ROK keen to cut trade gap with Bangladesh
Thursday, 30 September 2010
FE Report
South Korea wants to reduce the existing trade gap with Bangladesh by investing more in clothing, power generation and renewable energy sectors, said businessmen from South Korea at a seminar.
They also said that as an investment destination Bangladesh is more important for South Korea than any other Asian country.
'Despite 23 per cent growth in Bangladeshi export to Korea there is huge trade gap of about US$ 697 million between the two countries,' said Ju Tae Lee, Chairman, Korea Importers Association (KOIMA).
He also said Bangladesh contributes to the development of Korean industry and South Korean investment is also increasing in Bangladesh.
"We want to narrow down the trade gap," he said.
The KOIMA president was speaking at a seminar styled 'Trade Between Bangladesh and Republic of Korea' at a city hotel Wednesday.
He was leading a 13-member delegation of businessmen of South Korea.
The delegation was to hold one-to-one meeting with Bangladeshi business organisations and exporters Wednesday and today (Thursday).
Commerce Minister Faruk Khan was present as the chief guest at the programme organised by Export Promotion Bureau (EPB) and Ministry of Commerce.
Jalal Ahmed, vice-chairman, EPB, presented the paper on Trade Between Bangladesh and Republic of Korea.
Taiyoung Cho, Korean ambassador in Bangladesh, Jashim Uddin, acting president, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), SM Kamaluddin, president, Korea-Bangladesh Chamber of Commerce and Industry (KBCCI), among others, addressed on the occasion.
The commerce minister said that Dhaka is now having the most powerful and important business mission from Korea and that the Bangladeshi exporters should grab this opportunity.
"I will request our exporters to explore how they can increase exports to Korea," the minister said.
Faruk Khan also requested the Korean government to hire more Bangladeshi workers to Korea as the present condition of the Bangladeshi expatriates in the country is very impressive in terms of pay, living condition and human rights.
"At least 4,000 Bangladeshi workers can go to South Korea every year," he said.
He said different sectors of South Korea now need a large number of skilled and unskilled workers.
In his presentation Jalal Ahmed said Bangladesh has a national vision to become a mid-income country by the year 2021.
He also said South Korea can increase trade in terms of product variety from Bangladesh and thereby help in Bangladeshi economy.
Jalal Ahmed said Korea can increase import in apparels, pharmaceuticals, ship building, leather goods, yarn and fabrics and jute goods.
The KOIMA is Korea's only private organisation exclusively dedicated to facilitating imports into the country, said the association chairman.
The Korean ambassador said the relations between the two nations are excellent and there is opportunity to increase the current trade and investment volume.
'Korea looks forward to investing more in clothing, power generation, renewable energy, pharmaceuticals and agricultural industries in Bangladesh,' said Taiyoung Cho.
South Korea wants to reduce the existing trade gap with Bangladesh by investing more in clothing, power generation and renewable energy sectors, said businessmen from South Korea at a seminar.
They also said that as an investment destination Bangladesh is more important for South Korea than any other Asian country.
'Despite 23 per cent growth in Bangladeshi export to Korea there is huge trade gap of about US$ 697 million between the two countries,' said Ju Tae Lee, Chairman, Korea Importers Association (KOIMA).
He also said Bangladesh contributes to the development of Korean industry and South Korean investment is also increasing in Bangladesh.
"We want to narrow down the trade gap," he said.
The KOIMA president was speaking at a seminar styled 'Trade Between Bangladesh and Republic of Korea' at a city hotel Wednesday.
He was leading a 13-member delegation of businessmen of South Korea.
The delegation was to hold one-to-one meeting with Bangladeshi business organisations and exporters Wednesday and today (Thursday).
Commerce Minister Faruk Khan was present as the chief guest at the programme organised by Export Promotion Bureau (EPB) and Ministry of Commerce.
Jalal Ahmed, vice-chairman, EPB, presented the paper on Trade Between Bangladesh and Republic of Korea.
Taiyoung Cho, Korean ambassador in Bangladesh, Jashim Uddin, acting president, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), SM Kamaluddin, president, Korea-Bangladesh Chamber of Commerce and Industry (KBCCI), among others, addressed on the occasion.
The commerce minister said that Dhaka is now having the most powerful and important business mission from Korea and that the Bangladeshi exporters should grab this opportunity.
"I will request our exporters to explore how they can increase exports to Korea," the minister said.
Faruk Khan also requested the Korean government to hire more Bangladeshi workers to Korea as the present condition of the Bangladeshi expatriates in the country is very impressive in terms of pay, living condition and human rights.
"At least 4,000 Bangladeshi workers can go to South Korea every year," he said.
He said different sectors of South Korea now need a large number of skilled and unskilled workers.
In his presentation Jalal Ahmed said Bangladesh has a national vision to become a mid-income country by the year 2021.
He also said South Korea can increase trade in terms of product variety from Bangladesh and thereby help in Bangladeshi economy.
Jalal Ahmed said Korea can increase import in apparels, pharmaceuticals, ship building, leather goods, yarn and fabrics and jute goods.
The KOIMA is Korea's only private organisation exclusively dedicated to facilitating imports into the country, said the association chairman.
The Korean ambassador said the relations between the two nations are excellent and there is opportunity to increase the current trade and investment volume.
'Korea looks forward to investing more in clothing, power generation, renewable energy, pharmaceuticals and agricultural industries in Bangladesh,' said Taiyoung Cho.