BSS
  19 Apr 2022, 15:54

Experts for diversifying export-oriented industrial sector to face challenges of LDC graduation

DHAKA, April 19, 2022 (BSS) - Experts at a dialogue today laid emphasis on
diversifying export-oriented industrial sector to face the challenges of LDC
graduation.

They made the observation at the virtual dialogue on "Bangladesh-South Korea
Trade and Investment Cooperation: In the context of LDC graduation" arranged
by Dhaka Chamber of Commerce and Industry (DCCI), said a press release here.

They informed that after South Korea's graduation from the Least developed
country (LDC) basket back in the 70s, the country put more emphasis on
diversified export-oriented industrial sectors and that is why today South
Korea is pioneer in manufacturing and exporting of electronics, chemicals,
heavy industry, automobiles and machineries.

Bangladesh can replicate this transformation from labour intensive industries
to export-oriented industrial sector to overcome the upcoming challenges of
LDC graduation as well as to prepare for the future, they opined.

Senior Secretary of Ministry of Foreign Affairs Masud Bin Momen joined the
event as the chief guest while Chairman and Chief Executive Officer (CEO) of
Youngone Corporation Kihak Sung joined it as guest of honour.

Ambassador of Bangladesh to South Korea M Delwar Hossain joined the dialogue
as special guest.
 
Masud Bin Momen said S. Korea is our trusted partner and we always have
assistance from the country. About 150 S. Korean companies are now in
operation in Bangladesh that indicates their keenness about investing in
Bangladesh, he added.

He also expressed his hope that after Bangladesh's LDC graduation, S. Korea
may continue preferential treatment for its export items.

Momen also said that government will give special focus to revisiting
decades-old bilateral agreements, exploring the possibility of signing FTA to
facilitate deeper partnership, regular exchange of trade missions and direct
connectivity between Dhaka and Seoul.

He also underscored the importance of creating skilled human resource to face
the upcoming challenges of enhancing productivity.
 
DCCI President Rizwan Rahman said South Korea was the 10th largest exporter
to Bangladesh in 2021.


In 2021, bilateral trade of Bangladesh and South Korea was around US$1.525
billion with a negative balance of US$727 million for Bangladesh.

Bangladesh has many other promising and priority industrial sectors like Agro
and Food Processing, Plastic manufacturing, Jute and jute goods, light
Engineering and automobiles sector, Hi-tech parks, 4IR technologies and
structured economic zones where S.Korea can invest in the form of Joint
venture, said Rizwan Rahman.