FBCCI, KOIMA ink MoU to boost Bangladesh-S Korea trade ties

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Korea Importers Association (KOIMA) have formalized their commitment to enhance trade and investment relations between Bangladesh and South Korea through the signing of a Memorandum of Understanding (MoU).

Senior Vice President of FBCCI, Md. Amin Helaly, and Chairman of KOIMA, Kim Byung-Kwan, signed the MoU on behalf of their respective organizations on Monday at a city hotel, said a press release.

While speaking as the chief guest, Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh highlighted the investment opportunities in Bangladesh and invited Korean investors to invest in Bangladesh, reports BSS

FBCCI Senior Vice President Md. Amin Helaly emphasized the potential impact of the MoU on strengthening the trade connections between Bangladesh and South Korea.

He said, "Bangladesh and South Korea are celebrating 50 years of the bilateral relationship. We have been united by a shared history of development, economic growth, and industrial progress. In these fifty years, both nations have built a solid foundation of a long-lasting partnership through exchanging the highest level delegation and signing a number of MoUs for future growth."

Md. Amin Helaly said, "Bangladesh has crossed the milestone of $55 billion in exports in 2022-23. Following this trend, we are working to develop competitiveness to achieve the trillion-dollar economy and to earn our target export worth of US$ 300 billion by 2041. To reach this target we need to focus on market and product diversification."

South Korea has already recognized Bangladesh as a highly promising investment destination. Korean investment in Bangladesh increased substantially after the establishment of the Special Export Processing Zone exclusively for Korean investors.

At present, South Korea is the 4th largest in Bangladesh for Foreign Direct Investment (FDI) with a total stock of $1.48 billion till June 2023. More than 200 Korean Companies are operating in Bangladesh right now, he added.

The Senior Vice President urged Korean companies to explore joint ventures and subcontracting arrangements with Bangladeshi companies, especially in the SME sector.

Key sectors with significant potential for Korean companies include semiconductors, microchips, hi-tech, plastics, auto parts, agricultural instruments, ceramic products, and software, among others.

To facilitate smooth trade, he urged the national accreditation body of South Korea to sign a Mutual Recognition Agreement with the Bangladesh Standards and Testing Institute (BSTI) to accredit Bangladeshi products for export to Korea.

Chairman of the Korea Importers Association (KOIMA), Kim Byung-Kwan, commended the recent developments in Bangladesh and highlighted the significance of the MoU.

He said, "This MoU represents a significant step towards fostering stronger trade and investment relations between our two countries. We are excited about the potential it holds for mutual growth and prosperity."

Among others, the Ambassador of the Republic of Korea to Bangladesh Park Young-sik, FBCCI Vice President Shomi Kaiser, Dr. Joshoda Jibon Deb Nath, Anwar Sadat Sarker, FBCCI Directors and other dignitaries were present at the programme.