DHAKA, Nov 3, 2024 (BSS)- Adviser to the Ministries of Industries and Housing and Public Works Adilur Rahman Khan has laid emphasis on strengthening economic ties with Korea for the country’s industrial development.

Addressing a seminar at a city hotel today he said, strengthening economic ties with Korea is vital for Bangladesh's development.

Foreign Investors' Chamber of Commerce and Industry (FICCI) in collaboration with the Embassy of the Republic of Korea hosted the seminar titled "Korea-Bangladesh Economic Cooperation".

The event aimed at forging a forward-thinking economic cooperation model between Korea and Bangladesh.

Executive Chairman of Bangladesh Investment Development Authority (BIDA) and Bangladesh Export Processing Zones Authority (BEZA) Chowdhury Ashik Mahmud Bin Harun was present as the special guest.

High officials from the Korean embassy, Korea Trade-Investment Promotion Agency (KOTRA), Korea Bangladesh Chamber of Commerce and Industry (KBCCI), KExim Bank and representatives from various Bangladeshi and Korean businesses attended the seminar.

"We are excited over the prospects of Korean investment in our industries, particularly in sectors like manufacturing and technology. Together, we can create a robust framework for economic growth," BIDA executive chairman Chowdhury Ashik Mahmud Bin Harun said.

FICCI President Zaved Akhtar expressed his gratitude to the Embassy of the Republic of Korea and the KBCCI for partnering with FICCI to organize the seminar.

He said collaborative approach is crucial for innovation and development, which will unlock new investment opportunities.

The KBCCI President Shahab Uddin Khan thanked FICCI for its unwavering commitment to fostering international economic ties, which is helping Bangladesh attract more FDI.

He said KBCCI is eager to continue partnering with FICCI to champion the interests of businesses and promote economic growth in the region.

Seminar’s keynote speaker Samsoo Kim, Director General of the KOTRA, delivered a convincing presentation titled- "Increasing FDI in Bangladesh through Korea's Success Factors."

He highlighted insights of an effective FDI policy based on Korean experience and emphasized on enhancing trade and investment ties between the two nations.

Korean Ambassador Park Young-sik shared crucial insights on Free Trade Agreements (FTA) and their significance for Bangladesh.

His pointed out the necessity of Korea-Bangladesh Economic Partnership Agreements (EPA), implications of Bangladesh's entry into the Regional Comprehensive Economic Partnership (RCEP) and offered recommendations for improving Bangladesh’s FTA policies.

SUK MIN KO, Managing Director of Prime Cap (BD) Limited of Korea gave a presentation on Enhancing Bangladesh’s Manufacturing Sector through Korean Garment Enterprises.

He underlined the dynamics of Bangladesh's ready-made garment (RMG) industry, covering various challenges and opportunities for foreign entrepreneurs, including workforce demands, policy implications, and importance of efficiency and transparency.

Representative from Samsung Electronics gave a presentation on "National Equipment Identity Registration (NEIR) to Protect the Mobile Industry”,  outlining the necessity of NEIR, addressing the grey market, and discussing potential solutions.

Woo Jung-Hyun, a representative from Korean Eximbank, elaborated on the Economic Development Cooperation Fund (EDCF), highlighting its contribution to Bangladesh and its role in financing development projects.

Kim Si-Hyung, Director of the Korea Overseas Infrastructure and Urban Development Corporation (KIND), discussed the importance of public-private partnerships (PPPs) in strengthening development cooperation in Bangladesh.