South Korean embassy in Dhaka is compiling a list to identify areas with high tariffs on raw materials and intermediate inputs, which hinder Bangladesh’s manufacturing sector growth. Ambassador Park Young-sik of the Republic of Korea emphasizes the need for quality economic growth post-LDC graduation and calls for reducing tariffs and attracting foreign direct investment (FDI). He notes Bangladesh’s low FDI compared to India and Vietnam, highlighting South Korea’s industrial success and its potential collaboration with Bangladesh beyond the garment industry.
Ambassador Park discusses the prospect of an Economic Partnership Agreement (EPA) and emphasizes the importance of improving the business climate, addressing issues in Economic Processing Zones (EPZs), and fostering bilateral cooperation in various sectors like footwear, ICT, pharmaceuticals, and green technologies. He suggests using new technologies to combat air pollution and expects investment to flourish in Bangladesh. Park underscores the role of Bangladesh Investment Development Authority (Bida) in facilitating business climate improvements and proposes regular discussions on business climate issues.
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