Korea to raise EDCF loan, expand duty-free access
Wednesday, 19 May 2010
SEOUL, May 18 (Agencies): Bangladesh and South Korea on Tuesday agreed to intensify cooperation in trade, investment, transfer of technology, energy and infrastructure development for mutual benefit.
This was announced in a joint communiqué issued at the end of Prime Minister Sheikh Hasina's three-day official visit to Seoul from May 16-18.
The eight-point communique pointed out eight specific steps agreeing to intensify cooperation in trade, investment, transfer of technology, energy and infrastructure development for mutual benefit while the summit of Sheikh Hasina with South Korean President Lee Myung-bak yielded four memorandums of understanding.
It said Bangladesh welcomed active involvement of South Korean enterprises in the energy, communications, transportation, industry and infrastructure sectors of Bangladesh while both the sides agreed to support and facilitate the mutually agreed cooperation projects like Korean Export Processing Zone (KEPZ).
"Both sides also agreed to support the joint-venture between Petrobangla and Korea Consortium in energy sector including coal mining and coal-based power plants in Bangladesh," it said.
The communiqué says the Korea expressed its commitment to continue to offer assistance in support of the economic and social development of Bangladesh. The Korean side also expressed its willingness to favourably consider increasing the amount of Economic Development Cooperation Fund (EDCF) loans.
The Bangladesh side requested for further expansion of duty-free coverage of Bangladeshi products both under the Asia Pacific Trade Agreement (APTA) and through the Korean duty-free quota-free scheme for LDCs under the WTO.
The Korean side agreed to explore ways to accord further duty-free market access to more Bangladesh products.
The communiqué says the Bangladesh side expressed its deep appreciation for the grant assistance provided by the Korean government and requested for increased grant assistance on human resource development projects, including the establishment of more vocational training institutions, as well as nursing and IT training institutes.
The Bangladesh side welcomed the active involvement of Korean enterprises in the energy, communications, transportation, industry, and infrastructure sectors of Bangladesh.
The two sides agreed to facilitate the mutually agreed cooperation projects such as Korean Export Processing Zone (KEPZ). Both sides also agreed to support the joint-venture between Petrobangla and Korea Consortium in energy sector including coal mining and coal-based power plants in Bangladesh
In response to Bangladesh's request, the communiqué says the Korean side agreed to explore ways to support capacity building, including on-site training, in the emerging shipbuilding industry of Bangladesh.
The Bangladesh side expressed its deep appreciation for increasing the quota for workers from Bangladesh under the Employment Permit System (EPS), and both sides agreed to explore ways in which Bangladesh workers can further contribute to the economies of both countries.
The two sides agreed to further expand defence cooperation including training, exchange of visits, and collaboration in the defence industry.
This was announced in a joint communiqué issued at the end of Prime Minister Sheikh Hasina's three-day official visit to Seoul from May 16-18.
The eight-point communique pointed out eight specific steps agreeing to intensify cooperation in trade, investment, transfer of technology, energy and infrastructure development for mutual benefit while the summit of Sheikh Hasina with South Korean President Lee Myung-bak yielded four memorandums of understanding.
It said Bangladesh welcomed active involvement of South Korean enterprises in the energy, communications, transportation, industry and infrastructure sectors of Bangladesh while both the sides agreed to support and facilitate the mutually agreed cooperation projects like Korean Export Processing Zone (KEPZ).
"Both sides also agreed to support the joint-venture between Petrobangla and Korea Consortium in energy sector including coal mining and coal-based power plants in Bangladesh," it said.
The communiqué says the Korea expressed its commitment to continue to offer assistance in support of the economic and social development of Bangladesh. The Korean side also expressed its willingness to favourably consider increasing the amount of Economic Development Cooperation Fund (EDCF) loans.
The Bangladesh side requested for further expansion of duty-free coverage of Bangladeshi products both under the Asia Pacific Trade Agreement (APTA) and through the Korean duty-free quota-free scheme for LDCs under the WTO.
The Korean side agreed to explore ways to accord further duty-free market access to more Bangladesh products.
The communiqué says the Bangladesh side expressed its deep appreciation for the grant assistance provided by the Korean government and requested for increased grant assistance on human resource development projects, including the establishment of more vocational training institutions, as well as nursing and IT training institutes.
The Bangladesh side welcomed the active involvement of Korean enterprises in the energy, communications, transportation, industry, and infrastructure sectors of Bangladesh.
The two sides agreed to facilitate the mutually agreed cooperation projects such as Korean Export Processing Zone (KEPZ). Both sides also agreed to support the joint-venture between Petrobangla and Korea Consortium in energy sector including coal mining and coal-based power plants in Bangladesh
In response to Bangladesh's request, the communiqué says the Korean side agreed to explore ways to support capacity building, including on-site training, in the emerging shipbuilding industry of Bangladesh.
The Bangladesh side expressed its deep appreciation for increasing the quota for workers from Bangladesh under the Employment Permit System (EPS), and both sides agreed to explore ways in which Bangladesh workers can further contribute to the economies of both countries.
The two sides agreed to further expand defence cooperation including training, exchange of visits, and collaboration in the defence industry.