Bangladesh Investment Development Authority (Bida) executive chairman Ashik Chowdhury urged South Korean entrepreneurs and investors to seize golden investment opportunities in Bangladesh.
He made the request at an investment seminar held at the Pullman Ambassador Eastpole Hotel in Seoul on Tuesday.
Chowdhury led the Bida delegation, and was interacting with a high-level government delegation, Korean businessmen, industry leaders and development partners.
More than 150 Korean entrepreneurs participated in the event, which was jointly organized by the Bangladesh Embassy and the Federation of Korean Industries (FKII) and in collaboration with the International Finance Corporation (IFC) of the World Bank Group.
Currently, South Korea is the fifth largest foreign investor in Bangladesh. More than 150 Korean companies have invested about $1.56 billion in various sectors including textiles, footwear, electronics and automobiles in Bangladesh.
In his keynote address, Bida executive chairman Ashik Chowdhury said: “Now is the most favorable time for Korean businessmen to partner with Bangladesh. The government has taken one reform step after another to ensure an investment-friendly environment. We warmly welcome Korean investors to participate in Bangladesh’s growth journey.”
Nahian Rahman Rochi, head of Bida’s business development department, highlighted textiles, electronics, automobiles and renewable energy as priority sectors in his presentation.
He also said that Bangladesh is now the most promising market in South Asia. Demographic advantages, infrastructure development and a stable economy have created great opportunities for investors.
Min-Suk Lee, president of YoungOne Corporation, which has been operating in Bangladesh for a long time, shared his experience among the Korean investors.
He said that their company has invested more than $600 million in Bangladesh in the last four decades and created more than 30,000 jobs.
“Bangladesh is now rapidly advancing as one of the global manufacturing hubs.”
Ambassador Tawfiq Islam Shatil, told the Korean entrepreneurs: “Bangladesh has now become a new investment gateway to South Asia as a result of the bold reform steps taken by Bida and the Bangladesh government. We invite Korean investors to be a part of this journey.”
Chang-Beom Kim, vice chairman and CEO of the Federation of Korean Industries, praised the 50-year-old friendly relations between the two countries and said that bilateral trade and investment relations will deepen further once the ongoing Bangladesh-Korea Comprehensive Economic Partnership Agreement (Cepa) negotiations are concluded.
In addition to Bida, top officials from the Bangladesh Economic Zones Authority (Beza), the National Board of Revenue (NBR) and the banking sector are participating in this five-day strategic visit led by the Bida executive chairman.
Following the seminar, the delegation will participate in several meetings with top Korean media outlets, parliamentarians, and industry leaders.
In addition, a special roundtable meeting will be held with expatriate Korean businesspeople and academia representatives.
