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Bangladesh-South Korea trade ties have not progressed much in the last decade despite significant achievements earlier, according to the east Asian nation’s ambassador to Bangladesh Lee Jang-keun. South Korea’s exports to Bangladesh were worth $1.55 billion in 2010 and fell to $1.03 billion in 2020. These stood at $1.05 billion during January-August 2021.
Bangladesh’s exports to South Korea were worth $139 million in 2010 and grew to just $392 million in 2020. These stood at $336 million in the first eight months of 2021, he said.
“So, we need to look back what happened in the past and understand the current situation to improve it in the future,” the ambassador was quoted as saying by Bangla media reports.
Bangladesh-South Korea trade ties have not progressed much in the last decade despite significant achievements earlier, according to the east Asian nation’s ambassador to Bangladesh Lee Jang-keun. South Korea’s exports to Bangladesh were worth $1.55 billion in 2010 and fell to $1.03 billion in 2020. These stood at $1.05 billion during January-August 2021.
His comments came at a webinar on ‘Exploring Korea-Bangladesh Relations in the Last Five Decades and Beyond’ organised by the Bangladesh Institute of International and Strategic Studies (BIISS).
However, of all foreign direct investment made in Bangladesh, South Korea’s $1.2 billion is the fourth biggest as of March 21, ahead of China’s $1.03 billion, the envoy said.
He said since the early 1980s, South Korea has been the leading foreign investor in the readymade garment sector.
Another significant stride in bilateral trade relations was made with the inauguration of a Korean export processing zone, where 67 factories are now housed employing over 26,000 people, he said.
Bangladesh receives the third largest official development assistance of South Korea.
Fibre2Fashion News Desk (DS)
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