BD, Korea sign framework deal to bolster trade

Bangladesh and Korea have signed a framework deal Tuesday in Dhaka for enhancing bilateral economic cooperation.
Economic Relations Division (ERD) Secretary Mohammad Mejbahuddin Ahmed and South Korean Ambassador in Bangladesh Lee Yun-young signed the agreement.
Mr Mejbahuddin said the main purpose of the accord is to set terms and conditions for getting financial and technical support from Korea.
Under the framework deal, the Bangladesh government will identify priority projects and financial requirements from the Korean government.
Besides, Korea will further consolidate its grant aid programmes in Bangladesh through its donor agency - the Korea International Cooperation Agency (KOICA).
Since 1993, Korea has been assisting Bangladesh financially and technically through bankrolling different development projects in education, health, communications, transport, power, and ICT sectors.
Presently the Korean government has made a commitment to provide assistance worth US$32.12 million for seven ongoing development projects in Bangladesh.
Besides, Korea has assured of providing financial and technical supports to four development projects in Bangladesh this year, the ERD officials said.
A BSS report adds, the KOICA officials said under the newly-signed agreement, efforts will be made to promote poverty reduction as well as to ensure sustainable economic and social development in Bangladesh by strengthening the existing Dhaka-Seoul relations in various fields.
It will also help KOICA to increase the volume of its aid to Bangladesh in line with the Korean government's pledge to increase its ODA to 0.25 per cent of its GNI by 2015.
The framework deal will facilitate KOICA's development cooperation programmes, such as - invitational training for government officials and professionals in Korea, supporting NGOs activities, and dispatching experts for consultation and in-country training programmes, volunteers to support government offices in various fields, and medical doctors and personnel.
Besides, the accord will cover providing Bangladesh with equipment, machinery and materials in connection with various projects and programmes, constructing facilities, coordinating with the authorities concerned to implement the projects and programmes, and providing the government with other forms of grant aid.
KOICA is presently supporting Bangladesh in health, education, and governance sectors according to the Country Partnership Strategy for Bangladesh (2012-2015).