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KCCI, FBCCI issue joint statement

Free flow of ROK-Bangla trade, investment recommended
Bangladeshi and South Korean businessmen have said they could catch the opportunities of exporting their products to third countries. Including the neighbouring and advanced ones, through cooperation between to two countries, reports BSS.
In this respect, they urged both the governments to allow free flow of trade and investment between Bangladesh and South Korea.
The businessmen representing Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) and Korean Chamber of Commerce and Industries (KCCI) issued a joint statement in this regard after holding the 6th meeting of Bangladesh-Korea Economic Cooperation Committee yesterday.
The Bangladesh side was led by the FBCCI chief Yussuf Abdullah Harun while the South Korean side was led by Ki Hak Sung.
The two sides discussed ways and means of promoting bilateral economic cooperation between the two countries and exchanged opinions on common interest in a wide range of economic fields.
The businessmen of the two sides heard presentations on foreign Investment climate in Bangladesh and Korean experience on investment in Bangladesh.
They expressed their satisfaction over the doubling of bilateral trade between Dhaka and Seoul and stressed the need
for diversifying trade and exploring new areas, especially for increasing export from Bangladesh to South Korea to improve the trade balance.
The Bangladeshi business leaders urged their South Korean counterparts to take full advantage of the investment opportunities In Bangladesh, particularly in the infrastructure and export-oriented industries in the export processing zones.
The South Korean side indicated that the facilities and the land area were inadequate compared to the demand of foreign investors and urged the Bangladeshi counterparts to help establish support services and facilitate the Korean EPZ to enable it start Its operation as early as possible.
The South Korean business leaders, during the meeting, expressed their keen desire to invest in projects like electricity generation, modernisation of telecommunications development of ports, and expansion of road networks in Bangladesh.
In this respect, they sought support of their Bangladeshi counterparts for South Korean companies in Bangladesh. In view of rich technological achievements of South Korea, the South Korean businessmen agreed to enter into technical cooperation with Bangladeshi businessmen in the fields like textiles, electronics civil constructions and human resources development.
Both the sides pointed out the fact that the personnel ex-
changes between the two countries would contribute to the mutual development of the two nations' industries.
The Bangladesh side asked its South Korean counterpart to receive more industrial trainees from Bangladesh in the coming years.
The 6th joint meeting, held at the FBCCI bhaban here, concluded that bilateral trade and Investment between the two friendly countries would be more promising in the coming 21st century.
The 7th joint meeting of the committee will be held in Seoul on a convenient date late this year.
As many as 200 business representatives from Bangladesh and South Korea attended the meeting held in a warm and cordial atmosphere.
Chairman of Privatization Board Kazi Zafarullah said the state-owned enterprises (SOEs) In Bangladesh, regarded as gold mines, had been making losses of about Taka 2,500 crore annually. This huge sum could be best utilised in sectors like health and education for the greater national benefit.
He urged the Korean business leaders to come forward and invest in the SOEs. and taking advantage of the present government's pragmatic policies, turn those into profitable undertakings.
Kazi Zafarullah said that Bangladeshi investors could also invest In the already identified 110 SOEs projects.
FBCCI Chief Yussuf Abdul-
lah Harun said Bangladesh had already set a stage for sustained and speedy economic growth with Its cheapest ana most adaptable workforce side by side political stability and adequate infrastructural facilities, as well as speedy and transparent decision-making process at the government level.
"Today democracy has taken its firm root in Bangladesh with all political parties putting economic growth the top of on their agenda, he said adding the process of consensus on key economic issues has already started among the political parties in Bangladesh.
Harun said the government had taken steps to ensure steady supply of electricity through implementing plans, both at public and private sectors, along side modernising and expanding ports and domestic transportation network. "The Jamuna Multipurpose Bridge, expected to be completed In a year's time, will open up opportunities for foreign investors in Bangladesh," he observed.
Referring to the large trade imbalance between Bangladesh and South Korea, the FBCCI chief said it would not pose any alarm to Bangladesh as South Korea had committed substantial investment in this country.
Exports from Bangladesh to South Korea remained static for the last four years at 8 million dollars while South Korean exports to Bangladesh shot up to 366 million dollars from 258 million dollars during the same period, he said.