
He stressed that the next phase of economic relations between the two countries should prioritise increased trade and investment, technology transfer, industrial diversification, quality employment generation and deeper integration of Bangladesh into global value chains.
He expressed hope that these initiatives would create new opportunities for growth and prosperity for both countries.
The minister also emphasised the need to move beyond the traditional partnership centred on textiles and readymade garments and build broader, technology-driven economic relations with South Korea.
He identified electronics and semiconductors, shipbuilding and maritime industries, renewable energy, artificial intelligence (AI), and digital and creative industries as promising areas of cooperation.
He also highlighted investment opportunities for South Korean companies in energy, pharmaceuticals, medical devices, agro-processing, logistics, advanced manufacturing and infrastructure.
Outlining the government’s initiatives to improve Bangladesh’s investment climate, the minister mentioned the digitalisation and automation of capital repatriation procedures, reduction of duties on raw materials for the electronics industry from 26 per cent to zero, and simplification and acceleration of customs and port operations.
He also emphasised greater use of government-to-government (G2G) and public-private partnership (PPP) models to expedite strategic infrastructure, energy and other priority investment projects.
South Korean Trade Minister Jung-Sung Park, meanwhile, reaffirmed his country’s commitment to its longstanding partnership with Bangladesh.
Highlighting the concerns and interests of South Korean companies operating in Bangladesh, he said discussions between the two countries were necessary to facilitate their operations and future investments.
The South Korean side agreed to provide Bangladesh with a consolidated list of the issues raised by the companies.
The visiting Bangladeshi delegation also held high-level meetings with several leading South Korean companies in Seoul to explore specific investment, technology and business cooperation opportunities.
During a meeting with Samsung Electronics President Kim Woo-jun and senior officials, the delegation discussed electronics manufacturing, artificial intelligence, digital connectivity and skills development.
The Finance and Planning Minister invited Samsung to explore opportunities to expand its operations in Bangladesh and introduce advanced technology-based solutions. The company’s president also expressed interest in examining prospects for broader future cooperation in Bangladesh.
At a meeting with Hyundai Glovis President Lee Kyu-bok and senior officials, the Bangladeshi delegation discussed logistics, port development and the automotive sector.
The delegation highlighted investment opportunities in logistics hubs, ports, economic and free trade zones, automotive supply chains and smart logistics.
Hyundai Glovis expressed strong interest in exploring business opportunities in Bangladesh. Both sides agreed to form a working-level team to advance potential areas of cooperation.
Prospects are also emerging for South Korean investment in shipbuilding and maritime industries.
At a meeting with Hanwha Ocean, the two sides discussed shipbuilding, ship repair and dry-docking, maritime infrastructure, and floating storage and regasification unit (FSRU) projects.
Hanwha Ocean proposed initially entering the Bangladesh market through ship repair, maintenance and modernisation services. It also outlined plans to expand into higher-value-added shipbuilding and other maritime activities in the future.
Both sides agreed to advance the proposals through further technical discussions and follow-up visits.