Improve business climate to utilise trade ties

South Korea wants to help foster a more business-friendly environment in Bangladesh in order to realise the full potential of bilateral trade ties, according to Lee Jang-keun, South Korean ambassador to Bangladesh.

The conditions to improve Bangladesh's business environment include addressing the challenges faced by companies doing business with other countries, particularly in tax and tariff policy, repatriation of profit, and streamlining administrative procedures, he said.

Jang-keun made these comments at a virtual discussion on "Bangladesh and Republic of Korea: Trade and Investment Opportunities", organised by the Bangladesh embassy in Seoul yesterday.

South Korea has played a key role in building Bangladesh's garments sector into the world's second largest apparel exporter, he said while highlighting the importance of furthering commercial ties in various other sectors, such as biopharmaceuticals and ICT.

A Samsung R&D Institute has been operating in Dhaka since 2011, employing about 460 of the country's young software developers. A dedicated export processing zone for South Korea recently inaugurated a 100-acre hi-tech park.

Jang-keun pointed out that despite growth in the overall trade volume, bilateral trade has remained at a standstill for the past decade at around $1.7 billion.

He also hoped that all foreign investors and businesspeople currently residing in Bangladesh would soon be made eligible for Covid-19 inoculations when the vaccine supply becomes stable.

Providing equal treatment for foreign investors in the local vaccination programme will be in line with the government's policy to promote a business-friendly environment, said the South Korean ambassador.

Salman F Rahman, the prime minister's private industry and investment adviser; Paban Chowdhury, executive chairman of Bangladesh Economic Zones Authority; Md Sirazul Islam, executive chairman of Bangladesh Investment Development Authority; Sultana Afroz, CEO of Public Private Partnership Authority; and Md Nazrul Islam, executive chairman of Bangladesh Export Processing Zones Authority, also participated in the event.

Providing equal treatment for foreign investors in the local vaccination programme will be in line with the government's policy to promote a business-friendly environment, said the South Korean ambassador.

Salman F Rahman, the prime minister's private industry and investment adviser; Paban Chowdhury, executive chairman of Bangladesh Economic Zones Authority; Md Sirazul Islam, executive chairman of Bangladesh Investment Development Authority; Sultana Afroz, CEO of Public Private Partnership Authority; and Md Nazrul Islam, executive chairman of Bangladesh Export Processing Zones Authority, also participated in the event.