South Korea Eyes Stronger Trade Ties with Bangladesh

South Korea has expressed strong interest in expanding trade and investment cooperation with Bangladesh, particularly in the textile and garment sectors.

Park Young-sik, Ambassador of the Republic of Korea to Bangladesh, discussed the issue during a meeting with Mahmud Hasan Khan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), at the BGMEA Complex in Uttara, Dhaka.

The discussions centred on strengthening bilateral trade relations and attracting investment, with a focus on the textile and garment industries.

The BGMEA president highlighted Bangladesh’s growing potential as a destination for South Korean exports of man-made fibres, textile machinery, chemical dyes, and other raw materials. He also noted that South Korea represents a promising market for Bangladeshi apparel exports, offering significant opportunities for mutually beneficial trade.

Mahmud Hasan Khan expressed appreciation for South Korea’s longstanding support in the development of Bangladesh’s garment sector, particularly in technical assistance and workforce training during its early stages.

He sought the ambassador’s support in expanding Bangladesh’s apparel exports to South Korea and attracting Korean investment in non-textile sectors within Bangladesh. The BGMEA leadership also stressed the importance of enhanced market intelligence sharing and stronger business-to-business connectivity between enterprises from both countries to deepen economic cooperation.

Ambassador Park underscored the importance of aligning Bangladesh’s Export Processing Zones (EPZ) Act 2019 with the Bangladesh Labour Act 2006 to foster a more investment-friendly environment. He also highlighted the need to improve labour productivity and enhance the operational efficiency of Chattogram port to facilitate smoother trade operations.

Both parties expressed optimism that a Free Trade Agreement (FTA) or Economic Partnership Agreement (EPA) between Bangladesh and South Korea would significantly benefit both countries by promoting deeper economic integration.

The BGMEA president thanked the South Korean government for its continued support and expressed confidence that bilateral relations would continue to strengthen in the years ahead.

Present at the meeting from BGMEA were Vice President Md. Shehab Udduza Chowdhury, Director Faisal Samad, and Member Israfil Atique. The South Korean ambassador was accompanied by Kim Jeong-ki, Consul at the Korean Embassy in Dhaka, and Noh Chy Woo, Country Head of Spandex Performance Unit and Spandex Plant, Hyosung TNC Corporation (Bangladesh Liaison Office).