Bangladesh is eyeing to further boost economic and trade relations with South Korea and the Philippines as they have attained 'superb' growth in the recent years, sources said.
With this end in view Bangladesh will soon hold a joint economic commission (JEC) meeting with South Korea and establish JEC with the Philippines. Bangladesh held last JEC meeting with South Korea in 1993, some 21 years back.
And, the last Joint Trade Commission (JTC) meeting between Bangladesh and the Philippines was held in 1997.
A senior Economic Relations Division (ERD) official told the FE that both South Korea and the Philippines have attained tremendous economic growth. Bangladesh needs to boost economic and trade ties with them to be financially benefited.
He said Bangladesh did not give necessary importance to develop economic and trade ties with South Korea and the Philippines in the past. "But it has now become important to boost relations with them as they are becoming economic giants in Asia and the globe."
South Korean market economy ranks 15th in the world by nominal Gross Domestic Product (GDP) and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies. It is a developed country with a high-income economy and is the most industrialised member country of the Organisation for Economic Co-operation and Development (OECD). South Korea is the only developed country to have been included in the group of Next Eleven countries.
South Korea's nominal GDP stood at US$ 1.271 trillion in 2014 and its per capita income reached $ 25,189 in the same year.
The Philippines is the 41st largest economy in the world with an estimated nominal GDP (2013) of $ 272.207 billion. The per capita income of the Southeast Asian nation reached $ 2,792.
A senior ERD official told the FE that in the last JEC meeting in 1993 South Korea agreed to provide $ 14 million to Bangladesh to finance greater Khulna Power Distribution project. As no further JEC meeting was held between the two countries since then, the assistance was not materialised.
The official said in the last two decades the South Korean economic and technical assistance to Bangladesh has surpassed $ 600 million. Holding JEC and JTC meetings between the two countries will help increase the assistance further.
Sources said the ERD has requested all the ministries to identify the areas where further economic and trade cooperation can be extended with South Korea and the Philippines. They were told to identify the sectors where working together will be beneficial for Bangladesh.
They said Bangladesh primarily selected fisheries, education, science and technology, manpower, agriculture, water, civil aviation, shipping, and textile and jute sectors to work together with South Korea and the Philippines.
Officials said South Korea needs a large number of workers to continue its tempo of economic development. Bangladesh can take the opportunity of sending her skilled manpower there.
An official of the Board of Investment said South Korea can increase its investment in Bangladesh's textile, gas and oil exploration, power generation, steel and engineering, jute and jute goods, garments, leather and leather goods, and telecommunication sectors.
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