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South Koreans plan to expand ventures in and outside EPZs ROK envoy says

UNB, Dhaka
Happy with the skills and behaviours of Bangladeshi workforce, many South Korean investors are planning to expand their ventures both in and outside Bangladesh's exclusive economic zones.
Bangladesh's workforce is the "most attractive factor" that encouraged Koreans to invest here, the Korean ambassador said, appreciating workers' efficiency and discipline as well as overall labour climate.
"Not the cheap labour cost alone, workers' skills are very good and they're easily trainable for any kind of job. Labour climate is also better here than many of the Asian countries," said Kyu-hyung Lee, ambassador of Republic of Korea (ROK).
"Still Bangladesh is attractive place... Korean investors are planning new investment here."
Some 100 Korean private com-panies--60 within the export- processing zones (EPZs) and 40 outside -- have so far invested over US$ 300 million, mostly in apparel sector.
The figure would go up with additional investment of US$ 20
million expected from existing companies in different sectors, including tent, dying and manufacturing.
Some Korean private investors recently visited Dhaka and expressed their willingness to set up factory for manufacturing special hand gloves, the envoy told the news agency in an exclusive interview.
Labour union is not a problem even in factories outside the EPZs, he pointed out.
The ambassador referred to US pressures on Bangladesh government for allowing trade union in the EPZs, which are now union-free. But many investors are worried about labour unions as such trade unions often outreach themselves.
Lee, however, reminded the government of its commitment to the foreign investors to keep the EPZs free from trade unionism and hoped that the government would find out the "wisest" way accommodating both the views about trade unionism.
Apart from concentrating investment on garment industry, a joint venture on manufacturing disposable plastic syringe was recently
opened while a cooperative project in IT sector already studied. Korean private EPZ, which is underway in Chittagong, would generate more ROK investments here in future, he added.
For attracting more Korean private investments, Lee felt that Bangladesh should work out basic plans and policies to cope with any negative impact of the post-MFA regime after 2004.
Customs procedures must be simplified to ensure quick supply of raw materials to the existing industries, while inefficiencies in documentation, inadequacies in transport and port facilities and undue cost factors also need to be addressed.
Although the two-way trade of around US$ 330 million is much in favour of Korea, the envoy does not see any reason for worries for Bangladesh as he stated that 60 per cent imports from Korea are processed in Korean industries here for re-export to USA and EU.
A single Korean company exports tents worth US$ 60 million annually. The company meets 25 per cent of the world's total requirement of tents.
According to Board of Investment statistics, exports from the Korean companies in the EPZ fetch US$ 460 million annually.
"So, imports from Korea are rather making a considerable contribution to Bangladesh's export," Lee argued.
To realize more balanced trade, he however said the Bangladesh side first needs to make a good advertisement of its own products to potential buyers in Korea through more participation in trade fairs.
Lee said there is no such initiative from Korea to have any trade arrangement like Free Trade Agreement right at the moment.
But, he said, the Korean government will consider providing dutyfree access of certain Bangladesh products to its market.
Seoul also will continue to encourage the private sectors to invest more in Bangladesh and try to buy more from Bangladesh.
On official economic relations, the envoy said that Korea's official assistance would amount to US$ 120 million as soft loan under Economic Development and Cooperation Fund (EDCF).