Samsung, LG to produce products thru JV, says Tofail

Commerce Minister Tofail Ahmed said on Monday that Korean electronics giants Samsung and LG Electronics will produce their products locally through joint venture.

Apart from the Korean Export Processing Zone (KEPZ), the Korean investors would invest in special economic zones, he added.

The minister disclosed this after a meeting with Korean ambassador to Bangladesh Ahn Seong-doo at his ministry office in Dhaka, reports BSS.

He said Korea would benefit if it exported products by setting up factories in Bangladesh.

Noting that 200 Korean companies have invested in the EPZ, Tofail said more companies are interested to invest in the country.

In fiscal 2016-17, Bangladesh imported products worth $1,268 million from Korea against its exports of $238 million.

The Korean envoy said Samsung and LG had decided to make investment in joint venture, which would push the bilateral trade up and narrow the deficit in commerce.

He assured the commerce minister of extending all types of cooperation from his country. Commerce Secretary Shuvashish Bose was present during the meeting.