[🇧🇩] Partnership Between Bangladesh And South Korea

Saif · Nov 28, 2024

Dhaka, Seoul begin negotiations to sign EPA

Bangladesh and South Korea have started negotiations for signing an Economic Partnership Agreement between the two countries on Thursday.

www.newagebd.net

Dhaka, Seoul begin negotiations to sign EPA
Bangladesh Sangbad Sangstha . Dhaka 28 November, 2024, 15:19

Bangladesh interim government commerce adviser Sk Bashir Uddin, commerce secretary Md Selim Uddin, Korean deputy trade minister Jongwon Park and Korean trade minister Inkyo Cheong pose for a photo after signing a MoU as part of Economic Partnership Agreement negotiations between the two countries in in Seoul on Thursday. | BSS photo

Bangladesh and South Korea have started negotiations for signing an Economic Partnership Agreement between the two countries on Thursday.

Bangladesh interim government commerce adviser Sk Bashir Uddin and Korean trade minister Inkyo Cheong attended the first meeting of the negotiation in Seoul, a message received in Dhaka said.

The MoU was also signed between the two countries as part of the initial step for signing the EPA on trade and investment, and infrastructure development.

Commerce secretary Md Selim Uddin and Korean deputy trade minister Jongwon Park were present.

Saif · Feb 9, 2025

Korean EPZ finally gets mutation documents

The Korean Export Processing Zone (KEPZ), the single largest private export processing zone in Bangladesh, has finally obtained the much-needed mutation documents from the government on February 6, a move that may facilitate more foreign investment in the country.

www.thedailystar.net

Korean EPZ finally gets mutation documents
It may open doors for more FDI

The Korean Export Processing Zone (KEPZ), the single largest private export processing zone in Bangladesh, has finally obtained the much-needed mutation documents from the government on February 6, a move that may facilitate more foreign investment in the country.

Many proposals for foreign direct investment (FDI), such as Samsung, were withdrawn due to the lack of mutation documents for the KEPZ, said Shafiqul Alam, press secretary to Chief Adviser Prof Muhammad Yunus, at a press briefing in Dhaka yesterday.

Korean entrepreneur Kihak Sung, the highest merchandise exporter in the country from his company Youngone, also shifted some investment from Bangladesh to Vietnam for not having the mutation documents in a timely manner, the press secretary also said.

The government, which had earlier promised Sung to hand over the mutation document on February 6, fulfilled its commitment on time, raising expectations that FDI will return to Bangladesh.

Sung bought the land in Chattogram in 1999 and began setting up the EPZ on 2,500 acres of land.

However, he faced difficulties in obtaining the mutation documents due to government procedures and cumbersome processes.

Bilal9 · Feb 10, 2025

Saif said:
Korean EPZ finally gets mutation documents

The Korean Export Processing Zone (KEPZ), the single largest private export processing zone in Bangladesh, has finally obtained the much-needed mutation documents from the government on February 6, a move that may facilitate more foreign investment in the country.

www.thedailystar.net

Korean EPZ finally gets mutation documents
It may open doors for more FDI

View attachment 14223

The Korean Export Processing Zone (KEPZ), the single largest private export processing zone in Bangladesh, has finally obtained the much-needed mutation documents from the government on February 6, a move that may facilitate more foreign investment in the country.

Many proposals for foreign direct investment (FDI), such as Samsung, were withdrawn due to the lack of mutation documents for the KEPZ, said Shafiqul Alam, press secretary to Chief Adviser Prof Muhammad Yunus, at a press briefing in Dhaka yesterday.

Korean entrepreneur Kihak Sung, the highest merchandise exporter in the country from his company Youngone, also shifted some investment from Bangladesh to Vietnam for not having the mutation documents in a timely manner, the press secretary also said.

The government, which had earlier promised Sung to hand over the mutation document on February 6, fulfilled its commitment on time, raising expectations that FDI will return to Bangladesh.

Sung bought the land in Chattogram in 1999 and began setting up the EPZ on 2,500 acres of land.

However, he faced difficulties in obtaining the mutation documents due to government procedures and cumbersome processes.

I am glad that Mr. Kihak Sung persisted on the KEPZ effort and did not give up on Bangladesh and its people despite the machinations of supremely corrupt Hasina starting in the early 2000s. She was an agent of India, who would ensure that no development of this sort ever took place in Bangladesh.

Having personally known him, he has been an wonderful unofficial ambassador for Korea in Bangladesh, who has sown seeds of economic well-being for hundreds of thousands of Bangladeshis directly as well as indirectly.

Thousands of Bangladeshi families have surpassed the barriers of poverty to become middle class people, only due to employment in his various industrial concerns.

I and many others in Bangladesh in the industrial sector will forever gratefully remember his contribution towards Bangladesh' early export-based industrialization - starting in the 1980s.

Saif · Feb 17, 2025

Bilal9 said:
I am glad that Mr. Kihak Sung persisted on the KEPZ effort and did not give up on Bangladesh and its people despite the machinations of supremely corrupt Hasina starting in the early 2000s.

Having personally known him, he has been an wonderful unofficial ambassador for Korea in Bangladesh, who has sown seeds of economic well-being for hundreds of thousands of Bangladeshis directly as well as indirectly.

Thousands of Bangladeshi families have surpassed the barriers of poverty to become middle class people, only due to employment in his various industrial concerns.

I and many others in Bangladesh in the industrial sector will forever gratefully remember his contribution towards Bangladesh' early export-based industrialization - starting in the 1980s.

More power to Mr. Kihak Sung

Saif · Apr 15, 2025

Bangladesh feels like South Korea of the 80s

In the 1980s, South Korea embarked on an economic transformation that would turn it into a global manufacturing powerhouse driven by export-led industrialisation, strategic investments, and an increasingly skilled labour force.

www.thedailystar.net

Bangladesh feels like South Korea of the 80s
Giordano Korea CEO sees ‘familiar signs of promise’ as he plans a factory in economic zone

In the 1980s, South Korea embarked on an economic transformation that would turn it into a global manufacturing powerhouse driven by export-led industrialisation, strategic investments, and an increasingly skilled labour force.

Around four decades later, Bangladesh, with its competitive workforce and growing industrial ecosystem, seems to be treading a similar path.

One of the keen observers of this evolution is Junseok Han, chairman and CEO of Giordano Korea, a retail giant that has become a household name across Asia.

Visiting Bangladesh for the first time to attend the Bangladesh Investment Summit 2025, Han was struck by what he called "familiar signs of promise".

Speaking to The Daily Star on the sidelines of the recently concluded summit, Han drew parallels between Bangladesh's current economic climate and Korea's growth phase decades ago.

"This country reminds me of where Korea was 30 to 40 years ago," Han said.

"There's tremendous opportunity here, especially in manufacturing and exports," he added.

Han's remarks come at a time when Korean interest in Bangladesh is steadily growing, and his visit signals a deeper intent to expand business operations in the country.

With plans to expand sourcing and potentially set up a manufacturing base, Giordano Korea could become the next big foreign player betting on Bangladesh's economic ascent.

Under Han's leadership, Giordano Korea saw its sales soar from two billion won (South Korea's currency) in 1994 to a 100-fold increase within the next six years.

By 2003, it became the most popular women's casual clothing brand in Korea.

Now, Han is setting his sights on Bangladesh, seeing it as the next chapter in his global journey.

"This is my first visit to Bangladesh, and I must say I'm deeply impressed," Han began, fresh from a series of meetings with government officials and business leaders.

"I met capable individuals, including ministers, chairmen and young professionals. They're highly attuned to global business trends. The country's leadership is strong and forward-thinking. I believe the future is bright for Bangladesh under their guidance."

Han's visit was part of a broader strategy to explore sourcing and manufacturing opportunities in emerging markets. With existing procurement ties in Vietnam, Myanmar, and Indonesia, Han believes Bangladesh is now firmly in that league, if not ahead. Asked what makes Bangladesh attractive to foreign investors, Han pointed first to its people.

"The individuals I've met -- especially younger professionals and factory workers -- are skilled and well-educated. That's a major asset," he said.

He likened Bangladesh's current state to South Korea in the 1970s and 80s -- a time when the Korean economy transitioned from agrarian roots into an industrial powerhouse.

"I see Bangladesh at a similar juncture now. Labour costs are still competitive, and that creates a fertile ground for manufacturing-led growth."

Han said Bangladesh has strong prospects in its labour-intensive sectors, such as garment production, electronics assembly, and light automotive components.

Despite his optimism, Han didn't shy away from pointing out the challenges -- particularly in logistics.

"Transportation is not convenient yet. Lead times are long, and this makes it hard to manage delivery schedules. Port access and shipping infrastructure need immediate attention."

"Focus on infrastructure. Streamline export processes and reduce lead times. Doing that alone would make a massive difference."

Han confirmed that Giordano Korea is not just here to observe but actively plans to establish a factory in one of Bangladesh's economic zones to ramp up production for exports to Korea and beyond.

"We currently source about $5-10 million worth of products annually from Bangladesh," Han said. "We aim to triple that amount within the next five years."

A recent visit to Youngone Corporation in Chattogram, one of Bangladesh's leading exporters, solidified his resolve.

"Their production capacity is impressive. It convinced us to expand our procurement footprint here," he added.

Reflecting on the investment summit, Han was enthusiastic.

"I've had meaningful discussions with many influential people here," he said. "Once I return to Seoul, I will initiate steps to strengthen our sourcing and investment strategies, with Bangladesh at the centre."

Han sees opportunities beyond just Giordano.

"Korean companies are definitely interested in Bangladesh. Hyundai, KIA, Samsung, and LG are already here, and more are exploring entry. I believe Bangladesh offers a favourable environment for Korean investors looking for long-term growth."

Han's optimism is rooted not only in data and forecasts but in a deeper vision of shared progress.

"There's so much potential here," he said. "If Bangladesh can overcome its infrastructure hurdles, I believe it will not just catch up, it will lead."

He also said that representatives and inventors of 27 companies from South Korea were interested in growing business with Bangladesh.

The CEO said that Youngone Corporation Chairman Kihak Sung is a pioneer in Bangladesh's readymade garments and textile sectors and is ideal for Korean investors.