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RoK shows interest to deepen trade ties

Talha Bin Habib | April 21, 2018 00:00:00

Korean entrepreneurs expressed their interest to lift trade with Bangladesh as part of strengthening bilateral economic relations.

The interest was shown at a meeting between the Korea Chamber of Commerce and Industry (KCCI) and Bangladesh embassy officials in Seoul recently.

Executive vice-chairman of the Korean chamber Jundong Kim at meeting with Bangladesh ambassador in Seoul said that the KCCI is ready to update the existing memorandums of understanding (MoUs) with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

He told the Bangladeshi envoy that he would pursue the Korean businessmen to visit Bangladesh at the soonest possible time.

Meanwhile, the Bangladesh Embassy in Seoul in a letter informed the matter to the ministry of commerce (MoC) through the ministry of foreign affairs on April 11.

The meeting discussed the possibility of exporting Bangladeshi goods to the Korean republic.

The FBCCI and the KCCI have been maintaining good relations for a long time, but in the recent past there were no exchange visits.

The letter of Bangladesh Embassy in Seoul requested the Commerce Ministry to send an official invitation to the KCCI executive vice-chairman, requesting him to send a trade delegation to Bangladesh and arrange an investment seminar in Seoul between the two trade bodies/ business houses in the coming months.

The KCCI is also ready to help in arranging business to business (B2B) meetings.

The agreements between the FBCCI and the KCCI include the protocol of cooperation singed on February 5 1979, agreement for economic cooperation on December 31, 2000 and the renewal of agreement for economic cooperation on November 1, 2010, according to the FBCCI.

The KCCI is the oldest and largest business organisation in the Republic of Korea (ROK).

It represents approximately 180,000 member companies and on the forefront of trade promotion by engaging in the private-sector economic diplomacy with foreign governments and corporations.

An official of the FBCCI told the FE that the top chamber was informed the matter, but yet to get an official letter from the ministry of commerce.

"Once we get the letter from the commerce ministry we will certainly take necessary steps to enhance our cooperation with the KCCI," he said.

Bangladesh mainly exports woven garments, knitwear, leather and leather goods, home textiles, frozen foods to the republic and imports base metals and articles of base metal, vehicles and machinery and mechanical appliance, electrical equipment etc.

Bangladesh exported products amounting to US$ 238.23 million to the Korea and imported goods worth $1268.20 million in the fiscal year 2016-17, according to the FBCCI.

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