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KOREA-BANGLADESH RELATIONS:

A STRONG PARTNERSHIP IN DEVELOPMENT COOPERATION
This year marks 40 years of diplomatic relations between Bangladesh and the Republic of Korea. Both countries share a special relationship based on mutual respect, friendship, and good will; a key feature of this relationship is the excellent economic cooperation between the two countries in the fields of trade, investment and development.
For the past four decades, Korea has been a trusted partner of Bangladesh and has made a monumental contribution to the establishment and growth of the Ready Made Garment (RMG) sector in Bangladesh. The fact that today Bangladesh’s RMG exports have crossed 20 billion dollars a year, making Bangladesh the second largest exporter of RMG in the world, would not have been possible without the help of Korean entrepreneurs.
Starting in 1980 a number of Korean companies established garment factories in Bangladesh. The most important among these companies was Youngone Corporation, which has for many years now been the leading foreign exporter of RMG from Bangladesh. We owe a special debt of gratitude to its Chairman, Mr. Kihak Sung, for the many initiatives he has taken to support Bangladesh's growth and development. Not least amongst these initiatives was his decision in 1995 to establish the Korean Export Processing Zone, which has already been recognized as one of the foremost examples of an environmentally friendly EPZ in the Asia-Pacific region.
We should also place on record our appreciation for Korea's decision to extend duty-free and quota-free facilities for Bangladeshi products to the Korean market. The major exports from Bangladesh to Korea include RMG, fisheries and leather goods. In the past five years, Bangladesh's exports to Korea have grown by 69 percent. Last year Bangladesh’s exports to Korea were USS 300 million, while Korea exported a total of US$1.5 billion worth of goods to Bangladesh.
Korea also believes in providing Bangladesh with strong development support. Over the years, Korea’s Economic Development Cooperation Fund (EDCF) has provided long-term soft loans to Bangladesh. Last July, the Framework Arrangement of EDCF was signed with Bangladesh, where the EDCF would provide US$300 million to Bangladesh during 2013-14. Also, with the support of EDCF, a world-class hospital will be built in Bangladesh which will encourage more Bangladeshis to seek medical treatment at home rather than to go abroad. The Korean International Cooperation Agency (KOICA) has also provided valuable support to Bangladesh and this year marks the 20th anniversary of KOICA in Bangladesh.
Bangladesh is regarded as an important investment destination for Korea. Today some 220 Korean companies are operating in Bangladesh, providing employment to approximately 160,000 persons. The Korean companies are exporting products worth US$1.6 billion every year, accounting for more than 5 percent of Bangladesh’s total exports.
Korea has also invested in the financial sector in Bangladesh. Woori Bank, a leading Bank in Korea has three branches in Bangladesh, and has plans to establish some more branches in the future. Other Korean companies such as the CJ Group and Korea Telecom (KT) also have a presence in Bangladesh. Due to Bangladesh’s excellent geographic location and abundance of human resources along with GDP growth of more than 6 percent annually, it can become a very attractive investment destination for Korea and also for Bangladesh exports to Korea.
Bangladesh and Korea should continue to strengthen their ties through more people-to-people contacts and cultural exchanges. There is also scope to increase tourism between the two countries and this can be achieved with the introduction of direct air flights between Dhaka and Seoul.
For the last forty years, Bangladesh and the Republic of Korea have shared a common bond of friendship and kinship. I am confident that this special relationship will continue to strengthen and expand in the years ahead.
Farooq Sobhan
President, Bangladesh Enterprise Institute