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Bangladesh and South Korea have agreed to finalise the draft of a Comprehensive Economic Partnership Agreement (CEPA) by December, paving the way for preparations for a formal signing at a high-level meeting.
The agreement was reached at a bilateral meeting between Commerce Minister Khandaker Abdul Muktadir and South Korean Ambassador to Bangladesh Kim Ji-hoon at the Secretariat on Tuesday (10 November).
During the meeting, the commerce minister assured the Korean envoy that operational and import-related problems faced by Korean investors would be addressed as a priority.
He also proposed joint investment in the shipbuilding sector and the establishment of a specialised Design and Development Centre in Bangladesh to utilise local engineers and skilled workers.
The South Korean ambassador expressed his country’s interest in expediting the CEPA process to expand bilateral trade and economic ties. He said Seoul had already shared its position with Bangladesh on the draft agreement and a detailed questionnaire.
The two sides discussed the finalisation of the agreement and the next steps in the process.
Muktadir assured the ambassador of necessary support to attract more Korean investment. He said a joint coordination meeting involving the Commerce Ministry, National Board of Revenue (NBR), Finance Ministry and Korean investors would be arranged soon to address policy-related obstacles.
The ambassador highlighted operational challenges faced by around 200 Korean companies operating in Bangladesh. He particularly pointed to administrative complications involving the import of research materials and samples for Samsung’s research and development centre, delays in issuing import permits (IPs) and customs-related barriers.
In response, the commerce minister directed a joint secretary of the Commerce Ministry to serve as the focal point for resolving import-related problems faced by Samsung and other Korean investors.
He said steps were also underway to simplify visa procedures and make the issuance of import permits fully online and real-time.
The proposed Design and Development Centre for the shipbuilding industry also featured in the discussions. Muktadir highlighted the potential for joint ventures that would draw on local engineering expertise and manpower to meet global demand.
The ambassador responded positively, expressing interest in exploring long-term technology transfer and joint investment opportunities in coordination with leading South Korean shipbuilders Hanwha Ocean and Hyundai Heavy Industries.
The two sides also discussed LNG supply.
Commerce Secretary Sharif Uddin Ahmed Chowdhury, Additional Secretary (WTO) Khadija Nazneen and senior ministry officials attended the meeting.