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trade is over $3 billion but heavily tilted towards South Korea. What can help Bangladesh increase its exports to Korea?

Lee: Since 2012, Korea has been providing duty-free and quota-free access to more than 95 percent of products from Bangladesh, whereas Korean products face high tariffs here. Our bilateral trade has almost doubled after remaining stagnant at $1.6 billion for about a decade from 2011 to 2020. Now it has crossed the $3 billion mark.

Moreover, the government of Bangladesh provides four percent cash incentives to the exporters of non-traditional markets. South Korea is non-traditional and so businesses can be incentivised by exporting to Korea. So, there is a huge potential and Bangladesh should best utilise its privileges.

DS: Korea’s foreign direct investment (FDI) now is $1.43 billion but mostly in the RMG sector. It is a country with expertise in ICT. Why is Korea’s investment in Bangladesh’s ICT sector not increasing?

Lee: Korea used to be the fourth and fifth largest FDI source. It is now the sixth largest. So, diversification is a big task for Korea as well, for which we are trying. ICT is an area where there is a high expectation from Bangladesh. We don’t know of any significant plan, but I can say there are increasing discussions among our tech companies on investing here. Major electronic companies, like Samsung or LG, are locally assembling their products under partnerships with local companies. This brings about many benefits to the Bangladeshi economy -- job creation and knowledge transfer. I think there will be a time when Korean IT companies will invest here.

DS: Korea has increased its overseas development assistance (ODA) from $700 million in the five-year period to $3 billion now. It is a huge jump. What is your plan on this front?

Lee: Bangladesh has been a core development partner of South Korea. It is the third-largest recipient of Korean ODA. This $3 billion is a soft loan that we provide for the development of large-size infrastructures. Our condition is very good. Its interest rate is only 0.04 percent and the repayment period is 40 years with 15 years of grace period. There was a big demand for such loans from Bangladesh, but we could not increase it. Now that we are doing it is a big development in our relationship. We can now go for a more substantial development programme.

DS: South Korea is an important market for Bangladeshi migrants. What skills should job-seekers develop or procedures the government should follow to attract more Korean companies to recruit from here?

Lee: Before the pandemic, we used to recruit only 1,500 Bangladeshis, which was also halted during the pandemic. After the pandemic slowed down, we recruited 6,000 workers from Bangladesh. In 2023, we planned to take at least 10,000 workers. The key to increased recruitment in Korea is proficiency in the Korean language. Potential workers need to pass the Korean language proficiency test.

Bangladeshi migrants are now better in terms of following local laws and a lesser number are now irregular. This rendered them with success in creating a positive image for Bangladesh. If the trend continues, there will soon be 100,000 Bangladeshis in Korea from the current number of 20,000.

DS: The Korean Wave -- the K-pop, BTS, K-dramas, Kimchi and so on -- is captivating the world. What did Korea do right to be in this place?

Lee: This is a surprising phenomenon for Koreans as well. Our culture was not so popular even some 10 to 20 years ago. I think there are a number of factors. First, the democratisation of Korea and particularly Korean culture. To me, democratisation ensures freedom and empowerment of people. This allows talent and creativity to flourish. The development in the ICT sector ensured them a platform for sharing their creativity with the world.

DS: Three years are about to be over, and you are ready to leave Bangladesh for a new posting. What was your most memorable experience during your tenure?

Lee: I’m somewhat lucky and blessed to come to Bangladesh. If I did not come, I would not have learned about the warm-hearted people, vibrant society, and the eagerness of the government and the people to have a bright future. Earlier, I was not so positive but now I know that Bangladesh has a bright future.