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Overview of Korea-Bangladesh relations
Sketches of Diplomatic Relations Development ♦ Year 2008 marks 35th anniversary of the establishment of diplomatic relations between Korea and Bangladesh
• May 1972 Korea recognized Bangladesh as a sovereign state
• Dec 1973 Diplomatic relations established
• Marl975 Korean Mission opened in Dhaka
• Feb 1987 Bangladesh Mission opened in Seoul
♦ Visit of Korean Prime Minister to Bangladesh
• Sep 1994 Prime Minister Mr, Lee Young-duk
• Nov2002 Prime Minister Mr. Kim Suk-soo
• Overall, trade shows an increas ing trend with the highest amount recorded in 2007 at US$754 million, and it moves closer toward one billion US dollar mark
• Korea's Major Export Items: Synthetic Resin, Steel & Metallic, Textile Machine, Printing Paper
• Korea’s Major Import Items: Leather, Knitwear, Frozen Fish, Naphtha, Copper Ingot & Scrap
Korea's Investment in Bangladesh
♦ Korea' so far invested USS 992 million in Bangladesh, which created over 155,000 jobs
♦ Korea is the largest investor in
EPZ (export processing zone) accounting for
• 23% of total companies
• 25% of total investment vol-
ume
• 31% of total employment
♦ Sectors of investment diversifying into such areas as power generation, energy & mineral resources, ship-building, ICTs, going beyond traditional areas of investment like garment & textile industry
Korean Export Processing Zone (KEPZ) in Chittagong ♦ The idea developed in 1995
Summit Meeting of the two countries
♦ In May 2007, the current caretaker government for-mally approved it
♦ KEPZ
• Largest in size and 1st private EPZ
• Expected to realize potential investment of over USS 1 billion, USS 1.25 billion annual export revenue, and 350,000 job creations
• Will contribute to transform Bangladesh into the major industrial hubs in South Asia
Korea's Development Assistance to Bangladesh ♦ Soft Loan: EDCF (Economic
Development Cooperation Fund)
• As of August 2008, five (5) soft
loans projects amounting USS 125 million were provided and four (4) new projects were approved and relevant discussions are under way for implementation
• Bangladesh is the 4th largest recipient country among 43 countries
• Projects Completed
- Greater Khulna Power Distribution
- Purchase of Locomotives (two times)
- Expansion of Rural Distribution System
- Modernization of Railway System - Modernization of Telecommunication System
• Projects Ongoing
- Expanding Internet Information Network
- Procurement ofSalvageVessel
- Modernization of Coastal Stations - Purchase of Locomotives (3rd phase) - June 2008, bilateral loan arrangement for this project was concluded
♦ (.rant Aid
• From 1991 to 2007, Korea provided USS 21 million of grant aid to Bangladesh through the Korean aid agency KOICA (Korea International Cooperation Agency), and in 2008 USS8.9 million are allocated
• The size of aid shows a rapid increase from year 2006. The amount in 2007 represented a fourfold increase over the year 2003 as shown below
(Trend of Korea's Grant Aid to Bangladesh (USS Million)
date job seekers should; first, pass Korean language test, and then be selected by Korean employers on an individual basis for labor contract
• The first batch of Bangladeshi workers are being dispatched since this May. The next Korean language test tentatively scheduled at coming October
International and Regional Cooperation
• Korean and Bangladesh have maintained close cooperative
Source . Korean Embassy in Dhaka
relations with due respect and understanding rendered toward each other.
• By seizing the momentum generated by joining SAARC as an observer country In 2006, Korea is scaling up its cooperation with SAARC members, in particular with Bangladesh who initiated this noble endeavor
Highlights on Cultural Exchanges
• Cultural Exchange Agreement
(1979)
• Korea Traditional Dance Team (1980/1989/1995/2001/
2002/2003/2008)
• Korea Cultural Festival (1995/2001/2003)
• Asian Art Biennale Bangladesh (1999/ 2002/ 2004/2006)
• Korea Film Festival (1992/1993/2003/2006/2007)
• Korea Modern Painting Exhibition (1995/2001)
• Special Cultural Events com-memorating the Korea-Bangladesh 30th Anniversary of Establishment of DiplomaticTies (2003)
♦ Priority Areas for Korean Assistance to Bangladesh
♦ Education, Health, ICT, Rural Development, Governance, Environment
♦ Korea's Contribution to Disaster Management
• Korea contributed USS 1 million for Cyclone Sidr response and USS 200,000 for flood response in 2007
• Korea organized a training program on 'Disaster Prevention and Management' for relevant Bangladesh gov't officials in June, 2008
♦ Korea's Cooperation for the Coming 9th Parliamentary Election
• Korea participated in the 'Preparation of Electoral Roll with Photographs’ project together with other seven (7) donor nations to support for a credible, free and fair election planned this December. Korea contributed USS 500,000 for that purpose
Receiving Bangladesh Workers to Korea
• In 2007, Korean government designated Bangladesh as a partner country for newly introduced "Employment Permit System (EPS)” to receive Bangladeshi workers to Korea. Thousands of qualified Bangladesh workers will benefit from this system every year
• In order to be eligible, candi-