The Republic of Korea (ROK) has agreed to hire more Bangladeshi manpower and import a greater quantity of products from Bangladesh.
Commerce Minister Tofail Ahmed, now in Seoul, disclosed this after holding a meeting with the Korean acting minister for trade, industry and energy Moo Jae-do in the ROK capital Wednesday, said an MoC (ministry of commerce) handout.
During the meeting, they discussed issues relating to export of more items and hiring more manpower from Bangladesh that will help reduce the wide trade gap between the two countries. They also discussed further Korean investment in Bangladesh.
At present there are 72 Korean companies operating in Bangladesh with a total investment of US$ 600 billion.
Mr Ahmed said there is a vast demand of Bangladeshi products in Korea. And Korea has agreed to import greater quantity of products from Bangladesh.
Bangladesh exported goods worth $ 344.81 million to Korea while imported goods from Korea worth $ 1,199.2 million during the fiscal year (FY) 2013-14.
The $ 854.39 million balance of trade is tilted in favour of Korea. If Bangladesh exports more products to Korea, then it will help reduce the trade gap.
Earlier, Mr Ahmed attended a discussion at the Korean Foundation tiled 'Economic Development of Korea' in Seoul.
In his address, the minister called upon the Korean businessmen to come up with more investment and assured that the Bangladesh government will provide special facilities to the Korean investors.
The commerce minister left Dhaka Saturday last to Seoul to take part in 'Korea Foundation Programme' in the Republic of Korea.
He is leading a 29-member Bangladeshi delegation that includes Executive Chairman of Bangladesh Export Processing Zones Authority (BEPZA) Maj Gen Mohd Habibur Rahman Khan and businessmen.
He will address a roundtable discussion on Korea-Bangladesh businessmen tomorrow (Friday). The meeting will focus on the Bangladesh's growing economy, Korean investment in the country and building network among the businessmen of the two countries.
He is expected to return home on September 28, according to the MoC handout.
talhabinhabib@yahoo.com